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NS reported record second-quarter net income of $819 million and diluted earnings per share of $3.28, and an all-time quarterly record OR (operating ratio) of 58.3%.
Railway operating revenues for the quarter came in at $2.799 billion, up 34.24% from the prior-year period’s $2.085 billion, driven by a 25% increase in volume and a 7% increase in revenue per unit.
Railway operating expenses were $1.632 billion, an increase of 10.64% over second-quarter 2020’s $1.475 billion.
Income from railway operations, NS reported, was an all-time quarterly record of $1.167 billion, up 91% from $610 million year-over-year.
Looking ahead, NS noted that for revenue, it expects “increasing year-over-year growth” from approximately 9% to 12%, with intermodal and merchandise as the “leading growth drivers.” It noted that coal will have a “near-term upside” and a “long-term secular decline.” Additionally, the railroad noted that for operating ratio, it anticipates “increasing year-over-year improvement from >300bps to 400bps-440bps.” Capex is expected to reach approximately $1.6 billion.
NS Chairman, President and CEO James A. Squires
“Leveraging the strong and diverse book of business we have developed, we will build upon our success in the creation of long-term, sustainable value for our customers and shareholders,” Squires said.
The NS Investor Relations page provides more details.
The post NS 2Q21: Record Quarterly Results appeared first on Railway Age.
This article first appeared on www.railwayage.com
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