Norfolk Southern (NSC) FY2011 results: revenue $11.2 billion, up 17.4% on the year
Norfolk Southern Corp. (NSC) reported revenue of $11.2 billion for fiscal 2011, the year ended 31 December 2011, up 17.4% on the year before. Net income was $1.9 billion, up 28.8%, and diluted earnings per share $5.45. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2012.
Revenue
$11.2 billion
+17.4% on the year
FY2007FY2011
Operating margin
28.8%
28.1% a year earlier
FY2007FY2011
Net income
$1.9 billion
+28.8% on the year
FY2007FY2011
Diluted EPS
$5.45
+36.3% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
11,172
9,516
7,969
+17.4%
Operating income
3,213
2,676
1,962
+20.1%
Operating margin
28.8%
28.1%
24.6%
Interest expense
455
462
467
-1.5%
Pre-tax income
2,918
n/a
n/a
Income tax
1,002
871
588
+15.0%
Effective tax rate
34.3%
n/a
n/a
Net income
1,916
1,488
1,026
+28.8%
Net margin
17.2%
15.6%
12.9%
Diluted EPS
$5.45
$4.00
$2.76
+36.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
3,227
2,714
1,860
+18.9%
Capital expenditure
2,160
1,470
1,299
+46.9%
Free cash flow
1,067
1,244
561
-14.2%
Free cash flow margin
9.6%
13.1%
7.0%
Cash from investing
-1,772
-1,456
-1,451
Cash from financing
-2,006
-1,427
-31.0
Share-based compensation
61.0
67.0
60.0
-9.0%
Buybacks
2,051
863
0.0
+137.7%
Dividends paid
576
514
500
+12.1%
Dividend per share
$1.66
$1.40
$1.36
+18.6%
Diluted shares, weighted
n/a
372m
372m
Shares outstanding at period end
330m
357m
369m
-7.5%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
9,911
10,669
10,353
-7.1%
Short-term borrowings
n/a
n/a
100
Debt
7,540
7,025
7,053
+7.3%
Other liabilities
11,087
10,505
9,863
+5.5%
Total liabilities and equity
28,538
28,199
27,369
+1.2%
Fixed assets
24,469
23,231
22,643
+5.3%
Investments
2,259
2,476
2,254
-8.8%
Cash and equivalents
276
827
996
-66.6%
Receivables
1,022
807
766
+26.6%
Other assets
512
858
710
-40.3%
Total assets
28,538
28,199
27,369
+1.2%
10-K for the year ended 31 December 2011, filed 15 February 2012: the filing.