Norfolk Southern Corporation (NYSE: NSC) announced its fourth-quarter and full-year 2024 financial results, highlighting improved operational performance and efficiency gains.

Fourth Quarter 2024 Highlights
- Railway operating revenues were $3.0 billion, down 2 percent year-over-year.
- Excluding lower fuel surcharge revenue, adjusted revenues were $2.8 billion, up 2 percent.
- Income from railway operations was $1.1 billion, up 40 percent year-over-year.
- Adjusted income from railway operations was $1.1 billion, up 11 percent.
- Operating ratio was 62.6 percent, compared to 73.7 percent in the fourth quarter of 2023.
- Adjusted operating ratio was 64.9 percent, an improvement of 390 basis points.
- Diluted earnings per share were $3.23, up 39 percent year-over-year.
- Adjusted diluted earnings per share were $3.04, up 7 percent.

Full Year 2024 Highlights
- Railway operating revenues were $12.1 billion, down slightly from 2023.
- Excluding lower fuel surcharge revenue, adjusted revenues were $11.2 billion, up 2 percent.
- Income from railway operations was $4.1 billion, up 43 percent year-over-year.
- Adjusted income from railway operations was $4.1 billion, up 5 percent.
- Operating ratio was 66.4 percent, an improvement of 1010 basis points.
- Adjusted operating ratio was 65.8 percent, an improvement of 160 basis points.
- Diluted earnings per share were $11.57, up 44 percent year-over-year.
- Adjusted diluted earnings per share were $11.85, up 1 percent.

CEO Commentary
Mark George, President and CEO, credited the company's productivity initiatives and operational improvements for driving financial performance. He highlighted network efficiency, steady service metrics, and increased customer business as key factors in the company's momentum heading into 2025.

Operational Improvements
- The company met its commitments for second-half and full-year 2024 operating ratio targets.
- Insurance recoveries for the Eastern Ohio incident exceeded incremental costs for the third consecutive quarter.
- Productivity and safety initiatives continue to drive efficiency gains.

About Norfolk Southern
Norfolk Southern operates a 22-state freight transportation network and serves major ports across the Atlantic, Gulf of Mexico, and Great Lakes. The company helps customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail.

Norfolk Southern's 2024 results demonstrate continued efficiency gains, strategic improvements, and disciplined cost management. The company remains focused on safety, productivity, and long-term value creation for stakeholders.