Railroad News

NS posts lower revenue, income, OR in Q3

Norfolk Southern Railway today reported third-quarter 2020 net income of $569 million and diluted earnings per share of $2.22, compared with net income of $657 million and diluted earnings per share of $2.49 in the same quarter a year ago.

This year's Q3 results included a previously announced $99 million non-cash impairment charge. Excluding the charge, adjusted Q3 net income was $643 million and adjusted diluted earnings per share were $2.51, NS officials said in a press release.

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NS: Impairment charge to help lower Q3 operating expenses, ratio

Rail News Home Norfolk Southern Railway 10/9/2020 Rail News: Norfolk Southern Railway
image Norfolk Southern Corp. expects to have an approximately $99 million impairment charge in the third quarter, which is expected to lower operating expenses, according to an Oct. 7 filing with the U.S. Securities and Exchange Commission. In the filing, NS said it expects to report Q3 operating revenue of $2.5 billion, operating expenses of $1.666 billion and an unadjusted operating ratio of 66.5%. Excluding the non-cash impairment charge, for the third quarter, NS' adjusted railway operating expenses are expected to be about $1.567 billion and its adjusted operating ratio is expected to be 62.5%, the filing states. NS will provide full third-quarter financial results on Oct. 28.

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NS unveils 2020 sustainability report

Rail News Home Norfolk Southern Railway 9/25/2020 Rail News: Norfolk Southern Railway
image Norfolk Southern Railway outlined its 2019 efforts to reduce greenhouse gas emissions and take other sustainability measures in its 2020 Corporate Responsibility Report, released yesterday. Among initiatives detailed in the report, the Class I noted that customers who ship with NS helped avoid almost 15 million metric tons of carbon emissions last year by choosing rail for their transportation needs instead of highway shipping. That equates to saving about 1.5 billion gallons of diesel fuel, NS officials said in a press release. "It's a substantial reduction," said Josh Raglin, NS chief sustainability officer. "As companies continue to set climate goals around lowering their emissions, rail can be part of that solution." Among initiatives detailed in the report, NS:
• invested $2 billion in its rail network to promote safe and efficient operations, modernize technology and support economic growth activities;
• tapped into Waze, a mobile navigation app, to provide alerts to motorists approaching grade crossings;
• transformed a stretch of eroded shoreline on the Elizabeth River at the railroad's Lamberts Point terminal into a green oasis for oysters and wildlife; and
• joined the Operation Clean Sweep Pledge aimed at eliminating plastic pollution with a goal of zero loss of plastic resin into the environment. NS also has posted its 2020 filing with CDP, formerly the Carbon Disclosure Project.    

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Norfolk Southern: Q2 revenue down 29 percent on lower volume

Rail News Home Norfolk Southern Railway 7/29/2020 Rail News: Norfolk Southern Railway
image Norfolk Southern Railway today reported 2020 second-quarter railway operating revenue fell 29 percent to $2.1 billion driven by a 26 percent decline in total freight volume compared with second-quarter 2019 results. NS posted Q2 net income of $392 million, down 46 percent, and diluted earnings per share of $1.53, down 43 percent from a year ago. Like other Class Is that have reported Q2 financial results in recent days, NS officials cited the COVID-19 pandemic's impact on volume as a major factor in the company's performance during the quarter.  At the same time, NS continued to make progress on implementing its new operating model, executives said in a press release. NS reported Q2 railway operating expenses of $1.5 billion, down 21 percent from a year ago. The decrease was driven by lower fuel, compensation, benefits and purchased services expenses, NS officials said in a press release. "Underscoring our commitment to shareholder value, we forged ahead with our ongoing transformation by further reducing our hump-yard footprint, achieving fuel efficiency gains and increasing train size," said Chairman, President and Chief Executive Officer James Squires. "These are astounding achievements while managing the unprecedented economic disruption and public health crisis."  Income from railway operations was $610 million, down 43 percent. The railroad's operating ratio for the quarter was 70.7 percent compared to 63.6 percent a year ago. "We are mobilized and driven to meet the challenges and opportunities that lie ahead, and we will continue to create collaborative change and relentlessly pursue increased productivity as a leading supply chain partner throughout the economic recovery and beyond," Squires said.    

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Norfolk Southern to idle Bellevue hump yard

Rail News Home Norfolk Southern Railway 6/17/2020 Rail News: Norfolk Southern Railway
image Norfolk Southern's Bellevue yard is located in northern Ohio.Photo – nscorp.com, BizNS Winter 2015 issue

Norfolk Southern Railway has notified workers that it will close its Bellevue hump yard operation in northern Ohio, The Toledo Blade reported yesterday.

"Due to declining car volumes, NS will idle the yard's hump and begin flat switching rail cars," NS spokesman Jeff DeGraff told the newspaper. "This alteration will allow for greater efficiencies and customer service that achieves the goals set forth in the company's strategic plan."

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