Norfolk Southern’s second-quarter net income was $497 million, up 23 percent year-over-year.
According to the railroad, the growth was driven by a 15 percent increase in income from railway operations and a record operating ratio. Diluted earnings per share were $1.71, up 26 percent year-over-year.
“Norfolk Southern’s strong financial results and all-time record operating ratio reflect the power of our team, successful execution of our dynamic plan, and focus on operating even more efficiently while providing high quality service to customers,” James A. Squires, Norfolk Southern chairman, president and CEO, said in a news release. “We remain committed to our core pillars of safety, service, stewardship and growth as we continue to enhance operations across the organization. We are confident in our ability to reach our goals and deliver sustainable shareholder value in the near and long terms. As a result of our achievements to date and the confidence we have in our outlook, we are increasing this year’s share repurchase guidance by 25 percent to $1 billion.”