Norfolk Southern Proves Its Progress with Record 4Q and Full-2017 EPS
We believe Norfolk Southern has broken out of its decade-long operating ratio stagnation, and fourth-quarter and full 2017 results confirm this. Norfolk grew fourth-quarter revenue 7% on 5% carload improvement and improved average revenue per carload 2.4% while reducing expenses 4%, the resulting 67.7% adjusted operating ratio (68.6% excluding property sale gains) marks a 170 basis point year-over-year improvement from the prior-year period. Full 2017 results are similar to the quarter’s, with r...
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