Norfolk Southern Corp. reported fourth-quarter and full-year 2021 financial results which included fourth-quarter and full-year records for income from railway operations and operating ratio.
Fourth-quarter net income was $760 million, diluted earnings per share were $3.12, and the operating ratio improved to 60.4 percent. Full-year net income was $3 billion, diluted earnings per share were $12.11 and the operating ratio improved to 60.1 percent.
Railway operating revenues of $2.85 billion increased 11 percent, or $279 million, compared with fourth-quarter 2020, driven by a 15 percent increase in revenue per unit. Railway operating expenses were $1.7 billion, an increase of 8 percent, or $134 million, compared with the same period last year due to higher fuel and purchased services expenses.
“The fourth quarter marks the successful completion of the ambitious three-year strategic plan we launched in 2019,” said James A. Squires, Norfolk Southern chairman and CEO. “We achieved significant additional improvement in productivity while overcoming the headwinds associated with the pandemic and global supply chain disruptions. Our team continues to deliver long-term value to our shareholders and customers, and we are in an excellent position to build on these results moving forward.”