Norfolk Southern (NS) has reported full year results for 2018. Comparing reported 2018 figures to adjusted 2017 (non-GAAP) figures, year-end revenues totalled $11,458m, up 9% year-over-year. This was attributed to higher volumes, rates and fuel-surchage income. Operating income grew 17% to $3,959m. Net income was $2,666m, up 39% from $1,922m the previous year. However, non-adjusted 2017 GAAP figures for net income in 2017 are $5,404m, the difference seen in the adjustment comes from tax benefits and reforms which added $3,482m to net income.
General merchandise accounted for 58.9% of total railway operating revenues with Intermodal and Coal corresponding to 23.2% and 16.5% respectively. By reported merchandise sector, NS experienced unit volume growth in Chemicals (7%) Agriculture/consumer (4%) and Paper/clay (1%). However, there were declines in Metals and Construction (-2%) and Automotive (-5%).
James A. Squires, Norfolk Southern chairman, president and CEO stated, “Our confidence to deliver improved value to our shareholders is heightened by NS’ momentum heading into 2019 and by an array of initiatives to serve customers better and operate more efficiently.”
Source: Norfolk Southern
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