Norfolk Southern Corp. reported $1.1 billion in third quarter income on $3.1 billion revenue, a 2% increase, despite flat freight volumes. Diluted earnings per share was $3.16, below Wall Street forecasts. Operating ratio rose to 64.6%, but adjusted diluted earnings per share increased by 2% to $3.30, excluding extraordinary charges.

The earnings came after the close of markets, alongside proposed merger partner Union Pacific’s earnings. Income from railway operations dropped from $1.6 billion to $1.1 billion, but showed a $21 million adjusted increase, fueled by $65 million in land sales. Operating ratio was 64.6%, up from 47.7% in 2024, but adjusted ratio improved slightly to 63.3%.

President and CEO Mark George praised the results, highlighting record fuel efficiency, productivity initiatives, and a land sale that will benefit rail volumes. The team’s discipline and focus were credited for driving results and strengthening the foundation for long-term success. Subscribe to FreightWaves’ Rail e-newsletter for more rail freight insights.

Read more at Yahoo Finance: First look: Norfolk Southern Q3 earnings