It has been about a month since the last earnings report for Norfolk Southern (NSC). Shares have lost about 14.1% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Norfolk Southern due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Earnings Beat at Norfolk Southern in Q4The company's earnings of $2.55 per share surpassed the Zacks Consensus Estimate of $2.29. However, the bottom line dipped nearly 1% on a year-over-year basis due to low volumes.Railway operating revenues in the quarter under review came in at $2,690 million, marginally missing the Zacks Consensus Estimate of $2,690.3 million. The top line also declined 7.1% year over year due to disappointing revenues at the merchandise, coal and intermodal units. Overall volumes decreased 9%.Income from railway operations declined 11% year over year to $962 million. Operating expenses fell 5% on a year-over-year basis to $1,728 million, primarily owing to lower fuel costs as well as expenses related to compensation and benefits. Norfolk Southern’s operating ratio (operating expenses as a percentage of revenues) in the fourth quarter deteriorated 140 basis points to 64.2%. Notably, lower the value of the metric the better.Segmental PerformanceOn a year-over-year basis, coal revenues totaled $363 million, down 21% year over year. Coal volumes contracted 21%. Revenue per unit inched up 1% in the reported quarter.Merchandise revenues dipped 3% to $1,630 million. Segmental volumes fell 6%. Revenue per unit improved 3% for the segment.Intermodal revenues decreased 8% year over year to $697 million. Segmental volumes also declined 8%. Revenue per unit was unaltered on a year-over-year basis.Liquidity & Share BuybackThe company exited the fourth quarter with cash and cash equivalents of $580 million compared with $358 million at the end of 2018. The company had long-term debt of $11,880 million compared with $10,560 million as of Dec 31, 2018.How Have Estimates Been Moving Since Then?It turns out, fresh estimates flatlined during the past month.VGM ScoresAt this time, Norfolk Southern has a nice Growth Score of B, a grade with the same score on the momentum front. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookNorfolk Southern has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Norfolk Southern Corporation (NSC): Free Stock Analysis Report To read this article on Zacks.com click here.