Norfolk Southern (NSC) FY2014 results: revenue $11.6 billion, up 3.4% on the year
Norfolk Southern Corp. (NSC) reported revenue of $11.6 billion for fiscal 2014, the year ended 31 December 2014, up 3.4% on the year before. Net income was $2.0 billion, up 4.4%, and diluted earnings per share $6.39. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2015.
Revenue
$11.6 billion
+3.4% on the year
FY2007FY2014
Operating margin
30.8%
29.0% a year earlier
FY2007FY2014
Net income
$2.0 billion
+4.4% on the year
FY2007FY2014
Diluted EPS
$6.39
+5.8% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
11,624
11,245
11,040
+3.4%
Operating income
3,575
3,257
3,124
+9.8%
Operating margin
30.8%
29.0%
28.3%
Interest expense
545
525
495
+3.8%
Pre-tax income
3,134
2,965
2,758
+5.7%
Income tax
1,134
1,055
1,009
+7.5%
Effective tax rate
36.2%
35.6%
36.6%
Net income
1,994
1,910
1,749
+4.4%
Net margin
17.2%
17.0%
15.8%
Diluted EPS
$6.39
$6.04
$5.37
+5.8%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
2,852
3,078
3,065
-7.3%
Capital expenditure
2,118
1,971
2,241
+7.5%
Free cash flow
734
1,107
824
-33.7%
Free cash flow margin
6.3%
9.8%
7.5%
Cash from investing
-2,002
-1,894
-1,994
Cash from financing
-1,320
-394
-694
Share-based compensation
44.0
54.0
45.0
-18.5%
Buybacks
318
627
1,288
-49.3%
Dividends paid
687
637
624
+7.8%
Dividend per share
$2.22
$2.04
$1.94
+8.8%
Diluted shares, weighted
312m
n/a
n/a
Shares outstanding at period end
308m
309m
314m
-0.2%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
12,408
11,289
9,760
+9.9%
Debt
8,985
9,448
8,682
-4.9%
Other liabilities
11,848
11,746
11,900
+0.9%
Total liabilities and equity
33,241
32,483
30,342
+2.3%
Fixed assets
27,694
26,645
25,736
+3.9%
Investments
2,679
2,557
2,315
+4.8%
Cash and equivalents
973
1,443
653
-32.6%
Receivables
1,055
1,024
1,109
+3.0%
Other assets
840
814
529
+3.2%
Total assets
33,241
32,483
30,342
+2.3%
10-K for the year ended 31 December 2014, filed 11 February 2015: the filing.