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Volume decline prompts NS to pursue rail yard efficiencies

Rail News Home Norfolk Southern Railway 6/5/2020 Rail News: Norfolk Southern Railway
image NS aims to streamline oprtations due to slumping traffic.Photo – NS

In a service update to customers, Norfolk Southern Railway announced earlier this week that the railroad is examining its individual yards for ways to streamline operations.

The review is part of the Class I's strategic plan launched last year to create a more efficient and responsive railroad, but also is in response to lower volumes resulting from the coronavirus pandemic.

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Norfolk Southern announces financial personnel moves

Rail News Home Norfolk Southern Railway 5/19/2020 Rail News: Norfolk Southern Railway
image The personnel moves were made as part of the company's strategic plan to improve performance.Photo – nscorp.com

Norfolk Southern Corp. today announced organizational changes in its finance division as part of the company's strategic plan to improve performance and push toward a 60 percent operating ratio.

Jason Zampi, currently vice president and controller, will become VP of financial planning and analysis, a new department in the finance division. Zampi has worked for NS for nine years, serving in leadership roles in finance, treasury and accounting.

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Squires: NS adapting to pandemic's challenges

Norfolk Southern Corp. is well-positioned to "safely and successfully" weather the unprecedented situation presented by the COVID-19 pandemic, NS President and Chief Executive Officer James Squires said last week at the company's annual meeting of shareholders.

Squires addressed shareholders May 14 during the company's first virtual-only annual meeting, a board decision made in response to public health concerns and social distance guidance for the pandemic.

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NS posts lower Q1 revenue, withdraws full-year outlook

Norfolk Southern Corp. today reported first-quarter 2020 railway operating revenue fell 8 percent to $2.6 billion compared to first-quarter last year, driven by an 11 percent decline in total volume.

Operating expenses during the quarter were $2.1 billion, which included a $385 million non-cash charge related to locomotives marketed for sale and/or disposed of as part of the Class I's introduction of a precision scheduled railroading operating model.

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NS to record charge related to disposal of 300 locomotives, puts up another 400 for sale

Rail News Home Norfolk Southern Railway 4/17/2020 Rail News: Norfolk Southern Railway
image Norfolk Southern Corp. advised yesterday that it will have take a $385 million charge in first-quarter 2020 related to the disposal of about 300 locomotives and the designation of another 400 locomotives for sale. NS attributed the move to its introduction of precision scheduled railroading measures in 2019, which "continues to provide significant benefits to the network operations and has resulted in excess capacity," company officials said in a filing with the U.S. Securities and Exchange Commission. The non-cash charge will reduce Q1 2020 diluted earnings per share by $1.11, they said. NS is scheduled to report Q1 results on April 29, when it also will provide an update on the impact of the COVID-19 pandemic.

Contact Progressive Railroading editorial staff.

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