Our success enabled us to dispose of 703 locomotives that are no longer needed because our network is more efficient a strong sign that our strategic plan is working.". Service Alert : Service Update : Read More. About Norfolk SouthernNorfolk Southern Corporation (NYSE: NSC) is one of the nation's premier transportation companies. Volume was flat overall. Yetthose who livenear the derailment site close to the Ohio-Pennsylvania border are fearful ofpossible long term health impactseven though officials say that repeated testing hasnt shown harmful levels of chemicals in the air or drinking water. Review Norfolk Southerns operating reports and the terms used to report performance in one convenient location. The Class I railroad filed a petition in Chicago federal court on Thursday [Oct. 21] claiming the unions objections to the mandate must be brought in arbitration and not in court because they involve the interpretation of an existing bargaining agreement rather than changes to one, the multi-media news service explained. If you arent fully vaccinated by November 8, you should still share your status and update your record later. Hard working, fast, and worth every penny! The railroad will also have to reimburse the Environmental Protection Agency for its oversight of the cleanup. Ive been one of the fortunate few who have never been laid off, Hollandsworth said. Forward-looking statements are not, and should not be relied upon as, a guarantee of future events or performance, nor will they necessarily prove to be accurate indications of the times at or by which any such events or performance will be achieved. Thats better than the three previous years but still worse than a decade earlier when it reported 11.4 total accidents per million miles. While the Corporation believes these expectations, assumptions, estimates, and projections are reasonable, forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond the Corporation's control, including but not limited to: general North American and global economic conditions; changes in energy prices and fuel markets; uncertainty surrounding timing and volumes of commodities being shipped; changes in laws and regulations; uncertainties of claims and lawsuits; labor disputes; transportation of dangerous goods; effects of changes in capital market conditions; and severe weather. Railroad worker checking up wheels and braking system of freight train. All rights reserved. When paired with operational efficiencies and industry-leading personnel, the company is positioned for future growth opportunities that will create long-term shareholder value, he said. Norfolk Southern said it has already spent about $55 million to dig up and remove nearly 34,000 tons of contaminated soil and trucked away another 13.2 million They Refused to Fight for Russia. Cision Distribution 888-776-0942 Rail freight carloads were down 7.4percent this November versus the prior year, according to closely watched data from the Association of American Railroads. By leveraging the unique backgrounds and viewpoints of our employees, we can create a culture of innovation, respect, and inclusion. Our emphasis on superior service will continue to drive our long-term growth strategy. Not only is NS in violation of the law, it has explicitly spurned our demands that these matters be bargained. That estimate doesnt include money Norfolk Southern, based in Atlanta, will put into funds to help cover any long-term health issues, protect drinking water and compensate residents for the loss in their property values because the details are still being worked out with Ohios attorney general. The railroad provided a detailed estimate of the cost of Feb. 3 derailment outside East Palestine, Ohio, Wednesday along with first-quarter earnings. But theyre not likely to totally abandon the lean operating model adopted over the past six years that labor unions say has made the industry riskier because so many jobs have been cut. Adjusting for the effects of the incident charge, first quarter results included adjusted income from railway operations of $1.1 billion and adjusted diluted earnings per share of $3.32 improvements of 1% and 13%, respectively, compared to first quarter 2022. I was told this furlough was indefinite. In official business, based on preliminary results, shareholders elected 13 directors for terms expiring in 2021: In other preliminary results, shareholders approved three proposed amendments to the corporation's amended and restated articles of incorporation; ratified appointment of KPMG LLP as independent auditors for 2020; approved an advisory resolution on the compensation of executive officers; and rejected a proposal regarding shareholders' right to act by written consent. Fantastic help. The process was smooth and easy. Certain statements in this press release may be considered forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. In his remarks, Squires expressed confidence in the Norfolk Southern team, saying the company's agile response to the coronavirus pandemic demonstrates the railroad's resilience and unwavering commitment to customers and the communities it serves. PSR touts itself on reducing assets such as track, cars and locomotives, but little is discussed about maintaining the assets that remain. Rail executives say these changes are delivering more reliable service that can better compete against trucks. Were seeing trains that are 2 miles long on a daily basis, said Jeremy Ferguson, president of the SMART TD Union (short for International Association of Sheet Metal, Air, Rail and Transportation Workers, Transportation Division). This cloud. Customers and dray carriers can also utilize AccessNS and ExpressNS+TM for information concerning their The unionsthe Transportation Division of the International Association of Sheet Metal, Air, Rail, and Transportation Workers (SMART-TD) and the Brotherhood of Locomotive Engineers and Trainmen (BLET)reported on Oct. 29 that they have filed counterclaims challenging NS actions in implementing the vaccine policy without the bargaining mandated by the Railway Labor Act. Regulatorsandmembers of Congresshave proposed reforms like capping freight trains lengths and setting standards for the trackside detectors used to spot problems. Having an immediately accessible and mobile approach to these maintenance tasks for refresher trainers at set intervals will be crucial. BNSF and Union Pacific are putting their vaccine mandates on hold following a federal court decision on Tuesday. ATLANTA, April 26, 2023 / PRNewswire / -- Norfolk Southern Corporation (NYSE: NSC) announced Wednesday its first quarter 2023 financial results. 5. The railroad does have insurance coverage that will kick in after the first $75 million spent on damage to peoples property and after the first $75 million of damage on its own. Norfolk Southern and Union Pacific stocks were up 30percent last year, and Kansas City Southerns shares were up more than 60percent. They found they can hook two trains together and cut a crew, said a Union Pacific engineer based in Cheyenne, Wyo., who spoke on the condition of anonymity out of fear for his job. Norfolk Southern Corporation (NYSE: NSC) announced Wednesday its first quarter 2023 financial results. All rights reserved. click here. The effort required innovation and collaboration, he noted, and ranged from equipping departments to work remotely, including most of Customer Service, to purchasing hand sanitizer from local distilleries in the midst of a nationwide shortage. Shaw reiterated his often-stated promise Wednesday to do whatever it takes to make it right for East Palestine and the surrounding areas.. Norfolk Southerns third-quarter earnings call Wednesday touched on two themes that have been prevalent among the rails this earnings season: the need to attract and retain employees and the impact of labor shortages in warehousing and drayage on NS intermodal service. Without the derailment costs, the railroad estimated that it would have made $1.1 billion, or $3.32 per share, exceeding the $3.15 Wall Street expected, according to a survey by Zacks Investment Research. These and other important factors, including the risks and uncertainties related to the COVID-19 pandemic and those discussed under "Risk Factors" in the Corporation's Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission ("SEC"), as well as the Corporation's other public filings with the SEC, may cause actual results, benefits, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. A worker safety advocacy group, the National Council on Occupational Safety and Health, issued a report Wednesday labeling Norfolk Southern and the other major freight railroads as some of the most dangerous employers in the nation because of those labor concerns about the impact of the cost cutting. Committed to furthering sustainability, Norfolk Southern helps its customers avoid 15 million tons of yearly carbon emissions by shipping via rail. Information included within this filing includes non-GAAP financial measures, as defined by SEC Regulation G. Non-GAAP financial measures should be considered in addition to, not as a substitute for, the financial measures reported in accordance with U.S. generally accepted accounting principles (GAAP). Its dedicated team members deliver more than 7 million carloads annually, from agriculture to consumer goods, and is the largest rail shipper of auto products and metals in North America. For helpful informationvisit our FAQ page. Now I go in every day wondering if this is it., Comparisons of claims against the evidence, Railroads are slashing workers, cheered on by Wall Street to stay profitable amid Trumps trade war, Bidens misleading deficit claim earns him a Bottomless Pinocchio. ATLANTA, April 26, 2023 / PRNewswire / -- Norfolk Southern Corporation (NYSE: NSC) announced Wednesday its first quarter 2023 financial results. Can Floridas gay teachers show photos? But even if Trumps trade war ebbs, many of the $70,000-a-year conductor and maintenance jobs are unlikely to return. Citi analyst Christian Wetherbee said the railroads core results were weaker than he expected and shares were down more than 3% Wednesday afternoon at $200.58. Reconciliation of Non-GAAP Financial MeasuresInformation included within this filing includes non-GAAP financial measures, as defined by SEC Regulation G. Non-GAAP financial measures should be considered in addition to, not as a substitute for, the financial measures reported in accordance with U.S. generally accepted accounting principles (GAAP). 2 killed, 4 wounded in Mississippi shooting; man arrested, 150 years later, Dixon bridge tragedy among nation's worst, Presidential candidate Vivek Ramaswamy says he wants to 'shut down the FBI' and replace it with something that sounds a lot like the FBI, Sanders: Biden could win in a landslide, Sacred Mysteries: A vaulted cavern of gold mosaic off Goodge Street. Norfolk Southerns first quarter profit fell 34% to $466 million, or $2.04 per share, because of the derailment costs. While we believe these expectations, assumptions, estimates, and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond our control. The Corporation has based these forward-looking statements on management's current expectations, assumptions, estimates, beliefs, and projections. Every economic downturn since World War II has been precipitated by nose-diving freight traffic. New covid variant: A new coronavirus subvariant, XBB. Servicing Stanislaus, San Joaquin and Merced Counties, 2209 Fairview Drive Suite A Ceres, CA 95307. Rail Group News offers news and analysis from Railway Age, IRJ and RT&S by email. The railroads focus on safety has resulted in one the safest industries in the transportation sector, and now they must apply this same vigor to maintenance training and processes, because there is no excess to get it wrong. For the quarter, income from railway operations was $711 million, and diluted earnings per share were $2 .04 down by 34% and 30%, respectively, compared to the first quarter 2022. This system is for the use of authorized users only. The forward-looking statements herein are made only as of the date they were first issued, and unless otherwise required by applicable securities laws, we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Hiring and Furloughing Practices Require Rethinking. Our response reflects our strategy of focusing on long-term priorities and value.". Fully automated freight trains began running in Australia about a year ago, a possible precursor of whats to come. In addition, these non-GAAP financial measures may not be the same as similar measures presented by other companies. The railroad will also have to reimburse the Environmental Protection Agency for its oversight of the cleanup. Norfolk Southern said it has already spent about $55 million to dig up and remove nearly 34,000 tons of contaminated soil and trucked away another 13.2 million gallons of tainted water. Moving forward, Norfolk southern will be known for safe operations, Shaw said. That work is expected to wrap up in early June, which will boost traffic in the area. If you have a medical condition or sincerely held religious belief that prevents you from receiving the COVID-19 vaccine, you should apply for an accommodation by November 8. They craved stability, and they realized they have options. For the quarter, income from railway operations was $711 million, and diluted earnings per share were $2 .04 down by 34% and 30%, respectively, compared to the first quarter 2022. To find a location offering vaccination in your community, weve created a resource page with links to search by zip code. The Company recognized $387 million of expenses during the first quarter related to the Incident. The income tax effects of this non-GAAP adjustment were calculated based on the applicable tax rates to which the non-GAAP adjustment related. For our industry, trade has become just a huge part of what we do. Its hard to predict if well slide into an overall economic recession.. Now, after PSR, railroads are running more trains with mixed goods and on a set schedule that leaves no matter what. Its at least a 50 page per trip process to get from point A to point B, and that is entirely unacceptable. And also more susceptible to risk than ever. Unlike in the past, his colleagues probably wont be coming back. Rail workers rarely speak to the media out of fear of losing their jobs, but more than a dozen spoke with The Washington Post, mainly because of concerns over how PSR is changing the industry in ways they say causes unnecessary job losses and creates an unsafe environment. Lori Baker - via Google. And maintenance and repair workers in rail yards long considered some of the most secure roles are also being let go. Our response reflects our strategy of focusing on long-term priorities and value.. In addition, these non-GAAP financial measures may not be the same as similar measures presented by other companies. The strategy has taken hold among major U.S. freight railroads since 2017, as executives hunted for a way to increase profits to make up for shrinking coal traffic and the recent downturn in the industrial economy. Negotiations are underway between the major rail unions and companies. And through it all, our Norfolk Southern employees will continue to get the job done safely, with excellence and pride.". We haul tanks, Humvees, and jet fuel for the U.S. Department of Defense and deliver coal to the federally run Tennessee Valley Authority, NS wrote in an internal memo to employees, obtained by Railway Age. Youre not getting a callback, said Earick, 32. With at least two workers (conductor and engineer) occupying the same space (locomotive cab) for 8 to 12 hours, and oftentimes with a different person every day, one trip with an infected co-worker can lead to the rapid erosion of workforce availability, delaying trains and terminal operations significantly. By digitizing our training programs through remote learning, we were able to fulfill our training requirements and provide our employees with safety instruction they need.. For helpful informationvisit our FAQ page. As a result, actual outcomes and results may differ materially from those expressed in forward-looking statements. If you need an accommodation, please seek one. Regulatorsandmembers of Congresshave proposed reforms like capping freight trains lengths and setting standards for the trackside detectors used to spot problems. As part of a joint statement, SMART-TD President Jeremy Ferguson and BLET National President Dennis Pierce noted: We have been in contract negotiations with NS since November of 2019, and federal law absolutely bars railroads from changing rates of pay, rules and working conditions while negotiations are ongoing. Adjusting for the Eastern Ohio Incident, income from railway operations was $1.1 billion, up $13 million or 1% compared to first quarter 2022. None, the locomotive is very small environment and no changes were made to ", Squires' full remarks are posted on the "Invest in NS" section of the Norfolk Southern website under "Presentations.". Both Union Pacific and Norfolk Southern are offering employees $300 if they get the shots. (AP) Norfolk Southern expects Februarysfiery Ohio derailmentto cost it $387 million, but that total will likely increase over time and that doesnt reflect how much the railroads insurance companies will eventually cover. John Victor - via Google, Very nice owner, extremely helpful and understanding We undertake no obligation to update or revise forward-looking statements, whether as a result of new information, the occurrence of certain events, or otherwise, unless otherwise required by applicable securities law. Everyone took really good care of our things. The railroad provided a detailed estimate of the cost of Feb. 3 derailment outside East Palestine, Ohio, Wednesday along with first-quarter earnings. By continuing to execute our strategic plan and provide superior service to our customers, we will move through this period successfully and be ready to capture opportunities as the economy recovers. Norfolk Southern said it has already spent about $55 million to dig up and remove nearly 34,000 tons of contaminated soil and trucked away another 13.2 million Neither will the 91 city employees currently on furlough due to facility closures related to COVID-19.
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