NORFOLK, Va., March 29, 2019 /PRNewswire/ -- Norfolk Southern (NSC) today posted its 2018 Annual Report online, highlighting strong growth and best-ever results for operating ratio and income from railway operations.
In his message to shareholders, James A. Squires, chairman, president and CEO, said, "2018 was another year of record financial results for Norfolk Southern – and a year in which we began Reimagining Norfolk Southern through a comprehensive review of strategy."
For the year, the company:
- Achieved an all-time best operating ratio of 65.4 percent – the third consecutive year of improvement.
- Grew total railway operating revenue 9 percent year-over-year to $11.5 billion.
- Increased income from railway operations 12 percent to $4 billion, an all-time record.
- Continued to return capital to shareholders: The company repurchased nearly $2.8 billion in shares and raised the quarterly dividend twice during the year, with total payouts of $844 million.
From reimagining operations through culture change to reimagining service and growth through the use of advanced technologies, Norfolk Southern is "building a stronger company for our customers, our employees, and our shareholders," Squires said.
"As we begin 2019, we are hard at work on initiatives to drive shareholder value, from new ways of operating the railroad to new ways of marketing our services," Squires said. "The momentum we have today is exciting, and I feel strongly that our focus on serving customers, managing assets, controlling costs, working safely, and developing people will deliver superior shareholder value in 2019 and in the years to come."
About Norfolk Southern
Norfolk Southern Corporation (NSC) is one of the nation's premier transportation companies. Its Norfolk Southern Railway Company subsidiary operates approximately 19,500 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides efficient connections to other rail carriers. Norfolk Southern is a major transporter of industrial products, including chemicals, agriculture, and metals and construction materials. In addition, the railroad operates the most extensive intermodal network in the East and is a principal carrier of coal, automobiles, and automotive parts.
This news release contains a forward-looking statement within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995, as amended, regarding anticipated results, benefits, and targets related to our strategic plan initiatives. This statement relates to future events or future performance of Norfolk Southern Corporation (NSC) (the "Company"). In some cases, forward-looking statements may be identified by the use of words like "will," "believe," "expect," "targets," "anticipate," "estimate," "plan," "consider," and "project," and similar references to the future. The Company has based this forward-looking statement on management's current expectations, assumptions, estimates, beliefs, and projections. While the Company believes these expectations, assumptions, estimates, and projections are reasonable, forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control, including those discussed under "Risk Factors" in the Annual Report on Form 10-K for the year ended Dec. 31, 2018, filed with the Securities and Exchange Commission (the "SEC"), as well as the Company's subsequent filings with the SEC, which may cause actual results, benefits, performance, or achievements to differ materially from those expressed or implied by this forward-looking statement. Please refer to these SEC filings for a full discussion of those risks and uncertainties we view as most important.
Forward-looking statements are not, and should not be relied upon as, a guarantee of future events or performance, nor will they necessarily prove to be accurate indications of the times at or by which any such events or performance will be achieved. We undertake no obligation to update or revise forward-looking statements, whether as a result of new information, the occurrence of certain events or otherwise, unless otherwise required by applicable securities law.
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