Railroad News

Norfolk Southern Corp. today reported first-quarter 2021 net income rose to $673 million, or $2.66 earnings per diluted share, compared with $381 million, or $1.47 per diluted share, for the year-earlier period.

Railway operating revenue of $2.6 billion increased 1%, or $14 million, compared with Q1 2020, driven primarily by a 3% increase in volume, NS officials said in a press release.

Norfolk Southern Corp. officials expect to make the company's historic move to a new Atlanta headquarters in September, Chairman, President and Chief Executive Officer James Squires said earlier this week.

In a "fireside chat" held Tuesday with members of the National Railroad Construction and Maintenance Association (NRC), Squires said construction of the new campus is well underway.

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.

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."

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.

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.

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.

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.

Sound Transit this week completed Connect 2020, an 11-week project to connect the existing Link light-rail system to the 14-mile East Link extension in Seattle. 

The agency’s existing rail tunnel is now configured for East Link in preparation for extended service to Mercer Island, Bellevue and Redmond, Washington, via 10 new stations in 2023.

Norfolk Southern Railway yesterday announced it achieved a "breakthrough" in track inspection technology designed to enhance railroad safety and operating efficiencies.

NS officials say the Class I is the first North American freight railroad to develop and deploy an autonomous track geometry measurement system that is mounted on a locomotive.

Norfolk Southern Corp. yesterday announced promotions of three leaders to vice president and the appointment of a chief sustainability officer.

NS appointed Greg Comstock, former general manager of the railroad’s network operations center and general manager of the southern region, to VP of network operations; Lorri Kleine, former senior general counsel of workforce, properties and insurance risk management, to VP of law; and Patrick Whitehead, former assistant VP of mechanical and general manager of the northern region, to VP of transportation.

Norfolk Southern Corp.'s board has elected John "Jack" Huffard Jr. and Christopher Jones to serve as directors, the company announced today.

Huffard is cofounder of Tenable Network Security Inc. and Tenable Holdings Inc., a cybersecurity software company. He served as president and chief operating officer and as a director of Tenable Network Security from 2002 to 2018, where he was responsible for driving Tenable’s global corporate strategy and business operations and was instrumental in the venture funding and initial public offering process, NS officials said in a press release.