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.
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. disastrous East Palestine derailment
“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.” Norfolk Southern endorsed all of the recommendations the National Transportation Safety Board made in its final East Palestine report, and the railroad said it has largely addressed the safety concerns the Federal Railroad Administration raised in a report last year. But the rail industry has been lobbying against many of the proposed regulations Congress has been considering.
The railroad said has already parked more than 320 locomotives and pulled some 7,000 cars off its network as it moved to run fewer but longer trains to handle the same freight without as many engines or crews.
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