The earnings call highlighted Norfolk Southern's strong operational performance with notable improvements in volume, safety metrics, and cost reduction, contributing to revenue and productivity gains. However, challenges such as coal revenue decline, labor productivity, and tariff uncertainties present headwinds. The overall sentiment is slightly positive owing to the company's momentum and strategic initiatives that are poised to drive growth despite these challenges.

Company Guidance

During the Norfolk Southern Fourth Quarter 2024 Earnings Conference Call, the company reported a strong performance, achieving or surpassing all prior commitments. Key metrics include a 3% increase in volume, a 2% rise in revenue excluding fuel, and a reduction of nearly $300 million in costs, exceeding the $250 million target. The adjusted operating ratio improved to 65.8, outperforming the guidance range of 100 to 150 basis points, with the second half OR at 64.1. Safety metrics saw a notable improvement, with a 27% reduction in the FRA train accident rate and a 13% enhancement in the FRA reportable injury ratio in Q4 compared to the previous year. The company delivered record fuel efficiencies and achieved a 10% system speed improvement, with intermodal train speed increasing by 3.1% and merchandise and unit train speeds rising by 11% and 17%, respectively. Looking ahead to 2025, Norfolk Southern anticipates modest volume growth and aims for a 150 basis point margin expansion, driven by continued productivity improvements, operational efficiency, and service reliability.

Volume and Revenue Growth

Norfolk Southern's operations enabled a 3% increase in volume for Q4, yielding a 2% increase in revenue excluding fuel. For the full year, volume grew by 5%, with intermodal leading the growth and merchandise achieving record revenue.

Cost Reduction Achievements

The company removed nearly $300 million of costs in 2024, surpassing the initial target of $250 million. Adjusted operating ratio ended at 65.8, with the second half OR at 64.1.

Safety and Productivity Improvements

Improved safety metrics with a 27% reduction in FRA train accident rate. Velocity increased by 10% and fuel efficiencies reached record levels for both the quarter and the full year.

Strong Financial Performance

Generated a 390 basis point improvement in operating ratio year-over-year, despite revenue headwinds. Achieved high single-digit net income and EPS growth.

---

Norfolk Southern (NSC) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

NSC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 23, 2025	2025 (Q1)	2.89 / -	2.49	―	―	―
Jan 29, 2025	2024 (Q4)	2.94 / 3.04	2.83	7.42% (+0.21)
Oct 22, 2024	2024 (Q3)	3.11 / 3.25	2.65	22.64% (+0.60)
Jul 25, 2024	2024 (Q2)	2.86 / 3.06	2.95	3.73% (+0.11)
Apr 24, 2024	2024 (Q1)	2.53 / 2.49	3.32	-25.00% (-0.83)
Jan 26, 2024	2023 (Q4)	2.87 / 2.83	3.42	-17.25% (-0.59)
Oct 25, 2023	2023 (Q3)	2.69 / 2.65	4.1	-35.37% (-1.45)
Jul 27, 2023	2023 (Q2)	3.11 / 2.95	3.45	-14.49% (-0.50)
Apr 26, 2023	2023 (Q1)	3.15 / 3.32	2.93	13.31% (+0.39)
Jan 25, 2023	2022 (Q4)	3.44 / 3.42	3.12	9.62% (+0.30)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

---

NSC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 29, 2025	$250.96	$255.36	+1.75%
Oct 22, 2024	$245.50	$257.64	+4.95%
Jul 25, 2024	$219.30	$243.23	+10.91%
Apr 24, 2024	$239.66	$231.04	-3.60%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

---