BREAKING: Norfolk Southern Corporation (NSC) Announces Strong Financial Performance

Rising Volumes, Improved Efficiency Drive Record Earnings in 2022

ATLANTA, Ga. [date] - Norfolk Southern Corporation (NYSE: NSC), a leading transportation provider in North America, today reported strong financial results for the fourth quarter and full year 2022, driven by increased volumes and improved operating efficiency.

Key Highlights:

• Fourth-quarter revenue increased 12% to $3.4 billion, driven by higher freight volumes and improved pricing.
• Net income increased 20% to $498 million, or $3.29 per diluted share, in the fourth quarter.
• For the full year, revenue grew 10% to $12.4 billion, and net income increased 17% to $1.7 billion, or $11.28 per diluted share.
• Operating ratio improved to 61.1% in the fourth quarter and 62.2% for the full year, reflecting ongoing cost control initiatives.
• The company repurchased approximately $2.1 billion worth of common shares during the year.

"Our strong performance in 2022 is a testament to the hard work and dedication of our employees," said Alan Shaw, President and CEO of Norfolk Southern. "We have made significant progress in improving our operating efficiency, and we remain focused on providing excellent service to our customers."

Factors Contributing to Success:

Several factors contributed to Norfolk Southern's financial success in 2022, including:

• Increased demand for rail transportation due to supply chain disruptions.
• Successful implementation of precision scheduled railroading initiatives.
• Favorable pricing environment.
• Cost-saving measures, such as headcount reductions and improved fuel efficiency.

Outlook for 2023:

Norfolk Southern expects continued growth in 2023, driven by ongoing economic recovery and increased demand for rail transportation. The company plans to invest approximately $2.2 billion in capital projects this year, including investments in infrastructure, locomotives, and technology. Norfolk Southern remains committed to providing safe, reliable, and efficient rail transportation services to its customers.

About Norfolk Southern:

Norfolk Southern Corporation (NYSE: NSC) is a leading transportation provider in North America, with approximately 19,000 employees and operations in 22 states and the District of Columbia. The company's rail network extends approximately 19,500 miles, and it operates approximately 300,000 railcars. Norfolk Southern is committed to providing safe, reliable, and efficient rail transportation services to its customers, and it is recognized as one of the safest railroads in the United States.

Disclaimer:

This news release contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in economic conditions, competition, changes in laws or regulations, and other factors discussed in the company's annual report on Form 10-K for the year ended December 31, 2022.