Norfolk Southern Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. Fourth-quarter net income was $361 million, or $1.20 per diluted share, compared with $511 million, or $1.64 per diluted share, in fourth-quarter 2014. Total railway operating revenues were $2,518 million compared to $2,870 million a year ago. Income from railway operations were $642 million compared to $891 million a year ago. Income before income taxes were $524 million compared to $790 million a year ago.

For 2015, net income was $1.6 billion, or $5.10 per diluted share, compared with $2.0 billion, or $6.39 per diluted share, in 2014. Results included expenses related to restructuring the company's Triple Crown Services subsidiary and closing its Roanoke, Va., office, which together reduced fourth-quarter net income by $31 million, or $0.10 per diluted share, and lowered 2015 net income by $58 million, or $0.19 per diluted share. Total railway operating revenues were $10,511 million compared to $11,624 million a year ago. Income from railway operations were $2,884 million compared to $3,575 million a year ago. Income before income taxes were $2,442 million compared to $3,134 million a year ago. Net cash provided by operating activities was $2,877 million compared to $2,852 million a year ago. Property additions were $2,385 million compared to $2,118 million a year ago.

For 2016, the company plans to invest $2.1 billion to maintain the safety of its rail network, enhance service, improve operational efficiency, and support growth opportunities. Effective tax rate for 2016 will be more like 37% even.