Norfolk Southern increases quarterly dividend by 5 cents and increases target dividend payout ratio
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NORFOLK, Va., Jan. 27, 2021 /PRNewswire/ Norfolk Southern Corporation (NYSE: NSC) today announced that its board of directors approved a 5% increase in its quarterly dividend on the company s common stock, from 94 to 99 cents per share. The company also announced an increase to its long-term target dividend payout ratio from 33% to a range of 35-40% of net income. Strong operational results achieved through our precision scheduled railroading transformation have underpinned robust cash flow generation, said James A. Squires, Norfolk Southern chairman, president and CEO. Today s announcements highlight our confidence in long-term value creation and commitment to superior shareholder returns.
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NORFOLK, Va., Jan. 27, 2021 /PRNewswire/ Norfolk Southern Corporation (NYSE: NSC) today reported fourth-quarter and full-year 2020 financial results.
Fourth-quarter net income was $671 million, diluted earnings per share were $2.64, and the operating ratio improved to an all-time quarterly record of 61.8%. Full-year net income was $2.0 billion, diluted earnings per share were $7.84 and the operating ratio was 69.3%. During the first quarter of 2020, Norfolk Southern reported a $385 million non-cash locomotive rationalization charge, and in the third quarter of 2020 reported a $99 million non-cash investment impairment charge. Excluding these non-cash charges, adjusted full-year net income was $2.4 billion, adjusted diluted earnings per share were $9.25, and the adjusted operating ratio improved to 64.4% versus the record of 64.7% set in 2019.