Norfolk Southern (NYSE: NSC) reported Q1 EPS of $2.58, $0.33 better than the analyst estimate of $2.25. Revenue for the quarter came in at $2.6 billion versus the consensus estimate of $2.57 billion.

"During the first quarter, Norfolk Southern's determination to transform our operations once again produced all-time best service delivery levels accompanied by productivity improvements, despite volumes being impacted by weak energy prices and the onset of the COVID-19 pandemic," said James A. Squires, Norfolk Southern chairman, president and CEO. "While it is unclear how long economic activity will remain suppressed, we are dedicated to serving our customers and keeping our employees healthy and safe while navigating the downturn so that we can emerge strong and resilient for our shareholders. I am extremely proud of the commitment and strength the Norfolk Southern team has displayed by keeping our nation's freight moving during this challenging start to 2020 while also enhancing our financial position."

Guidance update

• Second-quarter volumes have continued to decline across all of Norfolk Southern\'s commodity segments, down 30% quarter-to-date, setting up for a very soft revenue outlook. With uncertainty on both the cadence of reopening the U.S. economy and the slope of recovery, we withdraw the previously-issued outlook for flat full year revenue.
• As a result of the current volume environment, we also withdraw core operating ratio guidance for 2020.
• "While the COVID-19 pandemic will effect business volumes for the year, the PSR implementation that our team is executing upon will generate significant operating expense savings in 2020," said Chief Financial Officer Mark R. George. "In this challenging environment our team is doubling down on examination of our structural cost opportunities to ensure that we remain positioned to drive enhanced profitability for the long term."

For earnings history and earnings-related data on Norfolk Southern (NSC) click here.