Norfolk Southern Hits Record Operating Ratio on 32% Coal Revenue Growth, Increase Valuation Slightly
Norfolk Southern improved its second-quarter operating ratio by 230 basis points to its best-ever 66.3%, on par with Eastern competitor CSX’s normalized OR this quarter. Norfolk grew EBIT 15% and EPS 26% over the prior-year period. We highlight Norfolk’s progress and note performance is still near its lately lauded peer, though a single quarter is too brief to expect new CEO Hunter Harrison to improve margins at CSX. We plan to increase our fair value estimate for Norfolk about 5% due to the tim...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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