Norfolk Southern (NYSE: NSC) reached an all-time quarterly record operating ratio (OR) in the first quarter amid a 7% increase in operating income.
Norfolk Southern’s (NS) OR was 61.5% in the first quarter of 2021, compared with an adjusted OR of 63.7% in the first quarter of 2020. On an unadjusted basis, first-quarter 2021 OR was 78.4%. The adjusted figure accounts for NS’ sale of 703 locomotives that it deemed that it no longer needed. The sale resulted in a $385 million loss, which was the...