Norfolk Southern (NSC) reported Q3 revenue of $3.5 billion, up 14% on 3% higher volume and fuel surcharges, and adjusted diluted EPS of $3.62, up 10%. The adjusted operating ratio rose 210 basis points to 65.4% under fuel-cost pressure, while revenue less fuel hit a quarterly record and adjusted operating income grew 7% to $1.2 billion. Management raised its capital expenditure guidance to $2.1 billion from $1.9 billion and cited a company-best train accident rate of 1.74. It warned that some highway-to-rail volume gains could revert if fuel prices fall, and that war and trade uncertainty will keep weighing on international volumes.
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