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Norfolk Southern Corp NSC

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Norfolk Southern’s Q1 Merchandise Carloads Sluggish, but Volume Recovering and Intermodal Strong

Matthew Young, CFA Equity Analyst

Analyst Note

| Matthew Young, CFA |

Norfolk Southern’s first-quarter revenue was up 1% year over year, below our forecast as a result of softer-than-expected automotive carloads and weather disruption. Total volume grew 3% as intermodal, automotive, and export thermal coal gains more than offset soft overall merchandise activity. Average revenue per carload fell 2% on lower fuel surcharges and mix (outsize intermodal growth), but as with the other rails, core pricing is rising as limited capacity drives up rates across transportation modes.

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Company Profile

Business Description

Class-I railroad Norfolk Southern operates in the Eastern United States. On roughly 21,000 miles of track, the firm hauls shipments of coal (15% of 2019 revenue), intermodal traffic (25%), and a diverse mix of automobile, agriculture, metal, chemical, and forest products.

Three Commercial Place
Norfolk, VA, 23510-2191
T +1 757 629-2680
Sector Industrials
Industry Railroads
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 20,156