Financials Norfolk Southern Corporation

Equities

NSC

US6558441084

Ground Freight & Logistics

Market Closed - Nyse Other stock markets 21:00:02 09/09/2024 BST			5-day change	1st Jan Change
256.81 ^USD	+2.72%		+0.25%	+8.64%

09-09	Industrials Up as Economic Fears Subside -- Industrials Roundup	DJ
09-09	Norfolk Southern CEO to step down amid misconduct probe, WSJ reports	RE

Projected Income Statement: Norfolk Southern Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	11,296	9,789	11,142	12,745	12,156	12,280	12,908	13,509
Change	-	-13.34%	13.82%	14.39%	-4.62%	1.02%	5.11%	4.66%
EBITDA ¹	5,159	4,640	5,628	6,030	5,265	5,517	6,073	6,513
Change	-	-10.06%	21.29%	7.14%	-12.69%	4.8%	10.06%	7.26%
EBIT ¹	4,021	3,486	4,447	4,809	3,967	4,150	4,673	5,073
Change	-	-13.31%	27.57%	8.14%	-17.51%	4.62%	12.6%	8.56%
Interest Paid ¹	-604	-625	-646	-692	-722	-815.5	-811.3	-798.4
Earnings before Tax (EBT) ¹	3,491	2,530	3,878	4,130	2,320	2,815	3,980	4,374
Change	-	-27.53%	53.28%	6.5%	-43.83%	21.36%	41.37%	9.9%
Net income ¹	2,722	2,013	3,005	3,270	1,827	2,210	3,065	3,396
Change	-	-26.05%	49.28%	8.82%	-44.13%	20.95%	38.68%	10.81%
Announcement Date	29/01/20	27/01/21	26/01/22	25/01/23	26/01/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	2,841	2,690	2,625	2,085	2,506	2,573	2,639	2,799	2,852	2,852	2,900	3,250	3,343	3,237	3,132	2,980	2,971	3,073	3,004	3,044	3,083	3,139	3,144	3,212	3,238	3,282	3,318	3,360
Change	-	-5.32%	-2.42%	-20.57%	20.19%	2.67%	2.57%	6.06%	1.89%	0%	1.68%	12.07%	2.86%	-3.17%	-3.24%	-4.85%	-0.3%	3.43%	-2.25%	1.33%	1.28%	1.82%	0.16%	2.14%	0.84%	1.35%	1.1%	1.27%
EBITDA ¹	1,314	1,247	1,245	892	1,133	1,271	1,307	1,461	1,433	1,427	1,387	1,575	1,578	1,490	1,419	1,313	1,245	1,288	1,241	1,398	1,424	1,450	1,422	1,538	1,558	1,577	1,531	1,618
Change	-	-5.1%	-0.16%	-28.35%	27.02%	12.18%	2.83%	11.78%	-1.92%	-0.42%	-2.8%	13.55%	0.19%	-5.58%	-4.77%	-7.47%	-5.18%	3.45%	-3.65%	12.65%	1.83%	1.87%	-1.94%	8.15%	1.26%	1.25%	-2.92%	5.68%
EBIT ¹	1,028	962	953	610	840	984	1,015	1,167	1,136	1,129	1,100	1,271	1,272	1,181	1,098	992	919	958	904	1,063	1,077	1,106	1,075	1,183	1,199	1,219	1,161	1,243
Change	-	-6.42%	-0.94%	-35.99%	37.7%	17.14%	3.15%	14.98%	-2.66%	-0.62%	-2.57%	15.55%	0.08%	-7.15%	-7.03%	-9.65%	-7.36%	4.24%	-5.64%	17.59%	1.36%	2.63%	-2.74%	9.99%	1.34%	1.73%	-4.79%	7.06%
Charge d'intérêts ¹	-150	-152	-154	-156	-155	-160	-156	-161	-164	-165	-168	-170	-177	-177	-175	-170	-182	-195	-201	-204	-205.2	-205.5	-203.4	-202.5	-201.7	-201.6	-194	-190
Earnings before Tax (EBT) ¹	868	828	436	503	724	867	866	1,041	986	985	912	1,087	1,093	1,038	592	463	614	651	30	944	911.7	929.9	910.5	1,010	1,033	1,050	1,012	1,098
Change	-	-4.61%	-47.34%	15.37%	43.94%	19.75%	-0.12%	20.21%	-5.28%	-0.1%	-7.41%	19.19%	0.55%	-5.03%	-42.97%	-21.79%	32.61%	6.03%	-95.39%	3,046.67%	-3.42%	1.99%	-2.09%	10.92%	2.29%	1.67%	-3.65%	8.5%
Net income ¹	657	666	381	392	569	671	673	819	753	760	703	819	958	790	466	356	478	527	53	737	700.3	716	698.7	780.6	794	808.8	774	840
Change	-	1.37%	-42.79%	2.89%	45.15%	17.93%	0.3%	21.69%	-8.06%	0.93%	-7.5%	16.5%	16.97%	-17.54%	-41.01%	-23.61%	34.27%	10.25%	-89.94%	1,290.57%	-4.99%	2.25%	-2.42%	11.73%	1.72%	1.86%	-4.3%	8.53%
Announcement Date	23/10/19	29/01/20	29/04/20	29/07/20	28/10/20	27/01/21	28/04/21	28/07/21	27/10/21	26/01/22	27/04/22	27/07/22	26/10/22	25/01/23	26/04/23	27/07/23	25/10/23	26/01/24	24/04/24	25/07/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Norfolk Southern Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	11,616	11,566	13,001	14,626	15,611	16,824	16,895	16,740
Change	-	-0.43%	12.41%	12.5%	6.73%	7.77%	0.42%	-0.92%
Announcement Date	29/01/20	27/01/21	26/01/22	25/01/23	26/01/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Norfolk Southern Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	2,019	1,494	1,470	1,948	2,349	2,257	2,163	2,237
Change	-	-26%	-1.61%	32.52%	20.59%	-3.92%	-4.14%	3.42%
Free Cash Flow (FCF) ¹	1,873	2,143	2,785	2,274	830	1,738	2,448	2,732
Change	-	14.42%	29.96%	-18.35%	-63.5%	109.41%	40.83%	11.6%
Announcement Date	29/01/20	27/01/21	26/01/22	25/01/23	26/01/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Norfolk Southern Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	45.67%	47.4%	50.51%	47.31%	43.31%	44.93%	47.05%	48.21%
EBIT Margin (%)	35.6%	35.61%	39.91%	37.73%	32.63%	33.8%	36.2%	37.55%
EBT Margin (%)	30.9%	25.85%	34.81%	32.4%	19.09%	22.93%	30.84%	32.38%
Net margin (%)	24.1%	20.56%	26.97%	25.66%	15.03%	18%	23.74%	25.14%
FCF margin (%)	16.58%	21.89%	25%	17.84%	6.83%	14.15%	18.96%	20.22%
FCF / Net Income (%)	68.81%	106.46%	92.68%	69.54%	45.43%	78.65%	79.87%	80.45%
Profitability
ROA	7.34%	6.26%	7.86%	8.45%	6.63%	5.92%	7.01%	7.57%
ROE	17.82%	15.85%	21.14%	24.8%	20.93%	19.87%	22.28%	25.4%
Financial Health
Leverage (Debt/EBITDA)	2.25x	2.49x	2.31x	2.43x	2.97x	3.05x	2.78x	2.57x
Debt / Free cash flow	6.2x	5.4x	4.67x	6.43x	18.81x	9.68x	6.9x	6.13x
Capital Intensity
CAPEX / Current Assets (%)	17.87%	15.26%	13.19%	15.28%	19.32%	18.38%	16.76%	16.56%
CAPEX / EBITDA (%)	39.14%	32.2%	26.12%	32.31%	44.62%	40.91%	35.63%	34.35%
CAPEX / FCF (%)	107.79%	69.72%	52.78%	85.66%	283.01%	129.85%	88.39%	81.91%
Items per share
Cash flow per share ¹	14.65	14.17	17.15	17.92	13.98	16.38	19.37	22.57
Change	-	-3.27%	21%	4.49%	-21.99%	17.17%	18.27%	16.5%
Dividend per Share ¹	3.6	3.76	4.16	4.96	-	5.409	5.843	6.429
Change	-	4.44%	10.64%	19.23%	-	-	8.03%	10.03%
Book Value Per Share ¹	58.87	57.64	56.8	55.83	56.2	61.14	63.91	68.16
Change	-	-2.09%	-1.46%	-1.71%	0.68%	8.79%	4.53%	6.65%
EPS ¹	10.25	7.84	12.11	13.88	8.02	9.775	13.68	15.58
Change	-	-23.51%	54.46%	14.62%	-42.22%	21.88%	39.97%	13.87%
Nbr of stocks (in thousands)	260,747	253,985	243,345	243,345	225,742	226,096	226,096	226,096
Announcement Date	29/01/20	27/01/21	26/01/22	25/01/23	26/01/24	-	-	-