Norfolk Southern Files Q2 2024 10-Q
Ticker: NSC · Form: 10-Q · Filed: Jul 26, 2024 · CIK: 702165
Sentiment: neutral
Topics: 10-Q, quarterly-report, railroads
TL;DR
NS Q2 10-Q is in. Financials and ops details for the quarter ending June 30, 2024.
AI Summary
Norfolk Southern Corporation filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and operational metrics are presented, reflecting the company's ongoing activities in the railroad industry.
Why It Matters
This filing provides investors and analysts with the latest financial and operational data for Norfolk Southern, crucial for understanding the company's performance and outlook in the transportation sector.
Risk Assessment
Risk Level: medium — The filing is a routine quarterly report, but the railroad industry is subject to economic cycles, regulatory changes, and operational risks.
Key Players & Entities
- Norfolk Southern Corp (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240726 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period is for the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on July 26, 2024.
What is Norfolk Southern Corporation's Standard Industrial Classification (SIC) code?
Norfolk Southern Corporation's SIC code is 4011 for RAILROADS, LINE-HAUL OPERATING.
What is the company's principal business address?
The company's principal business address is 650 W Peachtree Street NW, Atlanta, GA 30308.
What is the fiscal year end for Norfolk Southern?
The fiscal year end for Norfolk Southern is December 31.
Filing Stats: 4,875 words · 20 min read · ~16 pages · Grade level 13.8 · Accepted 2024-07-26 07:24:28
Key Financial Figures
- $1.00 — ern Corporation Common Stock (Par Value $1.00) NSC New York Stock Exchange Indicate
Filing Documents
- nsc-20240630.htm (10-Q) — 1039KB
- nsc06302024exhibit101.htm (EX-10.1) — 39KB
- nsc06302024exhibit102.htm (EX-10.2) — 63KB
- nsc063024exhibit31a.htm (EX-31.A) — 10KB
- nsc063024exhibit31b.htm (EX-31.B) — 10KB
- nsc063024exhibit32.htm (EX-32) — 7KB
- nsc-20240630_g1.jpg (GRAPHIC) — 41KB
- 0000702165-24-000028.txt ( ) — 5774KB
- nsc-20240630.xsd (EX-101.SCH) — 44KB
- nsc-20240630_cal.xml (EX-101.CAL) — 51KB
- nsc-20240630_def.xml (EX-101.DEF) — 169KB
- nsc-20240630_lab.xml (EX-101.LAB) — 538KB
- nsc-20240630_pre.xml (EX-101.PRE) — 352KB
- nsc-20240630_htm.xml (XML) — 656KB
Financial Statements
Financial Statements: Consolidated Statements of Income S econd Quarter and First Six Months of 2024 and 2023 3 Consolidated Statements of Comprehensive Income S econd Quarter and First Six Months of 2024 and 2023 4 Consolidated Balance Sheets At June 3 0 , 2024 and December 31, 2023 5 Consolidated Statements of Cash Flows First Six Months of 2024 and 2023 6 Consolidated Statements of Changes in Stockholders' Equity S econd Quarter and First Six Months of 2024 and 2023 7
Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements 9 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 26 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.
Controls and Procedures
Controls and Procedures 36 Part II. Other Information: Item 1.
Legal Proceedings
Legal Proceedings 38 Item 1A.
Risk Factors
Risk Factors 38 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 39
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
. Financial Statements
Item 1 . Financial Statements Norfolk Southern Corporation and Subsidiaries Consolidated Statements of Income (Unaudited) Second Quarter First Six Months 2024 2023 2024 2023 ($ in millions, except per share amounts) Railway operating revenues $ 3,044 $ 2,980 $ 6,048 $ 6,112 Railway operating expenses Compensation and benefits 700 693 1,436 1,383 Purchased services and rents 516 506 1,044 1,002 Fuel 257 263 541 578 Depreciation 335 321 672 642 Materials and other 173 205 388 417 Restructuring and other charges ( 3 ) — 96 — Eastern Ohio incident ( 65 ) 416 527 803 Total railway operating expenses 1,913 2,404 4,704 4,825 Income from railway operations 1,131 576 1,344 1,287 Other income – net 17 57 35 113 Interest expense on debt 204 170 405 345 Income before income taxes 944 463 974 1,055 Income taxes 207 107 184 233 Net income $ 737 $ 356 $ 790 $ 822 Earnings per share Basic $ 3.26 $ 1.56 $ 3.49 $ 3.61 Diluted 3.25 1.56 3.48 3.60 See accompanying notes to consolidated financial statements. 3 Norfolk Southern Corporation and Subsidiaries Consolidated Statements of Comprehensive Income (Unaudited) Second Quarter First Six Months 2024 2023 2024 2023 ($ in millions) Net income $ 737 $ 356 $ 790 $ 822 Other comprehensive loss, before tax: Pension and other postretirement expense ( 11 ) ( 6 ) ( 13 ) ( 11 ) Other comprehensive income of equity investees 1 1 1 — Other comprehensive loss, before tax ( 10 ) ( 5 ) ( 12 ) ( 11 ) Income tax benefit related to items of other comprehensive loss 2 1 2 3 Other comprehensive loss, net of tax ( 8 ) ( 4 ) ( 10 ) ( 8 ) Total comprehensive income $ 729 $ 352 $ 780 $ 814 See accompanying notes to consolidated financial statements. 4 Norfolk Southern Corporation and Subsidiaries Consolidated Balance Sheets (Unaudited) June 30, 2024 December 31, 2023 ($ in millions) Assets Current assets: Cash and cash equivalents $ 659 $ 1,568 Accounts receivable – net 1,189 1,147 Ma
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 June 30, 2024 and December 31, 2023, our results of operations, comprehensive income and changes in stockholders' equity for the second quarters and first six months of 2024 and 2023, and our cash flows for the first six 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: Second Quarter First Six Months 2024 2023 2024 2023 ($ in millions) Merchandise: Agriculture, forest and consumer products $ 622 $ 627 $ 1,251 $ 1,280 Chemicals 532 503 1,059 1,044 Metals and construction 440 415 870 815 Automotive 310 281 587 565 Merchandise 1,904 1,826 3,767 3,704 Intermodal 742 745 1,487 1,559 Coal 398 409 794 849 Total $ 3,044 $ 2,980 $ 6,048 $ 6,112 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