Norfolk Southern Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Effective Income Tax Rate Guidance for 2017
For the year, the company's net income was $1.7 billion, up 7% compared with $1.6 billion in 2015. Diluted earnings per share increased 10% to $5.62 compared with $5.10 per diluted share in the prior year. Total railway operating Revenue was $9,888 million compared with $10,511 million a year ago. Income from railway operations was $3,074 million compared with $2,884 million a year ago. Income before income taxes was $2,582 million compared with $2,442 million a year ago. Net cash provided by operating activities was $3,034 million compared with $2,908 million a year ago. Property additions were $1,887 million compared with $2,385 million a year ago.
For 2017, the company expects an effective income tax rate of approximately 37%. The company projects total spending of $1.9 billion, roughly even with 2016.