650 W. Peachtree Street NW, Atlanta, Georgia 30308, Establishing Rail Service on Privately Owned Track, Establishing Rail Service on NS Owned Track, Rossville International Intermodal Optimized Stack Operations and Appointment System, Adjusted Intermodal Container Handling Fees, Public Tariff Announcement NSQ 72824 - effective May 1, 2023, Chicago 63rd St. Outgate Portal Temporary Closure, Board of Directors & Committee Membership, Norfolk Southern reports first quarter 2023 results, Norfolk Southern to announce Q4 2022 earnings, Norfolk Southern Reports Q4 and Full-year 2022 Results, Norfolk Southern reports third quarter 2022 financial results. 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. PSR touts itself on reducing assets such as track, cars and locomotives, but little is discussed about maintaining the assets that remain. We are proud to provide our customers with these services and value by trained professionals. Weve encouraged employees to follow guidance from public health experts regarding vaccination, but we havent mandated vaccination as some companies have done. But the employment losses are being exacerbated by the industrys embrace of new technology and a newly efficient technique of directing rail traffic known as Precision Scheduled Railroading, or PSR, that is transforming the economics of the business. Customers and dray carriers can also utilize AccessNS and ExpressNS+TM for information concerning their Learn more about the NS Green Financing Framework. After reviewing the order carefully to be certain, we determined that we are covered under the mandate. Norfolk Southern Corporation (NYSE: NSC) announced Wednesday its first quarter 2023 financial results. A Union Pacific spokeswoman said the average train length is about 1.5miles. But PSR is also causing railroads to turn away some business that isnt profitable enough, says Peter Swan, associate professor of logistics at Pennsylvania State University at Harrisburg. Creating a workforce with longevity should be the goal. They craved stability, and they realized they have options. Multiple rail executives took the stage at the Stephens Nashville Investment Conference that month to stress that while rail volumes were down, employee head count and other costs were down even more, ensuring the companies remained highly profitable. "We've decongested our yards and road network, allowing cars to turn quicker in the terminals and trains to move faster on the network. Ive been one of the fortunate few who have never been laid off, Hollandsworth said. "As they always do in a crisis, our employees responded heroically," Squires said. This change resulted in a hiring process that has become wasteful and unsustainable. is to create and maintain customer confidence with our services and communication. Freight declines have typically foreshadowed trouble for the broader economy because theyre a barometer of how much stuff is heading to market. The $387 million estimate includes the $30.9 million the railroad pledged to help residents and the community around East Palestine recover from the derailment. The railroads defend their record as the safest way to transport hazardous chemicals over land and say recent changes to eliminate nearly one-third of all rail jobs and rely more on fewer, longer trains havent compromised safety. NS has now sued the International Association of Sheet Metal, Air, Rail, and Transportation Workers (SMART) and two other unions that represent its employees, according to Reuters. BNSF said in its lawsuit that it regularly updates its requirements for workers when federal regulations change, so the vaccine mandate should be no different. Safety inspector or maintenance engineer checking rail tracks at station. Adding to the potential for infection, the same train crews detailed above often have to report to a physical building with others to get required paperwork, and instructions from operational personnel to complete their duties. But the details of how much insurance will actually cover will be worked out over time. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or our achievements or those of our industry to be materially different from those expressed or implied by any forward-looking statements. 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. The income tax effects of this non-GAAP adjustment were calculated based on the applicable tax rates to which the non-GAAP adjustment related. I was told this furlough was indefinite. Casey Moving Systems is family owned and has been servicing Northern California for over 25 years. In some cases, forward-looking statements may be identified by the use of words like may, will, could, would, should, expect, plan, anticipate, intend, believe, estimate, project, consider, predict, potential, feel, or other comparable terminology. Our people rose to the challenge. Eliminating Assets Requires Precision Maintenance. 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. Workers across the country report an increase in hitching two trains together on their routes. Norfolk Southern and other major freight railroads have announced new safety measures, including installing more than 1,000 more trackside detectors. Railway operating revenues of $3.1 billion, up 7%, or $217 million, compared to first quarter 2022. These results include an initial$387 million charge associated with theincident inEastern Ohio and 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. The $387 million estimate includes the $30.9 million the railroad pledged to help residents and the community around East Palestine recover from the derailment. 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. Theyve gone from a mile, mile and a quarter, to two to three miles long, said Scott Wilcox. Expenses jumped 32% to $2.4 billion, along with labor expenses tied to significant hiring over the past year and a new contract for employees. When workers are continuously learning and increasing their value in their craft as an industry expert, they both appreciate their work and feelappreciatedby the railroad. Forward-looking statementsCertain 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. Thank you for all you do to serve our customers and communities.. Norfolk Southern also has the most extensive intermodal network in the eastern U.S., serving a majority of the country's population and manufacturing base, with connections to every major container port on the Atlantic coast as well as the Gulf of Mexico and Great Lakes. The Department of Justice today announced criminal charges against 18 defendants in nine federal districts across the United States for their alleged participation in various fraud schemes involving health care services that exploited the COVID-19 pandemic and allegedly resulted in over $490 million in COVID-19 related false billings to federal 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. 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. Norfolk Southerns first quarter profit fell 34% to $466 million, or $2.04 per share, because of the derailment costs. 650 W. Peachtree Street NW, Atlanta, Georgia 30308, Establishing Rail Service on Privately Owned Track, Establishing Rail Service on NS Owned Track, Dual Mission Reward Program: Memphis-Rossville, Announcement for Public Tariff NSRQ 70220 & NSRQ 66326, Effective 9-1-2022, Sharonville Primary Gate Temporary Closure - Update, Board of Directors & Committee Membership, Norfolk Southern Declares Quarterly Dividend, Norfolk Southern reports second quarter 2022 results, Norfolk Southern increases conductor trainee pay to $25 an hour; adds biweekly $300 incentive, Norfolk Southern announces Board of Directors changes, Income from railway operations in the first quarter 2023 was, Adjusting for the Eastern Ohio Incident, income from railway operations was, Adjusting for the Eastern Ohio Incident, diluted earnings per share were. 4. 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). ATLANTA, April 26, 2023 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) announced Wednesday its first quarter 2023 financial results. 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. 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. Another key part of the efficiency push is running longer trains. You can apply at the same place you share your vaccination status by choosing Personal Information on SuccessFactors. About Norfolk SouthernSince 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. 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. 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. 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. We know that employees thrive in a workplace where differing viewpoints, ideas, and experiences are freely shared and valued. Our training requirements could not be sustained due to COVID restrictions, says Michael Urena, Manager, Transportation Training, Training and Development, CN. This results in a hiring and training of new personnel with every shift in volume and traffic. David Earick had eight years of seniority with Norfolk Southern in Roanoke as a pipe fitter, a job similar to a diesel mechanic. The railroads defend their record as the safest way to transport hazardous chemicals over land and say recent changes to eliminate nearly one-third of all rail jobs and rely more on fewer, longer trains havent compromised safety. All rights reserved. Workers say they are concerned that radio signals sometimes go down between the front and back of long trains and that Americans dont like waiting for long trains to pass. Shaw pledged to continue working to improve that record as the railroad applies the lessons from East Palestine. Some freight carriers would like to cut down the typical personnel on a freight train from two (a conductor and engineer) to one. COVID-19 vaccines are available to USC students, faculty, and staff through USC Student Health and USC Pharmacies. We are making progress every day and Im proud of our people. BNSF has a long-standing and well-settled past practice of unilaterally changing its rules and policies governing position requirements, medical standards, and safety in response to lawful federal government directives, the railroad said in its lawsuit. To learn how to enable JavaScript in your browser, Felicia Hagler - via Google, In the middle of a big move and so far Jay Casey has been immensely helpful to us with all the details! As it has with everything else in the world, COVID-19 has impacted railroading in a variety of waysand staffing is one of them. Roanoke looked like a parking lot for locomotives just before Thanksgiving, an unusual sight at a time of year that is typically the peak shipping season. Rail executives say PSR enhances on-time delivery for customers. "We'll continue to manage our assets well and control our costs. Its Norfolk Southern Railway Company subsidiary operates approximately 19,500 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides efficient connections to other rail carriers. Copyright 2023 The Associated Press. Federal Railroad Administration data shows that Norfolk Southern reported 12.95 train accidents per every million miles last year. But the details of how much insurance will actually cover will be worked out over time. BNSF filed a The volume decline is similar to what occurred at the end of 2015, although the job losses are worse. BNSF and Union Pacific are putting their vaccine mandates on hold following a federal court decision on Tuesday. WebA: We do not want anyone to leave Norfolk Southern over the mandate and will work with employees who are legally entitled to an accommodation. The Law Did Not Treat Them Kindly. Norfolk Southerns first quarter profit fell 34% to $466 million, or $2.04 per share, because of the derailment costs. Reconciliation of Non-GAAP Financial Measures All rights reserved. The city laid off 470 part-time employees this year for the same Service Alert : Service Update : Read More. But even if Trumps trade war ebbs, many of the $70,000-a-year conductor and maintenance jobs are unlikely to return. from 8 AM - 9 PM ET. "The entire Norfolk Southern team has rallied around our customers, and we're delivering with the best service product in the history of our company. Policies. These and other important factors, including those discussed under Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission (the SEC), as supplemented in Part II, Item 1A of our Form 10-Q to be filed with the SEC on the same date as this press release, may cause actual results, performance, or achievements to differ materially from those expressed or implied by these forward- looking statements. GAAP financial results are adjusted to exclude the effects of a February 3, 2023 train derailment in East Palestine, Ohio that included 11 non-Company-owned tank cars carrying hazardous materials, fires associated with the derailment that threatened certain of the tank cars, and a controlled vent and burn procedure conducted on February 6, 2023 on the five derailed tank cars containing vinyl chloride (the Incident). Hard working, fast, and worth every penny! Not only is NS in violation of the law, it has explicitly spurned our demands that these matters be bargained. Now retired, he says although carrying more cargo per train may increase the companys profits, there is a drawback. All employees need to provide their status by November 8, regardless of whether they are vaccinated, and even if they shared their status previously. The Company uses these non-GAAP financial measures internally and believes this information provides useful supplemental information to investors to facilitate making period-to-period comparisons by excluding the effects of the Incident. And in light of COVID, safety has expanded to include a focus on resiliency, as a tighter headcount requires a more proactive approach to keep trains running on schedule. Norfolk Southerns history spans nearly two centuries to the earliest days of American railroading. 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. 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. Diluted earnings per share were $2.04 in the first quarter 2023, a decline of 30% compared to first quarter 2022. Digitizing these processes eliminates maintenance costs and frees real estate for other purposes. Norfolk Southern and other major freight railroads have announced new safety measures, including installing more than 1,000 more trackside detectors. 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. "As a result of our transformation, we've set records for metrics such as train speed, terminal dwell, and shipment consistency," Squires said. They have lots of options for moving. Everyone took really good care of our things. 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.
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