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Change in Ohio Tax Legislation $ 96 Million $ 0.23 Rate Case Settlements $ 24 Million $ 0.06 PowerPoint Presentation
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Change in Ohio Tax Legislation $ 96 Million $ 0.23 Rate Case Settlements $ 24 Million $ 0.06 - PowerPoint PPT Presentation


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Significant Prior Year Items Second Quarter 2005. 2Q 2005. Amount EPS. Change in Ohio Tax Legislation $ 96 Million $ 0.23 Rate Case Settlements $ 24 Million $ 0.06. Railway Operating Revenues ($ Millions). Second Quarter. Six Months. $ 4,695. $ 4,115. $ 2,392. $ 2,154.

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Presentation Transcript
slide2

Significant Prior Year ItemsSecond Quarter 2005

2Q 2005

Amount EPS

Change in Ohio Tax Legislation $ 96 Million $ 0.23

Rate Case Settlements $ 24 Million $ 0.06

slide3

Railway Operating Revenues($ Millions)

Second Quarter

Six Months

$ 4,695

$ 4,115

$ 2,392

$ 2,154

2005 2006 2005 2006

% Change vs. Prior Period + 11 % + 14%

slide4

Railway Operating RevenueVariance Analysis2006 vs. 2005

Second Quarter

Six Months

14%

11%

10 %

7 %

4 %

4 %

Carloads Revenue RevenuesCarloads Revenue Revenues

per Unit / Mix per Unit / Mix

slide5

Railway Operating Expenses($ Millions)

Second Quarter

Six Months

$ 3,467

$ 1,715

$ 3,120

$ 1,562

2005 2006 2005 2006

% Change vs. Prior Period + 10% + 11%

slide6

Railway Operating Expense Analysis

Second Quarter 2006 vs. 2005

($ Millions)

+ $98

+ $25

+ $25

Depreciation

+ $13

+ $4

$ --

- $12

Diesel Fuel

Other

Materials,

Services

and Rents

Compensation

and

Benefits

Casualties

and Other

Claims

Conrail

Rents

and

Services

Net Increase $ 153 Million / 10%

slide7

Diesel Fuel Cost AnalysisSecond Quarter 2006 vs. 2005($ Millions)

$ 3

$ 260

$35

$ 60

$ 162

Second Qtr

2005

Reduced

Hedge

Benefit

Second Qtr

2006

Higher

Prices

Increased

Consumption

slide8

Railway Operating Expense Analysis

Second Quarter 2006 vs. 2005

($ Millions)

+ $98

+ $25

+ $25

Depreciation

+ $13

+ $4

$ --

- $12

Diesel Fuel

Other

Materials,

Services

and Rents

Compensation

and

Benefits

Casualties

and Other

Claims

Conrail

Rents

and

Services

Net Increase $ 153 Million / 10%

slide9

Railway Operating Expense Analysis

Second Quarter 2006 vs. 2005

($ Millions)

+ $98

+ $25

+ $25

Depreciation

+ $13

+ $4

$ --

- $12

Diesel Fuel

Other

Materials,

Services

and Rents

Compensation

and

Benefits

Casualties

and Other

Claims

Conrail

Rents

and

Services

Net Increase $ 153 Million / 10%

slide10

Materials, Services & Rents

Second Quarter 2006 vs. 2005

($ Millions)

Purchased Services $ 16

Net Increase

$25 Million

+ 6%

Materials $ 8

Equipment Rents $ 1

slide11

Railway Operating Expense Analysis

Second Quarter 2006 vs. 2005

($ Millions)

+ $98

+ $25

+ $25

Depreciation

+ $13

+ $4

$ --

- $12

Diesel Fuel

Other

Materials,

Services

and Rents

Compensation

and

Benefits

Casualties

and Other

Claims

Conrail

Rents

and

Services

Net Increase $ 153 Million / 10%

slide12

Compensation & Benefits Analysis

Second Quarter 2006 vs. 2005

($ Millions)

Medical Benefits (Active and Retiree) $ 7

Wage Rates $ 6

Net Increase

$13 Million

+ 2%

T & E Hours $ 4

Payroll Taxes $ 4

Other Items $ 2

Life Insurance Costs $ 6

slide13

Railway Operating Expense Analysis

Second Quarter 2006 vs. 2005

($ Millions)

+ $98

+ $25

+ $25

Depreciation

+ $13

+ $4

$ --

- $12

Diesel Fuel

Other

Materials,

Services

and Rents

Compensation

and

Benefits

Casualties

and Other

Claims

Conrail

Rents

and

Services

Net Increase $ 153 Million / 10%

slide14

Railway Operating Expense Analysis

Six Months Ended June 30, 2006 vs. 2005

($ Millions)

+ $179

+ $130

+ $60

Depreciation

Conrail

Rents

and

Services

+ $3

$ --

- $3

Materials, Services

and

Rents

Other

Diesel Fuel

Compensation

and

Benefits

Casualties

and Other

Claims

- $22

Net Increase $347 Million / 11%

slide15

Diesel Fuel Cost AnalysisSix Months Ended June 30, 2006 vs. 2005($ Millions)

$ 8

$ 491

$60

$ 111

$ 312

Six Months

2005

Reduced

Hedge

Benefit

Six Months

2006

Higher

Prices

Increased

Consumption

slide16

Railway Operating Expense Analysis

Six Months Ended June 30, 2006 vs. 2005

($ Millions)

+ $179

+ $130

+ $60

Depreciation

Conrail

Rents

and

Services

+ $3

$ --

- $3

Materials, Services

and

Rents

Other

Diesel Fuel

Compensation

and

Benefits

Casualties

and Other

Claims

- $22

Net Increase $347 Million / 11%

slide17

Compensation & Benefits Analysis

Six Months Ended June 30, 2006 vs. 2005

($ Millions)

Effects from SFAS 123(R) $ 33

Retirement Eligible - $26

Stock Options - $7

Stock-Based Compensation $ 30

Net Increase

$130 Million

+ 11%

Medical Benefits (Active & Retiree) $ 16

Retirement Agmts & Waiver Agmts $ 13

Payroll Taxes $ 13

Wage Rates $ 12

Other Stock-Based Compensation $ 11

T&E Hours $ 10

Other Items $ 8

slide18

Railway Operating Expense Analysis

Six Months Ended June 30, 2006 vs. 2005

($ Millions)

+ $179

+ $130

+ $60

Depreciation

Conrail

Rents

and

Services

+ $3

$ --

- $3

Materials, Services

and

Rents

Other

Diesel Fuel

Compensation

and

Benefits

Casualties

and Other

Claims

- $22

Net Increase $347 Million / 11%

slide19

Materials, Services & Rents

Six Months Ended June 30, 2006 vs. 2005

($ Millions)

Purchased Services $ 30

Net Increase

$60 Million

+ 7%

Materials $ 21

Equipment Rents $ 9

slide20

Railway Operating Expense Analysis

Six Months Ended June 30, 2006 vs. 2005

($ Millions)

+ $179

+ $130

+ $60

Depreciation

Conrail

Rents

and

Services

+ $3

$ --

- $3

Materials, Services

and

Rents

Other

Diesel Fuel

Compensation

and

Benefits

Casualties

and Other

Claims

- $22

Net Increase $347 Million / 11%

slide21

Railway Operating Expense Analysis

Six Months Ended June 30, 2006 vs. 2005

($ Millions)

+ $179

+ $130

+ $60

Depreciation

Conrail

Rents

and

Services

+ $3

$ --

- $3

Materials, Services

and

Rents

Other

Diesel Fuel

Compensation

and

Benefits

Casualties

and Other

Claims

- $22

Net Increase $347 Million / 11%

slide22

Railway Operating Ratio(Percent)

Second Quarter

Six Months

75.8

73.8

72.5

71.7

2005 2006 2005 2006

% Change vs. Prior Period -1% -3%

slide23

Income From Railway Operations($ Millions)

Second Quarter

Six Months

$1,228

$ 995

$ 677

$ 592

2005 2006 2005 2006

% Change vs. Prior Period + 14% +23%

slide24

Total Other Income (Expense)Second Quarter 2006 vs. 2005($ Millions)

Change

2006 vs. 2005

Favorable

(Unfavorable)

Second Qtr

2006

Second Qtr

2005

Other Income - Net:

Expenses Related to

Tax Credit Investments $ (11) $ (29) $ 18

Interest Income 22 9 13

Equity in Conrail Earnings 5 8 (3)

All Other 17 21 (4)

Other Income - Net 33 9 24

Interest Expense on Debt (121) (126) 5

Total $ (88) $ (117) $ 29

slide25

Total Other Income (Expense)Six Months Ended June 30, 2006 vs. 2005($ Millions)

Change

2006 vs. 2005

Favorable

(Unfavorable)

Six Months

2006

Six Months

2005

Other Income - Net:

Expenses Related to

Tax Credit Investments $ (27) $ (52) $ 25

Interest Income 39 16 23

Gain on Sale of Property

and Investments 32 20 12

Equity in Conrail Earnings 11 14(3)

All Other 13 13 --

Other Income - Net 68 11 57

Interest Expense on Debt (241) (254) 13

Total $ (173) $ (243) $ 70

slide26

Income Before Income Taxes($ Millions)

Second Quarter

Six Months

$1,055

$ 752

$ 589

$ 475

2005 2006 2005 2006

% Change vs. Prior Period + 24% + 40%

slide27

Provision For Income Taxes($ Millions)

Second Quarter

Six Months

$ 375

$ 214

$ 134

$ 51

2005 2006 2005 2006

% Change vs. Prior Period + 320% + 180 %

slide28

Net Income($ Millions)

Second Quarter

Six Months

$ 680

$ 618

$ 424

$ 375

2005 2006 2005 2006

% Change vs. Prior Period -12% +10%

slide29

Diluted Earnings Per Share($ Dollars)

Second Quarter

Six Months

$ 1.61

$ 1.51

$ 1.04

$ 0.89

2005 2006 2005 2006

% Change vs. Prior Period - 14% + 7%

slide30

Net Income($ Millions)

Second Quarter

Six Months

$ 680

$ 375

$ 498

$ 304

2005* 2006 2005* 2006

% Change vs. Prior Period + 23% + 37%

* Excluding effects of change in Ohio tax legislation and rate case settlements.

slide31

Diluted Earnings Per Share($ Dollars)

Second Quarter

Six Months

$ 1.61

$ 1.22

$ 0.89

$ 0.75

2005* 2006 2005* 2006

% Change vs. Prior Period + 19% + 32%

* Excluding effects of change in Ohio tax legislation and rate case settlements.

slide32

Reconciliation of Net IncomeJune 30, 2005($ Millions Except Per Share)

Second Qtr Six Months

Amount EPS Amount EPS

Net Income Excluding Significant Items $ 304 $ 0.75 $ 498 $ 1.22

Change in Ohio Tax Legislation 96 0.23 96 0.23

Rate Case Settlements 24 0.06 24 0.06

Net Income – GAAP $ 424 $ 1.04 $ 618 $ 1.51

The reconciliation is posted on our web site, www.nscorp.com