Norfolk Southern Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company's net income was $416 million, a 15% increase compared with $361 million during the same period of 2015. Diluted earnings per share were $1.42, up 18% compared with $1.20 diluted earnings per share in the fourth quarter last year. Total railway operating Revenue was $2,490 million compared with $2,518 million a year ago. These declines were offset in part by intermodal volume growth that eclipsed the effects of the 2015 Triple Crown restructuring. Income from railway operations was $761 million compared with $642 million a year ago. Income before income taxes was $641 million compared with $524 million a year ago. Earnings per share increased to $1.42, up 18% compared to the prior year period. Revenue per unit declined 3%.

For the year, the company's net income was $1.7 billion, up 7% compared with $1.6 billion in 2015. Diluted earnings per share increased 10% to $5.62 compared with $5.10 per diluted share in the prior year. Total railway operating Revenue was $9,888 million compared with $10,511 million a year ago. Income from railway operations was $3,074 million compared with $2,884 million a year ago. Income before income taxes was $2,582 million compared with $2,442 million a year ago. Net cash provided by operating activities was $3,034 million compared with $2,908 million a year ago. Property additions were $1,887 million compared with $2,385 million a year ago.

For 2017, the company expects an effective income tax rate of approximately 37%. The company projects total spending of $1.9 billion, roughly even with 2016.