Norfolk Southern got a boost during the second quarter from insurance payments related to last year's disastrous East Palestine derailment, but it also made progress in reducing its expenses and getting more efficient. The Atlanta-based railroad said it earned $737 million, or $3.25 per share, in the quarter.
FILE - Norfolk Southern locomotives are moved through the Conway Terminal in Conway, Pa., June 17, 2023. Norfolk Southern reports earnings on Thursday, July 25, 2024. The Atlanta -based railroad said it earned $737 million, or $3.25 per share, in the quarter, but there were several unusual factors influencing the results. And last year’s $356 million profit, or $1.
“I’m really encouraged by our progress and I’m really confident in our future,” Shaw said. “We did everything we said we were going to do.” Without any of those unusual factors, Norfolk Southern estimated that it would have earned $694 million, or $3.06 per share, in the quarter. The analysts surveyed by FactSet Research expected the railroad to report earnings per share of $2.86.
During the proxy fight, Shaw hired a new operations chief and promised to make the railroad more efficient, though he still says he doesn’t want to cut so deep that Norfolk Southern won’t have the resources it needs to handle additional freight when the economy does improve.
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