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Norfolk Southern reports first-quarter 2012 results

For 2012 vs. 2011, Norfolk Southern achieved the following first-quarter records:

- Railway operating revenues increased 6 percent to $2.8 billion.

- Income from railway operations improved 24 percent to $745 million.

- Net income increased 26 percent to $410 million.

- Diluted earnings per share rose 37 percent to $1.23.


News provided by

Norfolk Southern Corporation

Apr 24, 2012, 04:05 ET

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NORFOLK, Va., April 24, 2012 /PRNewswire/ -- For the first quarter of 2012, Norfolk Southern Corporation (NYSE: NSC) reported net income of $410 million ($1.23 per diluted share), 26 percent higher than $325 million ($0.90 per diluted share) for the first quarter of 2011. First-quarter 2011 results included a $58 million non-cash charge that reduced net income by $36 million, or $0.10 per diluted share.

"I am pleased to report another record-breaking quarter for Norfolk Southern during which we achieved first-quarter highs in revenues, operating income, net income, and earnings per share," said CEO Wick Moorman. "The benefits of our steady focus on service and operating efficiency are reflected in our results, and we continue to position our franchise for sustained growth through strategic investments in infrastructure."

Compared with the first quarter of 2011, in the first quarter of 2012: Railway operating revenues improved 6 percent to $2.8 billion, primarily as the result of a 5 percent increase in revenue per unit; general merchandise revenues improved 13 percent to $1.5 billion; coal revenues declined 6 percent to $766 million; and intermodal revenues improved 9 percent to $527 million.

Railway operating expenses for the quarter were $2 billion, up 1 percent compared with first-quarter 2011. The increase was largely due to higher fuel prices, compensation costs, and materials expenses, offset in part by the absence of last year's non-cash charge.

Income from railway operations for the first quarter increased 24 percent to $745 million compared with the same period of 2011.

The first-quarter railway operating ratio improved 5 percent to 73.3 percent compared with first-quarter 2011, and equaled our first-quarter record.

Norfolk Southern Corporation (NYSE: NSC) is one of the nation's premier transportation companies. Its Norfolk Southern Railway subsidiary operates approximately 20,000 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 operates the most extensive intermodal network in the East and is a major transporter of coal and industrial products.

Norfolk Southern Corporation and Subsidiaries
Consolidated Statements of Income
(Unaudited)



Three Months Ended




March 31,




2012




2011



(in millions, except per share amounts)









Railway operating revenues:       








   Coal


$           766




$              816


   General merchandise


1,496




1,319


   Intermodal


527




485


      Total railway operating revenues


2,789




2,620










Railway operating expenses:








   Compensation and benefits


786




765


   Purchased services and rents


391




383


   Fuel


413




389


   Depreciation


224




211


   Materials and other (note 1)


230




272


      Total railway operating expenses


2,044




2,020










         Income from railway operations


745




600










Other income - net


29




27


Interest expense on debt


120




112










         Income before income taxes


654




515










Provision for income taxes:








   Current


156




78


   Deferred


88




112


      Total income taxes


244




190










     Net income


$           410




$              325










Earnings per share (note 2):








   Basic


$          1.24




$             0.91


   Diluted


1.23




0.90










Weighted average shares outstanding (note 3): 








   Basic


328.3




355.2


   Diluted


332.9




360.5


See accompanying notes.

Norfolk Southern Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income
(Unaudited)



Three Months Ended




March 31,




2012


2011




 ($ in millions)


Net income


$       410


$         325


Other comprehensive income, before tax:






             Pension and other postretirement benefits


32


28


             Other comprehensive loss of equity investees


(4)


-


Other comprehensive income, before tax


28


28








Income tax expense related to items of other comprehensive income


(12)


(9)


Other comprehensive income, net of tax


16


19


     Total comprehensive income


$       426


$         344





























See accompanying notes.

Norfolk Southern Corporation and Subsidiaries
Consolidated Balance Sheets
(Unaudited)



March 31,


December 31,



2012


2011



($ in millions)

Assets





Current assets:





   Cash and cash equivalents


$               829


$              276

   Short-term investments


2


25

   Accounts receivable - net


1,056


1,022

   Materials and supplies


228


209

   Deferred income taxes


146


143

   Other current assets


71


76

      Total current assets


2,332


1,751






Investments


2,263


2,234






Properties less accumulated depreciation of $9,596 and $9,464, respectively


 

24,703


 

24,469






Other assets


77


84






      Total assets


$          29,375


$         28,538






Liabilities and stockholders' equity





Current liabilities:





   Accounts payable


$            1,243


$           1,092

   Short-term debt


-


100

   Income and other taxes


320


207

   Other current liabilities


337


252

   Current maturities of long-term debt


32


50

      Total current liabilities


1,932


1,701






Long-term debt


7,985


7,390






Other liabilities


2,053


2,050






Deferred income taxes


7,590


7,486

       Total liabilities


19,560


18,627






Stockholders' equity:





   Common stock $1.00 per share par value, 1,350,000,000 shares





      authorized; outstanding 325,763,164 and 330,386,089 shares,





      respectively, net of treasury shares


327


332

   Additional paid-in capital


1,917


1,912

   Accumulated other comprehensive loss


(1,010)


(1,026)

   Retained income


8,581


8,693

      Total stockholders' equity


9,815


9,911






      Total liabilities and stockholders' equity


$          29,375


$         28,538















See accompanying notes.

Norfolk Southern Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)



Three Months Ended




March 31,



2012


2011



($ in millions)






Cash flows from operating activities:





   Net income


$            410


$             325

   Reconciliation of net income to net cash provided





      by operating activities:





         Depreciation


226


213

         Deferred income taxes


88


112

         Gains and losses on properties


(1)


-

         Changes in assets and liabilities affecting operations:





            Accounts receivable


(34)


(127)

            Materials and supplies


(19)


(21)

            Other current assets


5


19

            Current liabilities other than debt


316


27

         Other - net


44


104

            Net cash provided by operating activities


1,035


652






Cash flows from investing activities:





   Property additions


(461)


(423)

   Property sales and other transactions


2


(10)

   Investments, including short-term


(4)


(4)

   Investment sales and other transactions


27


55

            Net cash used in investing activities


(436)


(382)






Cash flows from financing activities:





   Dividends


(155)


(142)

   Common stock issued - net


31


32

   Purchase and retirement of common stock (note 3)


(400)


(343)

   Proceeds from borrowings - net


696


-

   Debt repayments


(218)


(408)

            Net cash used in financing activities


(46)


(861)






            Net increase (decrease) in cash and cash equivalents


553


(591)






Cash and cash equivalents:





  At beginning of year


276


827






  At end of period


$            829


$             236






Supplemental disclosure of cash flow information





  Cash paid during the period for:





      Interest (net of amounts capitalized)


$              60


$               72

      Income taxes (net of refunds)


2


3







See accompanying notes.

NOTES:

1.

Materials and Other


During the first quarter of 2011, NS received an unfavorable ruling for an arbitration claim with an insurance carrier, and was denied recovery of the contested portion ($43 million) of the claim.  As a result, NS recorded a $43 million charge for the receivables associated with the contested portion of the claim and a $15 million charge for other receivables affected by the ruling for which recovery was no longer probable. 



2.

Earnings Per Share   


For basic earnings per share, income available to common stockholders reflects reductions for the effect of dividend equivalent payments made to holders of stock options and restricted stock units as follows:  for the first quarter, $3 million in 2012 and $2 million in 2011.


For diluted earnings per share, income available to common stockholders reflects reductions for the effect of dividend equivalent payments made to holders of stock options and restricted stock units as follows:  for the first quarter, $2 million in 2012 and 2011.



3.

Stock Repurchase Program   


NS repurchased and retired 5.7 million shares of Common Stock in the first quarter of 2012, at a cost of $400 million and 5.3 million shares at a cost of $343 million for the same period of 2011.  The timing and volume of purchases is guided by management's assessment of market conditions and other pertinent factors.  Any near-term share repurchases are expected to be made with internally generated cash, cash on hand, or proceeds from borrowings.  Since the beginning of 2006, NS has repurchased and retired 115.3 million shares at a total cost of $6.6 billion.

Connect with NS
http://www.nscorp.com/  
http://www.facebook.com/NorfolkSouthern  
http://www.flickr.com/photos/norfolksouthern  
http://www.twitter.com/nscorp  
http://www.youtube.com/user/norfolksoutherncorp

SOURCE Norfolk Southern Corporation

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