0000702165 false 0000702165 2022-04-26 2022-04-26 iso4217:USD xbrli:shares iso4217:USD xbrli:shares










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


Date of Report (Date of earliest event reported): April 27, 2022 (April 26, 2022)


soaring nameunderblacklg


(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


(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


On April 27, 2022, the Registrant issued a Press Release, attached hereto as Exhibit 99.1, reporting first-quarter results for 2022.


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers


As previously disclosed in the Form 8-K filed by Norfolk Southern Corporation (the “Company”) on January 26, 2022, the Company’s Board of Directors (the “Board”), appointed Alan H. Shaw as Chief Executive Officer (“CEO”), effective May 1, 2022.


On April 26, 2022, the Board approved additional compensation actions relating to Mr. Shaw’s appointment as President and CEO effective May 1, 2022. The Board approved Mr. Shaw’s adjusted base salary in the amount of $950,000 related to the additional duties of CEO. Effective May 1, 2022, the Company’s Compensation Committee approved Mr. Shaw’s annual incentive opportunity as President and CEO under the Company’s Executive Management Incentive Plan as 225% of base salary, with the actual payment increased or decreased as described in the Company’s annual proxy statement. In addition, the Company’s Compensation Committee also granted Mr. Shaw a supplemental long-term incentive award with a grant date fair market value of $2,600,000, consisting of a combination of restricted stock units, performance share units and stock options. The value of the supplemental 2022 grant reflects Mr. Shaw’s transition to the CEO role on May 1, 2022.


Item 7.01. Regulation FD Disclosure


Quarterly Financial Data is attached hereto, as Exhibit 99.2, reporting first quarter results for 2022. This document 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 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 April 27, 2022
99.2   2022 1Q 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.


  /s/ Denise W. Hutson
  Name: Denise W. Hutson
  Title: Corporate Secretary


Date:  April 27, 2022



Exhibit 99.1






Norfolk Southern reports first-quarter 2022 results



ATLANTA, April 27, 2022 – Norfolk Southern Corporation (NYSE: NSC) today reported first-quarter 2022 financial results which included first-quarter records for railway operating revenues, income from railway operations, net income, and diluted earnings per share.


First-quarter railway operating revenue was $2.9 billion, income from railway operations was $1.1 billion, net income was $703 million, and diluted earnings per share was $2.93.


Norfolk Southern reported double-digit revenue and EPS growth in the quarter.  “Our financial results in the first quarter were solid, despite current network challenges.” said Alan H. Shaw, Norfolk Southern President. “I am confident that our efforts to improve our service through accelerated hiring and refinements to our operating plan will provide a platform for long-term growth and efficiency for both our customers and shareholders.”


First-Quarter Summary


  •  Railway operating revenues of $2.9 billion were a first-quarter record, up 10%, or $276 million, compared with first-quarter 2021, driven by a 16% increase in revenue per unit.
  Railway operating expenses were $1.8 billion, an increase of 13%, or $206 million, compared with the same period last year due to higher fuel, purchased services, and equipment rents expenses.
  Income from railway operations was a first-quarter record of $1.1 billion, an increase of 7%, or $70 million, year-over-year.
  The railway operating ratio was 62.8%.



About Norfolk Southern

Norfolk Southern Corporation (NYSE: NSC) is one of the nation’s premier transportation companies, moving the goods and materials that drive the U.S. economy. Norfolk Southern connects customers to markets and communities to economic opportunity, with safe, reliable, and sustainable shipping solutions. The company’s service area includes 22 states and the District of Columbia, every major container port in the eastern United States, and a majority of the U.S. population and manufacturing base.


Media Inquiries:

Media Relations, 404-420-4444


Investor Inquiries:

Meghan Achimasi, 470-867-4807





Forward-looking statements

This news release contains forward-looking statements that may be identified by the use of words like “believe,” “expect,” “anticipate,” “estimate,” “plan,” “consider,” “project,” and similar references to the future. Forward-looking statements reflect our good-faith evaluation of information currently available. These forward-looking statements are subject to a number of risks and uncertainties, and our actual results may differ materially from those projected. Please refer to our annual and quarterly reports filed with the SEC for a full discussion of those risks and uncertainties we view as most important. Forward-looking statements are not, and should not be relied upon as, a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at or by which any such performance or results will be achieved. As a result, actual outcomes and results may differ materially from those expressed in forward-looking statements. We undertake no obligation to update or revise forward-looking statements.









Exhibit 99.2


Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Income



   First Quarter
   2022  2021
   (in millions, except per share amounts)
Railway operating revenues          
Merchandise  $1,672   $1,608 
Intermodal   854    719 
Coal   389    312 
Total railway operating revenues   2,915    2,639 
Railway operating expenses          
Compensation and benefits   619    611 
Purchased services and rents   437    393 
Fuel   301    177 
Depreciation   302    292 
Materials and other   171    151 
Total railway operating expenses   1,830    1,624 
Income from railway operations   1,085    1,015 
Other income (expense) – net   (5)   7 
Interest expense on debt   168    156 
Income before income taxes   912    866 
Income taxes          
Current   161    141 
Deferred   48    52 
Total income taxes   209    193 
Net income  $703   $673 
Earnings per share – diluted  $2.93   $2.66 
Weighted average shares outstanding – diluted   240.2    252.6 


See accompanying notes to consolidated financial statements. 




Norfolk Southern Corporation and Subsidiaries

Consolidated Balance Sheets



   March 31,  December 31,
   2022  2021
   ($ in millions)
Current assets:          
Cash and cash equivalents  $1,571   $839 
Accounts receivable – net   1,070    976 
Materials and supplies   264    218 
Other current assets   110    134 
Total current assets   3,015    2,167 
Investments   3,697    3,707 
Properties less accumulated depreciation of $12,123          
and $12,031, respectively   31,657    31,653 
Other assets   992    966 
Total assets  $39,361   $38,493 
Liabilities and stockholders’ equity          
Current liabilities:          
Accounts payable  $1,181   $1,351 
Income and other taxes   443    305 
Other current liabilities   370    312 
Current maturities of long-term debt   1,153    553 
Total current liabilities   3,147    2,521 
Long-term debt   13,691    13,287 
Other liabilities   1,845    1,879 
Deferred income taxes   7,217    7,165 
Total liabilities   25,900    24,852 
Stockholders’ equity:          
Common stock $1.00 per share par value, 1,350,000,000 shares          
  authorized; outstanding 238,332,514 and 240,162,790 shares,          
  respectively, net of treasury shares   240    242 
Additional paid-in capital   2,203    2,215 
Accumulated other comprehensive loss   (394)   (402)
Retained income   11,412    11,586 
Total stockholders’ equity   13,461    13,641 
Total liabilities and stockholders’ equity  $39,361   $38,493 


See accompanying notes to consolidated financial statements. 




Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Cash Flows



   First Three Months
   2022  2021
   ($ in millions)
Cash flows from operating activities          
Net income  $703   $673 
Reconciliation of net income to net cash provided by operating activities:          
Depreciation   302    292 
Deferred income taxes   48    52 
Gains and losses on properties   (6)   (8)
Changes in assets and liabilities affecting operations:          
Accounts receivable   (94)   (95)
Materials and supplies   (46)   (20)
Other current assets   21    9 
Current liabilities other than debt   83    158 
Other – net   (17)   (46)
Net cash provided by operating activities   994    1,015 
Cash flows from investing activities          
Property additions   (389)   (265)
Property sales and other transactions   36    37 
Investment purchases   (1)   —   
Investment sales and other transactions   19    26 
Net cash used in investing activities   (335)   (202)
Cash flows from financing activities          
Dividends   (297)   (249)
Common stock transactions   (18)   (6)
Purchase and retirement of common stock   (600)   (591)
Proceeds from borrowings   989    —   
Debt repayments   (1)   (84)
Net cash provided by (used in) financing activities   73    (930)
Net increase (decrease) in cash and cash equivalents   732    (117)
Cash and cash equivalents          
At beginning of year   839    1,115 
At end of period  $1,571   $998 
Supplemental disclosures of cash flow information          
Cash paid during the period for:          
Interest (net of amounts capitalized)  $114   $110 
Income taxes (net of refunds)   9    27 


See accompanying notes to consolidated financial statements. 






1. Stock Repurchase Program

We repurchased and retired 2.2 million and 2.3 million shares of common stock under our stock repurchase program during the first three months of 2022 and 2021, respectively, at a cost of $600 million and $591 million, respectively.