Norfolk Southern Files Q3 2024 10-Q

TL;DR

NSC's Q3 10-Q is in: financials and ops updated for the latest quarter.

AI Summary

Norfolk Southern Corporation (NSC) filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter and the first nine months 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 contains standard financial disclosures for a public company, but the railroad industry can be subject to economic cycles and regulatory changes.

Key Numbers

• 2024-09-30 — Period End Date (The report covers financial and operational data up to this date.)
• 2024-07-01 — Q3 Start Date (Beginning of the third quarter reporting period.)
• 2023-09-30 — Prior Year Q3 End Date (For year-over-year comparison.)
• 2023-12-31 — Prior Year Fiscal Year End (Reference point for year-end financial statements.)

Key Players & Entities

• NORFOLK SOUTHERN CORP (company) — Filer
• 20240930 (date) — Period of Report
• 20241022 (date) — Filing Date
• ATLANTA (location) — Business Address City
• VA (location) — State of Incorporation

FAQ

Key Financial Figures

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

Filing Documents

• nsc-20240930.htm (10-Q) — 1080KB
• nsc093024exhibit31a.htm (EX-31.A) — 10KB
• nsc093024exhibit31b.htm (EX-31.B) — 10KB
• nsc093024exhibit32.htm (EX-32) — 7KB
• nsc-20240930_g1.jpg (GRAPHIC) — 41KB
• 0000702165-24-000035.txt ( ) — 5798KB
• nsc-20240930.xsd (EX-101.SCH) — 46KB
• nsc-20240930_cal.xml (EX-101.CAL) — 50KB
• nsc-20240930_def.xml (EX-101.DEF) — 179KB
• nsc-20240930_lab.xml (EX-101.LAB) — 548KB
• nsc-20240930_pre.xml (EX-101.PRE) — 360KB
• nsc-20240930_htm.xml (XML) — 678KB

Financial Statements

Financial Statements: Consolidated Statements of Income Third Quarter and First Nine Months of 2024 and 2023 3 Consolidated Statements of Comprehensive Income Third Quarter and First Nine Months of 2024 and 2023 4 Consolidated Balance Sheets At September 30, 2024 and December 31, 2023 5 Consolidated Statements of Cash Flows First Nine Months of 2024 and 2023 6 Consolidated Statements of Changes in Stockholders' Equity Third Quarter and First Nine 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 37 Item 4.

Controls and Procedures

Controls and Procedures 37 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) Third Quarter First Nine Months 2024 2023 2024 2023 ($ in millions, except per share amounts) Railway operating revenues $ 3,051 $ 2,971 $ 9,099 $ 9,083 Railway operating expenses Compensation and benefits 690 715 2,126 2,098 Purchased services and rents 497 517 1,541 1,519 Fuel 216 289 757 867 Depreciation 339 326 1,011 968 Materials and other ( 188 ) 205 200 622 Restructuring and other charges 60 — 156 — Eastern Ohio incident ( 159 ) 163 368 966 Total railway operating expenses 1,455 2,215 6,159 7,040 Income from railway operations 1,596 756 2,940 2,043 Other income – net 34 40 69 153 Interest expense on debt 203 182 608 527 Income before income taxes 1,427 614 2,401 1,669 Income taxes 328 136 512 369 Net income $ 1,099 $ 478 $ 1,889 $ 1,300 Earnings per share Basic $ 4.86 $ 2.11 $ 8.35 $ 5.71 Diluted 4.85 2.10 8.34 5.70 See accompanying notes to consolidated financial statements. 3 Norfolk Southern Corporation and Subsidiaries Consolidated Statements of Comprehensive Income (Unaudited) Third Quarter First Nine Months 2024 2023 2024 2023 ($ in millions) Net income $ 1,099 $ 478 $ 1,889 $ 1,300 Other comprehensive loss, before tax: Pension and other postretirement expense ( 2 ) ( 6 ) ( 15 ) ( 17 ) Other comprehensive income (loss) of equity investees — ( 1 ) 1 ( 1 ) Other comprehensive loss, before tax ( 2 ) ( 7 ) ( 14 ) ( 18 ) Income tax benefit related to items of other comprehensive loss — 2 2 5 Other comprehensive loss, net of tax ( 2 ) ( 5 ) ( 12 ) ( 13 ) Total comprehensive income $ 1,097 $ 473 $ 1,877 $ 1,287 See accompanying notes to consolidated financial statements. 4 Norfolk Southern Corporation and Subsidiaries Consolidated Balance Sheets (Unaudited) September 30, 2024 December 31, 2023 ($ in millions) Assets Current assets: Cash and cash equivalents $ 975 $ 1,5

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 September 30, 2024 and December 31, 2023, our results of operations, comprehensive income and changes in stockholders' equity for the third quarters and first nine months of 2024 and 2023, and our cash flows for the first nine 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. Certain prior year information has been reclassified to conform to current year presentation. 1. Railway Operating Revenues The following table disaggregates our revenues by major commodity group: Third Quarter First Nine Months 2024 2023 2024 2023 ($ in millions) Merchandise: Agriculture, forest and consumer products $ 624 $ 611 $ 1,875 $ 1,891 Chemicals 543 498 1,602 1,542 Metals and construction 420 417 1,290 1,232 Automotive 274 274 861 839 Merchandise 1,861 1,800 5,628 5,504 Intermodal 763 737 2,250 2,296 Coal 427 434 1,221 1,283 Total $ 3,051 $ 2,971 $ 9,099 $ 9,083 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 pe

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