Norfolk Southern Corp

NSC: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$511.00	Dkh	Wvqpsslg

Norfolk Southern Earnings: Intermodal Under Pressure, but East Palestine Derailment Charges in Line

Matthew Young

Apr 26, 2023

Eastern Class-I railroad Norfolk Southern’s first-quarter top line grew 7% year over year—not far off our expectations. While slowing, growth came from core pricing gains and higher fuel surcharges, and total yield expanded 7.5% (yield rose 15% last quarter). Total volume, which was roughly flat, was mostly in line with our forecast as merchandise activity came in ahead but intermodal underperformed.

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