Norfolk Southern (NSC) delivered a robust QQ3 2024 through a combination of volume growth, targeted cost reductions, and network resiliency. Revenue rose 3% year-over-year to $3.051 billion, driven by 7% volume growth across segments, while revenue per unit (RPU) narrowed due to fuel surcharges, coal price declines, and intermodal mix effects. Importantly, adjusted operating ratio (OR) improved by 570 basis points versus the prior year, landing at 63.4% for the period, underscoring the efficacy of the company’s PSR 2.0 initiative and productivity programs. Management highlighted the benefits of a safer, more efficient network—bolstered by a 13% year-over-year increase in car velocity and a 18% improvement in locomotive productivity—that supported higher margins even as the environment featured Hurricanes Helene and Milton and a port disruption.