Norfolk Southern Announces New $10 Billion Stock Repurchase Program

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Mar 29, 2022, 16:15 ET

ATLANTA, March 29, 2022 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) today announced that its Board of Directors has authorized a new program for the repurchase of up to $10 billion of its common stock beginning April 1, 2022. The company's current program will be terminated on March 31, 2022.

Purchases will be made through open market transactions, privately negotiated transactions, accelerated share repurchase programs, or by combinations of such methods. Norfolk Southern believes shifting to a dollar denominated program more closely aligns its repurchase strategy with its expectations for cash flows. The new program, which has no expiration date, may be modified or terminated at any time. The timing and volume of any repurchases will be guided by management's assessment of market conditions and other factors.

Forward Looking Statements
Any statements contained in this news release which are not related to historical facts are forward-looking statements as that term is defined in the Private Securities Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties (noted in the corporation's filings with the Securities and Exchange Commission) which could cause actual results to differ.

About Norfolk Southern
Norfolk Southern Corporation (NYSE: NSC) is one of the nation's premier transportation companies, moving the goods and materials that drive the U.S. economy. Norfolk Southern connects customers to markets and communities to economic opportunity, with safe, reliable, and sustainable shipping solutions. The company's service area includes 22 states and the District of Columbia, every major container port in the eastern United States, and a majority of the U.S. population and manufacturing base.

SOURCE Norfolk Southern Corporation