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NS NEWSRELEASE NORFOLK SOUTHERN Norfolk Southern Corporation , 650 W. Peachtree Street NW , Atlanta , Ga . 30308 FOR IMMEDIATE RELEASE Norfolk Southern reports third - quarter 2021 results Railroad achieves record low third - quarter operating ratio Exhibit 99.1 ATLANTA , October 27 , 2021 - Norfolk Southern Corporation ( NYSE : NSC ) today reported third - quarter 2021 financial results , which included third - quarter records for net income , diluted earnings per share , income from railway operations , and operating ratio . Third - quarter net income was $ 753 million , diluted earnings per share was $ 3.06 , income from railway operations was $ 1.1 billion , and the operating ratio was 60.2 % . " Our team delivered a strong financial performance in the quarter , producing a number of third - quarter records , " said James A. Squires , Norfolk Southern chairman , president , and CEO . " The actions taken by our employees show our commitment to find sustainable solutions for our customers and shareholders in the face of significant supply chain disruptions . " Third - Quarter Summary Railway operating revenues of $ 2.85 billion increased 14 % , or $ 346 million , compared with third - quarter 2020 , driven by a 14 % increase in revenue per unit . Railway operating expenses were $ 1.7 billion , an increase of 3 % , or $ 50 million , compared with the same period last year . Last year's results included a $ 99 million impairment charge related to an equity method investment . Excluding the impairment charge , operating expenses were up 10 % , or $ 149 million , compared with adjusted operating expenses in the third quarter of 2020 , driven by higher fuel , purchased services and compensation and benefits expenses . Income from railway operations was a third - quarter record of $ 1.1 billion , an increase of 35 % , or $ 296 million , on a year - over - year basis . Excluding the effect of the impairment charge in third - quarter 2020 , income from railway operations was up 21 % , or $ 197 million on a year - over - year adjusted basis . Railway operating ratio was 60.2 % , a third - quarter record , and an improvement of 630 basis points over third - quarter 2020 . O Excluding the effect of the impairment charge in third - quarter 2020 , the operating ratio improved 230 basis points over the adjusted results for third - quarter 2020 .