Norfolk Southern (NYSE: NSC) reported Q4 EPS of $2.57, $0.28 better than the analyst estimate of $2.29. Revenue for the quarter came in at $2.9 billion versus the consensus estimate of $2.85 billion.

"Norfolk Southern's financial results in 2018 clearly demonstrate improved financial performance and our commitment to delivering shareholder value," said James A. Squires, chairman, president and CEO. "Our confidence to deliver improved value to our shareholders – as underscored by our recently announced dividend increase – is heightened by NS' momentum heading into 2019 and by an array of initiatives to serve customers better and operate more efficiently."

• Railway operating revenues of $2.9 billion increased 9 percent, due to an increase in revenue per unit, including increased rates, higher fuel-surcharge revenue, and higher volumes. Overall volumes were up 3 percent, reflecting growth in the major commodity categories of intermodal and coal, while merchandise was relatively flat.
• Railway operating expenses increased $147 million, or 9 percent, to $1.8 billion. Prior year expenses were impacted by the 2017 tax adjustments, which decreased railway operating expenses by $151 million. Excluding the 2017 tax adjustments, railway operating expenses compared with last year's results were $4 million lower, driven by higher property sales, which were primarily offset by higher inflation-driven costs and increased volume-related expenses.
• Income from railway operations was $1.1 billion, an 8 percent increase year-over-year, and an all-time record. Income from railway operations compared to prior year's results, excluding $151 million in the 2017 tax adjustments, increased $231 million, or 27 percent. The railway operating ratio, or operating expenses as a percentage of revenues, was 62.8 percent.

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