Railroad News

Norfolk Southern posts revenue, income, OR records in Q2

Rail News Home Norfolk Southern Railway 7/28/2021 Rail News: Norfolk Southern Railway
image Norfolk Southern Corp. today reported second-quarter 2021 financial results, which included second-quarter records for net income and diluted earnings per share, and all-time quarterly records for operating ratio (OR) and income from railway operations. The company’s net income rose 109% to $819 million, or $3.28 diluted earnings per share (EPS), from $392 million, or $1.53 diluted EPS, in the same quarter a year ago. Income from railway operations climbed 91% to $1.2 billion. The Class I's OR improved to 58.3% in the quarter — a new record — from 70.7% a year ago. Q2 railway operating revenue of $2.8 billion increased 34%, driven by a 25% increase in volume and a 7% increase in revenue per unit. Railway operating expenses totaled $1.6 billion, an increase of 11%. "Our team met the challenge for the second quarter head-on, delivering another solid performance of sequential operating ratio improvement, driving meaningful productivity into our business as revenue and volume rebounded from last year," said NS Chairman, President and Chief Executive Officer James Squires in a press release. 

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NS unveils science-based target to reduce GHG intensity

Rail News Home Norfolk Southern Railway 7/27/2021 Rail News: Norfolk Southern Railway
image Norfolk Southern Corp. yesterday announced its science-based target to achieve a 42% reduction in Scope 1 and 2 greenhouse gas emissions (GHGs) intensity by 2034 from a 2019 base year. The commitment is another step in the company’s ongoing journey to build a more sustainable future, NS officials said in a press release. The Class I’s emissions reduction target has been approved by the Science Based Targets initiative (SBTi) and aligns with the goals of the Paris Agreement on climate change. Validation from the SBTi confirms that the company’s target is consistent with reductions required to keep warming to well-below 2°C above pre-industrial levels, NS officials said. "Achieving our target will require continued investments in our locomotive fleet along with supplier engagement," said Josh Raglin, chief sustainability officer. "Our implementation of innovative technologies, sustainable operating practices and locomotive modernizations are part of our efforts to build a more sustainable transportation network." Locomotive fuel accounts for more than 90% of the railroad’s carbon emissions. NS set a fuel-efficiency goal as part of its 2015 strategic plan, targeting an 8.6% improvement by 2020. The company exceeded that goal with a 9.4% improvement, which resulted in savings of more than 130 million gallons of diesel and avoidance of about 1.3 million metric tons of emissions. NS' efforts to lower GHG emissions across the company include:
• $500 million of green bonds that recently were issued by the company to fund eligible green projects
• more than 700 locomotives that were retired in 2020, targeting older, less fuel-efficient models 
 
• a locomotive modernization program that involves converting older DC traction models to more reliable and efficient AC units, providing more pulling power with fewer locomotives

 • a program to equip locomotives with smart energy management technology that automatically matches horsepower to trailing tonnage and track terrain, maximizing fuel efficiency while using minimum horsepower 

 • a public-private partnership program to recycle older locomotives into low-emission “Eco” models to reduce emissions in urban communities on NS' network and enabling them to meet their Clean Air Act obligations 

• an initiative to replace diesel-powered overhead cranes with hybrid and fully electric cranes at intermodal facilities that's projected to reduce emissions at those terminals by approximately 75%.

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NS adjusts Chicago intermodal site to accommodate record demand

Rail News Home Norfolk Southern Railway 7/22/2021 Rail News: Norfolk Southern Railway
image NS has reconfigured its Landers footprint to increase stacked container capacity by 60%. Photo – nscorp.com

In the wake of recent record demand, Norfolk Southern Railway is making several changes and upgrades at its Landers intermodal terminal in Chicago, the Class I announced in a customer advisory.

To increase capacity, NS has reconfigured its footprint to boost stacked container capacity by 60%. Reach-stackers — with three in service and three more coming — are being added to increase lift capacity by 40% an hour and reduce driver dwell for pickups, the NS advisory stated.

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NS honors chemical shippers for safe hazmat practices

Rail News Home Norfolk Southern Railway 6/22/2021 Rail News: Norfolk Southern Railway
image Norfolk Southern Railway has recognized 43 chemical customers who earned the Class I's 2020 Thoroughbred Chemical Safety Award for safely handling products regulated as hazardous materials. The companies are being honored for safely shipping or originating at least 1,000 carloads — a combined total of more than 156,000 carloads — over NS’s network without a single incident in 2020. As common carriers, NS and other U.S. railroads have obligations to provide transportation for companies that manufacture or use hazardous materials in their businesses, according to a new release. Typically, these products move in tank cars owned or leased by customers, who are responsible for maintaining the cars and ensuring they are properly secured for transit. "Against the many challenges posed by a global pandemic in 2020, their safety achievement is even more commendable," said NS Chairman, President and Chief Executive Officer James Squires in the release. "It is a testament to their ongoing commitment to ensure the safety of employees, the communities we serve, and the environment." For more than 25 years, NS has recognized chemical manufacturers and plants who safely handle products that are vital to U.S. consumers and businesses, but also are regulated as hazardous materials. The Chemical Safety Award aims to promote safe rail-shipping practices. A list of this year’s winners is available here.

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Norfolk Southern elects board directors

Rail News Home Norfolk Southern Railway 5/14/2021 Rail News: Norfolk Southern Railway
image NS Chairman, President and CEO James Squires Photo – nscorp.com

Norfolk Southern Corp. shareholders yesterday elected 13 directors for one-year terms expiring in 2022.

The following individuals were elected to the board, according to preliminary results: Thomas Bell Jr., Mitchell Daniels Jr., Marcela Donadio, John Huffard Jr., Christopher Jones, Thomas Kelleher, Steven Leer, Michael Lockhart, Amy Miles, Claude Mongeau, Jennifer Scanlon, James Squires and John Thompson.

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