Norfolk Southern Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Investments Guidance for the Full Year of 2016
For 2015, net income was $1.6 billion, or $5.10 per diluted share, compared with $2.0 billion, or $6.39 per diluted share, in 2014. Results included expenses related to restructuring the company's Triple Crown Services subsidiary and closing its Roanoke, Va., office, which together reduced fourth-quarter net income by $31 million, or $0.10 per diluted share, and lowered 2015 net income by $58 million, or $0.19 per diluted share. Total railway operating revenues were $10,511 million compared to $11,624 million a year ago. Income from railway operations were $2,884 million compared to $3,575 million a year ago. Income before income taxes were $2,442 million compared to $3,134 million a year ago. Net cash provided by operating activities was $2,877 million compared to $2,852 million a year ago. Property additions were $2,385 million compared to $2,118 million a year ago.
For 2016, the company plans to invest $2.1 billion to maintain the safety of its rail network, enhance service, improve operational efficiency, and support growth opportunities. Effective tax rate for 2016 will be more like 37% even.