Railroad company Norfolk Southern Corporation (NYSE: NSC) on Wednesday announced preliminary results for the first quarter of 2024, reporting a decline in operating revenues.
- Norfolk’s railway operating revenues decreased by 4% year-over-year to about $3.0 billion in the first three months of fiscal 2024
- Operating expenses were $2.79 billion in the first quarter, which is up by $691 million from the year-ago quarter
- Income from railway operations was $213 million in Q1, compared to $711 million a year earlier
- Operating ratio came in at 92.9%, up from 77.3% reported in the first quarter of 2023
- The company reported earnings of $0.23 per share for the three months, vs. 2.04 per share in the prior-year period
- Adjusted earnings decreased to $2.49 per share in the March quarter from $3.32 per share last year