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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

WASHINGTON, D.C. 20549

________________________________

 

FORM 8-K

________________________________

 

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):

January 25, 2023 (January 24, 2023)

________________________________

soaring nameunderblacklg

NORFOLK SOUTHERN CORPORATION

(Exact name of registrant as specified in its charter)

______________________________________

 

Virginia 1-8339 52-1188014
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification Number)

 

650 West Peachtree Street NW

Atlanta, Georgia

30308-1925

(855) 667-3655
(Address of principal executive offices, including zip code) (Registrant’s telephone number, including area code)

 

No Change
(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

 

Trading Symbol

 

Name of each exchange

on which registered

Norfolk Southern Corporation
Common Stock (Par Value $1.00)
  NSC   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

     

Item 2.02. Results of Operations and Financial Condition 

Item 7.01. Regulation FD Disclosure

 

On January 25, 2023, the Registrant issued a Press Release, attached hereto as Exhibit 99.1, reporting fourth-quarter and full year results for 2022. Attached hereto, as Exhibit 99.2, is the Quarterly Financial Data for the fourth quarter of 2022. This information is available on the Registrant’s website, www.norfolksouthern.com, in the “Invest in NS” section, under “Financial Reports.” This unaudited financial information and summary of certain notes to the consolidated financial statements should be read in conjunction with: (a) the consolidated financial statements and notes included in the Registrant's latest Annual Report on Form 10-K and in subsequent Quarterly Reports on Form 10-Q; and (b) any Current Reports on Form 8-K.

 

Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers 

 

On January 24, 2023, James A. Squires, a member of the Board of Directors and former Chief Executive Officer of the Registrant, notified the Board that he will not stand for re-election to the Board at the Registrant’s 2023 annual meeting of shareholders. Mr. Squires’ term on the Board will expire at the Registrant’s 2023 annual meeting of shareholders. Mr. Squires’ decision is not due to any disagreement with the Registrant on any matter relating to our operations, policies, or practices.

   

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

The following exhibits are filed as part of this Current Report on Form 8-K:

 

Exhibit Number   Description
     
99.1   Press Release dated January 25, 2023
     
99.2   2022 Q4 Financial Data
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

  

  

     

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  SIGNATURES
  NORFOLK SOUTHERN CORPORATION
  (Registrant)
     
     
  /s/ Denise W. Hutson
  Name: Denise W. Hutson
  Title: Corporate Secretary

 

Date:  January 25, 2023

 

     

EX-99.1 2 e23027_ex99-1.htm

 

 

 

FOR IMMEDIATE RELEASE

 

Norfolk Southern reports Q4 and full-year 2022 results

Company reports record railway operating revenue, income from railway operations

 

ATLANTA, January 25, 2023 – Norfolk Southern Corporation (NYSE: NSC) today announced fourth quarter and full-year 2022 financial results. The company marked fourth quarter and annual records for railway operating revenue and income from railway operations.  

 

Fourth quarter railway operating revenue was $3.2 billion, up 13%, and income from railway operations was $1.2 billion, up 5%. 

 

“In the fourth quarter and throughout 2022, Norfolk Southern made significant progress in our financial performance, service improvement, and engagement with our craft team members,” said Norfolk Southern President and Chief Executive Officer Alan H. Shaw. “Our team delivered double-digit percentage growth in revenue as well as earnings per share and achieved record revenue and operating income for the year. We also outlined a bold new strategic plan to create long-term shareholder value and a pathway for future growth for Norfolk Southern.” 

 

Fourth Quarter Summary

 

· Railway operating revenues of $3.2 billion were a fourth quarter record, up 13%, or $385 million, compared with fourth quarter 2021, driven by a 15% increase in revenue per unit. 

 

· Railway operating expenses were $2.1 billion, an increase of 19% compared with the same period last year due to higher fuel prices, increased claims costs, and higher compensation and benefits.  

 

· Income from railway operations was a fourth quarter record of $1.2 billion, up 5%, or $52 million, year-over-year. 

 

· Diluted earnings per share were $3.42, up 10%, or $0.30 compared with fourth quarter 2021. 

 

Norfolk Southern Corporation  |  1

 

2022 Summary

 

· Railway operating revenues were a record $12.7 billion in 2022, up 14%, or $1.6 billion, compared with 2021, driven by an 18% increase revenue per unit. 

 

· Railway operating expenses were $7.9 billion, an increase of 19% compared with the same period last year, driven by higher fuel prices, inflation, network congestion, and higher compensation and benefits. 

 

· Income from railway operations was $4.8 billion, up 8%, or $362 million, year-over-year, an annual record.   

 

· Diluted earnings per share were $13.88, up 15%, or $1.77 compared with 2021. 

 

###

 

About Norfolk Southern

 

Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a customer-centric and operations-driven freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver more than 7 million carloads annually, from agriculture to consumer goods, and is the largest rail shipper of auto products and metals in North America. Norfolk Southern also has the most extensive intermodal network in the eastern U.S., serving a majority of the country’s population and manufacturing base, with connections to every major container port on the Atlantic coast as well as the Gulf of Mexico and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.

 

Media Inquiries:

Media Relations, 404-420-4444

 

Investor Inquiries:

Luke Nichols, 470-867-4807

 

Norfolk Southern Corporation  |  2
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EX-99.2 3 e23027_ex99-2.htm

 

Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)

 

    Fourth Quarter     Years Ended
December 31,
 
    2022     2021     2022     2021  
    (in millions, except per share amounts)  
                         
Railway operating revenues                                
Merchandise   $ 1,876     $ 1,671     $ 7,331     $ 6,669  
Intermodal     913       831       3,681       3,163  
Coal     448       350       1,733       1,310  
Total railway operating revenues     3,237       2,852       12,745       11,142  
                                 
Railway operating expenses                                
Compensation and benefits     653       598       2,621       2,442  
Purchased services and rents     520       472       1,922       1,726  
Fuel     367       226       1,459       799  
Depreciation     309       298       1,221       1,181  
Materials and other     207       129       713       547  
Total railway operating expenses     2,056       1,723       7,936       6,695  
                                 
Income from railway operations     1,181       1,129       4,809       4,447  
                                 
Other income – net     34       21       13       77  
Interest expense on debt     177       165       692       646  
                                 
Income before income taxes     1,038       985       4,130       3,878  
                                 
Income taxes                                
Current     188       199       777       689  
Deferred     60       26       83       184  
Total income taxes     248       225       860       873  
                                 
Net income   $ 790     $ 760     $ 3,270     $ 3,005  
                                 
Earnings per share – diluted   $ 3.42     $ 3.12     $ 13.88     $ 12.11  
                                 
Weighted average shares outstanding – diluted     230.7       243.5       235.6       248.1  

 

See accompanying notes to consolidated financial statements.

 

Norfolk Southern Corporation and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

 

    At December 31,  
    2022     2021  
    ($ in millions)  
Assets                
Current assets:                
Cash and cash equivalents   $ 456     $ 839  
Accounts receivable – net     1,148       976  
Materials and supplies     253       218  
Other current assets     150       134  
Total current assets     2,007       2,167  
                 
Investments     3,694       3,707  
Properties less accumulated depreciation of $12,592 and $12,031, respectively     32,156       31,653  
Other assets     1,028       966  
                 
Total assets   $ 38,885     $ 38,493  
                 
Liabilities and stockholders’ equity                
Current liabilities:                
Accounts payable   $ 1,293     $ 1,351  
Short-term debt     100        
Income and other taxes     312       305  
Other current liabilities     341       312  
Current maturities of long-term debt     603       553  
Total current liabilities     2,649       2,521  
                 
Long-term debt     14,479       13,287  
Other liabilities     1,759       1,879  
Deferred income taxes     7,265       7,165  
                 
Total liabilities     26,152       24,852  
                 
Stockholders’ equity:                
Common stock $1.00 per share par value, 1,350,000,000 shares authorized; outstanding 228,076,415 and 240,162,790 shares, respectively, net of treasury shares     230       242  
Additional paid-in capital     2,157       2,215  
Accumulated other comprehensive loss     (351 )     (402 )
Retained income     10,697       11,586  
                 
Total stockholders’ equity     12,733       13,641  
                 
Total liabilities and stockholders’ equity   $ 38,885     $ 38,493  

 

See accompanying notes to consolidated financial statements.

 

Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

 

    Years Ended December 31,  
    2022     2021  
    ($ in millions)  
Cash flows from operating activities                
Net income   $ 3,270     $ 3,005  
Reconciliation of net income to net cash provided by operating activities:                
Depreciation     1,221       1,181  
Deferred income taxes     83       184  
Gains and losses on properties     (82 )     (86 )
Changes in assets and liabilities affecting operations:                
Accounts receivable     (171 )     (133 )
Materials and supplies     (35 )     3  
Other current assets     (18 )     (6 )
Current liabilities other than debt     23       283  
Other – net     (69 )     (176 )
                 
Net cash provided by operating activities     4,222       4,255  
                 
Cash flows from investing activities                
Property additions     (1,948 )     (1,470 )
Property sales and other transactions     263       159  
Investment purchases     (12 )     (10 )
Investment sales and other transactions     94       99  
                 
Net cash used in investing activities     (1,603 )     (1,222 )
                 
Cash flows from financing activities                
Dividends     (1,167 )     (1,028 )
Common stock transactions     (4 )     17  
Purchase and retirement of common stock     (3,110 )     (3,390 )
Proceeds from borrowings     1,832       1,676  
Debt repayments     (553 )     (584 )
                 
Net cash used in financing activities     (3,002 )     (3,309 )
                 
Net decrease in cash and cash equivalents     (383 )     (276 )
                 
Cash and cash equivalents                
At beginning of year     839       1,115  
                 
At end of year   $ 456     $ 839  
                 
Supplemental disclosures of cash flow information                
Cash paid during the year for:                
Interest (net of amounts capitalized)   $ 619     $ 579  
Income taxes (net of refunds)     750       654  

 

See accompanying notes to consolidated financial statements.

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS:

 

1. Stock Repurchase Program

 

We repurchased and retired 12.6 million and 12.7 million shares of common stock under our stock repurchase programs in 2022 and 2021, respectively, at a cost of $3.1 billion and $3.4 billion, respectively.