Norfolk Southern Generates Respectable 68.6% OR Excluding Gains; We Increase Fair Value Slightly
Norfolk Southern improved its third-quarter operating ratio 220 basis points. While a far cry from best-in-class Canadian rails (CN reported a 53.5% OR yesterday), in our opinion, this marks excellent progress for Norfolk and we doubt investors expected the path to better profitability would progress in one swoop. When in its second-quarter report management guided to a full-year sub-70% OR, we indicated this seemed quite restrained given the first half was already sub-70% and demand comparisons...Norfolk Southern is a holding company. Through its subsidiaries, the company is engaged in the rail transportation of raw materials, intermediate products, and finished goods primarily in the Southeast, East, and Midwest and, via interchange with rail carriers, to and from the rest of the United States. The company also transports overseas freight through several Atlantic and Gulf Coast ports. The company provides intermodal network in the eastern half of the United States. The company's railroad operates in several states and the District of Columbia. The company's system reaches manufacturing plants, electric generating facilities, mines, distribution centers, transload facilities, and other businesses in its service area.
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