Norfolk Southern Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Norfolk Southern Corp. has submitted its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

NORFOLK SOUTHERN CORP (NSC) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. Norfolk Southern Corp. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31. The filing was made on April 24, 2024. Norfolk Southern Corp. is classified under Railroads, Line-Haul Operating (SIC 4011).

Why It Matters

For investors and stakeholders tracking NORFOLK SOUTHERN CORP, this filing contains several important signals. This 10-Q filing provides investors and analysts with the most recent financial performance and operational data for Norfolk Southern Corp. Understanding the details within this report is crucial for assessing the company's current financial health, operational efficiency, and future outlook in the railroad industry.

Risk Assessment

Risk Level: medium — NORFOLK SOUTHERN CORP shows moderate risk based on this filing. The filing is a standard quarterly report, indicating ongoing operational and financial reporting, but lacks specific performance metrics or significant disclosures that would suggest immediate high risk or reward.

Analyst Insight

Monitor future filings for detailed financial results and operational updates to assess the company's performance trends.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly period end date)
• 2024-04-24 — Filed As Of Date (Date the report was filed)
• 4011 — SIC Code (Standard Industrial Classification for Railroads, Line-Haul Operating)

Key Players & Entities

• NORFOLK SOUTHERN CORP (company) — Filer name
• 0000702165 (company) — Central Index Key
• 2024-04-24 (date) — Filing date
• 2024-03-31 (date) — Period of report
• 2024-01-01 (date) — Quarterly period start date
• RAILROADS, LINE-HAUL OPERATING (industry) — Standard Industrial Classification
• 4011 (industry) — Standard Industrial Classification code
• 650 W PEACHTREE STREET NW (address) — Business address

FAQ

Industry Context

Norfolk Southern operates as a major freight railroad in the United States, serving diverse industries and contributing significantly to the nation's supply chain.

Regulatory Implications

As a railroad operator, Norfolk Southern is subject to regulations from the Surface Transportation Board (STB) and the Federal Railroad Administration (FRA) concerning safety, operations, and rates.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management's discussion and analysis.
2. Analyze revenue breakdown by market segment if available in the full filing.
3. Compare key financial metrics to previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-04-24: Filing Date — Date the 10-Q was officially filed with the SEC

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarter's financial data.

Key Financial Figures

• $1.00 — ern Corporation Common Stock (Par Value $1.00) NSC New York Stock Exchange Indicate

Filing Documents

• nsc-20240331.htm (10-Q) — 786KB
• nsc03312024exhibit101.htm (EX-10) — 51KB
• nsc03312024exhibit102.htm (EX-10) — 32KB
• nsc033124exhibit103.htm (EX-10) — 67KB
• nsc033124exhibit104.htm (EX-10) — 27KB
• nsc033124exhibit31a.htm (EX-31) — 10KB
• nsc033124exhibit31b.htm (EX-31) — 10KB
• nsc033124exhibit32.htm (EX-32) — 7KB
• nsc-20240331_g1.jpg (GRAPHIC) — 41KB
• 0000702165-24-000009.txt (&nbsp;) — 5008KB
• nsc-20240331.xsd (EX-101.SCH) — 41KB
• nsc-20240331_cal.xml (EX-101.CAL) — 50KB
• nsc-20240331_def.xml (EX-101.DEF) — 146KB
• nsc-20240331_lab.xml (EX-101.LAB) — 483KB
• nsc-20240331_pre.xml (EX-101.PRE) — 322KB
• nsc-20240331_htm.xml (XML) — 478KB

Financial Statements

Financial Statements: Consolidated Statements of Income First Quarter of 202 4 and 202 3 3 Consolidated Statements of Comprehensive Income First Quarter of 202 4 and 20 23 4 Consolidated Balance Sheets At March 3 1 , 202 4 and December 31, 202 3 5 Consolidated Statements of Cash Flows First Three Months of 202 4 and 20 23 6 Consolidated Statements of Changes in Stockholders' Equity First Quarter of 202 4 and 202 3 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33 Part II. Other Information: Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 35

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

. Financial Statements

Item 1 . Financial Statements Norfolk Southern Corporation and Subsidiaries Consolidated Statements of Income (Unaudited) First Quarter 2024 2023 ($ in millions, except per share amounts) Railway operating revenues $ 3,004 $ 3,132 Railway operating expenses Compensation and benefits 736 690 Purchased services and rents 528 496 Fuel 284 315 Depreciation 337 321 Materials and other 215 212 Restructuring and other charges 99 — Eastern Ohio incident 592 387 Total railway operating expenses 2,791 2,421 Income from railway operations 213 711 Other income – net 18 56 Interest expense on debt 201 175 Income before income taxes 30 592 Income taxes ( 23 ) 126 Net income $ 53 $ 466 Earnings per share Basic $ 0.23 $ 2.04 Diluted 0.23 2.04 See accompanying notes to consolidated financial statements. 3 Norfolk Southern Corporation and Subsidiaries Consolidated Statements of Comprehensive Income (Unaudited) First Quarter 2024 2023 ($ in millions) Net income $ 53 $ 466 Other comprehensive loss, before tax: Pension and other postretirement expense ( 2 ) ( 5 ) Other comprehensive loss of equity investees — ( 1 ) Other comprehensive loss, before tax ( 2 ) ( 6 ) Income tax benefit related to items of other comprehensive loss — 2 Other comprehensive loss, net of tax ( 2 ) ( 4 ) Total comprehensive income $ 51 $ 462 See accompanying notes to consolidated financial statements. 4 Norfolk Southern Corporation and Subsidiaries Consolidated Balance Sheets (Unaudited) March 31, 2024 December 31, 2023 ($ in millions) Assets Current assets: Cash and cash equivalents $ 652 $ 1,568 Accounts receivable – net 1,198 1,147 Materials and supplies 270 264 Other current assets 236 292 Total current assets 2,356 3,271 Investments 3,570 3,839 Properties less accumulated depreciation of $ 13,462 and $ 13,265 , respectively 35,051 33,326 Other assets 1,151 1,216 Total assets $ 42,128 $ 41,652 Liabilities and stockholders'

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly Norfolk Southern Corporation (Norfolk Southern) and subsidiaries' (collectively, NS, we, us, and our) financial position at March 31, 2024 and December 31, 2023, our results of operations, comprehensive income and changes in stockholders' equity for the first quarters of 2024 and 2023, and our cash flows for the first three months of 2024 and 2023 in conformity with U.S. Generally Accepted Accounting Principles (GAAP). These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our latest Annual Report on Form 10-K. 1. Railway Operating Revenues The following table disaggregates our revenues by major commodity group: First Quarter 2024 2023 ($ in millions) Merchandise: Agriculture, forest and consumer products $ 629 $ 653 Chemicals 527 541 Metals and construction 430 400 Automotive 277 284 Merchandise 1,863 1,878 Intermodal 745 814 Coal 396 440 Total $ 3,004 $ 3,132 We recognize the amount of revenues to which we expect to be entitled for the transfer of promised goods or services to customers. A performance obligation is created when a customer under a transportation contract or public tariff submits a bill of lading to us for the transport of goods. These performance obligations are satisfied as the shipments move from origin to destination. As such, transportation revenues are recognized proportionally as a shipment moves, and related expenses are recognized as incurred. These performance obligations are generally short-term in nature with transit days averaging approximately one week or less for each commodity group. The customer has an unconditional obligation to pay for the service once the service has been completed.

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View this 10-Q filing on SEC EDGAR