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4/26/2023
Norfolk Southern Corp. today announced first-quarter 2023 income from operations fell 34% to $711 million, and diluted earnings per share declined 30% to $2.04 compared with first-quarter 2022.
The results included an initial $387 million charge associated with the railroad's Feb. 3 derailment in East Palestine, Ohio. The results "do not reflect any amounts potentially recoverable under the company's insurance policies, which would be reflected in future periods in which recovery is considered probable," NS officials said in a press release.
Adjusting for the derailment charge, Q1 railway operations income was $1.1 billion and the diluted EPS was $3.32 — improvements of 1% and 13%, respectively, compared with Q1 2022 results.
NS posted an operating ratio of 77.3% for the quarter compared with an operating ratio of 62.8% a year ago.
The company also reported railway operating revenue of $3.1 billion, up 7%.
"From the beginning, we have been guided by one principle: We are going to do whatever it takes to make it right for East Palestine and the surrounding areas," said President and CEO Alan Shaw. "We are making progress every day and I'm proud of our people. Our response reflects our strategy of focusing on long-term priorities and value."