Railroad Norfolk Southern’s streamlined operations delivered strong earnings last quarter, even excluding boosts from insurance payouts related to the disastrous derailment in East Palestine and the sale of two rail lines
FILE - Traffic backs up as a Norfolk Southern freight train rolls through a crossing in downtown East Palestine, Ohio, on June 22, 2023. The Atlanta company recorded a $287 million gain on the sale of rail lines in Virginia and North Carolina, and for theNorfolk Southern earned $1.1 billion, or $4.85 per share in the quarter, up significantly from a year ago, when profits were hurt by mounting costs related to the derailment. Excluding one-time items, the railroad earned $737 million, or $3.
“It’s really about building out consistent, safe, reliable service with a network that’s resilient and can bounce back from events,” like it did when Norfolk Southern got all its major lines running again within 72 hours after Hurricane Helene hit, said George, who was promoted from Chief Financial Officer afterNorfolk Southern has been in the spotlight ever since the February 2023 derailment in East Palestine triggered a national focus onEarlier this year, the railroad also had to fend off a...
The railroad redoubled its efforts to lower costs in the spring, hiring Chief Operating Officer John Orr to help reduce the number of times railcars get switched and enable Norfolk Southern to operate fewer, longer trains. It’s operating expenses, when adjusted to remove costs related to the Ohio derailment and other one-time items, fell 6% to $1.93 billion. Norfolk Southern is working to improve its profit margin enough to catch up with the other major freight railroads.
“We’re seeing the results. And I don’t have a whole lot of patience for lack of execution or acceptance of mediocrity,” George said.
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