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Norfolk Southern Corporation (NSC) - free report >>
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Norfolk Southern Corporation (NSC) - free report >>
Expeditors International of Washington, Inc. (EXPD) - free report >>
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Norfolk Southern's Q3 Revenue View Indicates 11% Decline Y/Y
Norfolk Southern Corporation (NSC - Free Report) provided an update for its anticipated third-quarter 2020 performance.
The company anticipates railway operating revenues of approximately $2.5 billion in the third quarter, matching the Zacks Consensus Estimate of $2.49 billion. However, the figure represents an approximate decline of 11% from the year-ago period amid coronavirus-induced freight softness. Weak freight demand is likely to have weighed on volumes in the September quarter.
Additionally, Norfolk Southern expects adjusted railway operating expenses (excluding the non-cash impairment charge of approximately $99 million) of around $1.567 billion in the third quarter. The company estimates adjusted operating ratio (operating expenses as a percentage of revenues) to be 62.5% in the to-be-reported quarter. Meanwhile, it predicts unadjusted operating ratio to be 66.5%. In the year-ago period, the company reported operating ratio of 64.9%. Notably, the lower the value of the metric, the better.
Norfolk Southern Corporation Price
Norfolk Southern Corporation price | Norfolk Southern Corporation Quote
Norfolk Southern is set to report third-quarter earnings on Oct 28. The Zacks Consensus Estimate for its September quarter earnings has been revised upward by 2.7% in the last 60 days. The company’s third-quarter performance is expected to reflect reduced costs as well as increased efficiency from the precision scheduled railroading model.
Zacks Rank & Key Picks
Norfolk Southern carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Transportation sector are Expeditors International of Washington Inc (EXPD - Free Report) , Old Dominion Freight Line Inc (ODFL - Free Report) and Werner Enterprises Inc (WERN - Free Report) . While Expeditors carries a Zacks Rank #2 (Buy), Old Dominion and Werner sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Expeditors, Old Dominion and Werner have rallied more than 16%, 52% and 19% respectively so far this year.
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