Railroad News

Norfolk Southern's Q2 net income surges 23 percent

Norfolk Southern Corp. second-quarter 2017 net income rose 23 percent to $497 million, or $1.71 per diluted share, compared with the same quarter a year ago, the Class I reported this morning.

The profit growth was driven by a 15 percent increase in railway operations income, and an all-time record operating ratio of 66.3 percent, according to an NS press release.

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NS 'safety train' educates first responders in South Carolina

10/3/2016    

Rail News: Norfolk Southern Railway

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Norfolk Southern touts sustainability achievements

Norfolk Southern Railway rolled out new low-emission locomotives, reduced unnecessary locomotive idling and set a five-year goal to improve fuel efficiency as part of its sustainability program in 2015, the Class I announced today.

In its new online sustainability report, "What Efficiency Looks Like," NS details its efforts to achieve a "healthy balance between its business imperatives as a publicly traded company and its environmental and social commitments," NS officials said in a press release.

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Norfolk Southern pours capital, sweat equity into its new Premier Corridor

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By Jeff Stagl, Managing Editor

The Crescent. The Heartland. The MidAmerica. The Patriot. Norfolk Southern Corp. has developed a number of corridors over the past few decades, either on its own or with other railroads. But the aptly named and recently introduced Premier Corridor might be its pre-eminent one.

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Watco to begin transloading operations at NS terminal in Sandusky

Watco Transloading LLC has obtained a definitive licensed agreement with Norfolk Southern Corp. to operate a new NS Thoroughbred Bulk Terminal (TBT) in Sandusky, Ohio.

NS is leveraging existing infrastructure of the former Triple Crown Services facility to enable Watco and NS to drive new incremental transload business, Watco officials said in a press release issued yesterday.

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Norfolk Southern's Q2 profit falls on lower volumes

Norfolk Southern Corp.'s second-quarter 2016 net income declined to $405 million, or $1.36 diluted earnings per share, from $433 million, or $1.41 earnings per share, a year ago, the Class I announced this morning.

Railway operating revenue fell 10 percent to $2.5 billion compared with Q2 2015's revenue as a result of reduced volumes and lower fuel surcharge revenue. Overall, volume dropped 7 percent to 1.8 million units for the quarter, NS officials said in a press release.

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NS settles hiring discrimination case

Norfolk Southern Corp. will pay nearly $500,000 to 2,086 African-Americans as part of a settlement agreement with the U.S. Department of Labor to resolve allegations of race-based hiring discrimination, federal officials announced yesterday.

The case involves an NS business unit in its engineering department, Maintenance of Way No. 34, which entered into the agreement with the department's Office of Federal Contract Compliance Programs (OFCCP). NS is a federal contractor that has had more than $10 million contracts with the Federal Highway Administration, U.S. Department of the Navy, U.S. Department of Air Force and U.S. Fish & Wildlife Services.

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NS exec to meet with manufacturers in China

Robert Martinez, Norfolk Southern Corp's. vice president of business development and real estate, will be in China this week to meet with business leaders who are considering locating their manufacturing plants in the United States, NS announced yesterday.

Martinez plans to meet with a range of Chinese companies, including manufacturers of automobiles, tires, chemicals, tissue and metals.

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NS intermodal subsidiary, MercuryGate sign Modal-X integration pact

Norfolk Southern Corp. subsidiary Thoroughbred Direct Intermodal Services Inc. and transportation management software provider MercuryGate International Inc. have formed an integration partnership that will allow clients to gain access to the Modal-X web-based portal, MercuryGate announced Monday.

Modal-X provides instantaneous door-to-door intermodal rates for transactional freight opportunities.

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Norfolk Southern won't work with Great Lakes' proposed rail line

Norfolk Southern Corp. wouldn't work with the Great Lakes Basin Transportation Inc.'s (GLBT) proposed freight-rail line that would bypass the congested Chicago area, according to a letter the Class I filed last month with the Surface Transportation Board (STB).

The STB has been accepting comments and holding hearings about the GLBT's proposal to construct a 278-mile freight-rail route around the Chicago area, which the company has stated would help to speed up freight transportation and provide additional capacity for growing rail traffic.

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Norfolk Southern rolls out new 'Safety Train,' website

Norfolk Southern Railway late last week unveiled its new Safety Train and website to help educate first responders across its network on potential rail-related incidents, the Class I announced late last week.

Norfolk Southern's new Safety Train.
Photo: Norfolk Southern's Facebook account

The train and website are part of NS' Operation Awareness and Response (OAR) program, which was launched last year to improve relationships with first responders by providing classroom, web-based and field training on hazardous materials transportation.

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NS reports strong Q1 results, with profit up 25 percent

Norfolk Southern Corp. posted strong first-quarter 2016 results yesterday, with profit soaring 25 percent to $387 million and diluted earnings per share up 29 percent to $1.29 year-over-year.

The results demonstrate "significant progress" in the company's five-year strategic plan, said NS Chairman, President and Chief Executive Officer James Squires.

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Norfolk Southern to trim Knoxville operations

Norfolk Southern Corp. will trim 135 positions and reduce operations at its rail yard in Knoxville, Tenn., effective May 1, the Class I announced yesterday.

The action is in response to lower traffic volumes and is part of NS' ongoing five-year strategic plan to improve efficiency, lower costs and support long-term growth, according to an NS press release.

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NS recognizes 60 companies for safely shipping hazardous products

Norfolk Southern Railway has presented 60 customers with its Chemical Safety Award for safely transporting hazardous products on its rail lines in 2015, the Class I announced earlier this week.

Last year, the award-winning companies delivered 224,660 carloads of chemical products that the federal government regulates as hazardous, NS officials said in a press release.

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NS annual report cites cost savings under strategic plan

Norfolk Southern Corp. yesterday unveiled its annual report online, noting "early accomplishments" of the Class I's recently announced five-year strategic plan to drive growth, streamline operations and improve profit.

James Squires

In his first annual report letter to shareholders since he became chief executive officer in 2015, President and CEO James Squires wrote that the railroad "has taken decisive and deliberate action to capitalize on significant growth opportunities within our unique network."

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Norfolk Southern sets annual meeting for May 12

Norfolk Southern Corp. will hold its annual meeting May 12, the Class I announced today in a notice filed with the U.S. Securities and Exchange Commission and in a letter addressed to NS employees.

At the meeting, NS shareholders will get the opportunity to vote whether they want the company to engage in merger discussions with rival Canadian Pacific.

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NS board names Miles to audit committee

Norfolk Southern Corp.'s board has elected Amy Miles to serve as chairwoman of the board's audit committee, effective at the corporation's 2016 annual meeting.

Miles will succeed Karen Horn, who is retiring from the board. She has served as an NS director since 2014 and will continue to serve as a member of the board’s finance and risk management committee, according to an NS press release.

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NS appoints Adams VP of human resources

Norfolk Southern Corp. has named Ann Adams vice president human resources as of April 1.

Adams will succeed Juan Cunningham, who retired earlier this year, according to an NS press release.

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NS to expand Norfolk HQ as part of office consolidation

Norfolk Southern Corp. will spend $8.2 million to expand its corporate headquarters in Norfolk, Va., as part of a plan to consolidate its corporate offices in Norfolk and Atlanta and close its Roanoke, Va., office building, Virginia Gov. Terry McAuliffe announced late last week.

With the expansion of the NS headquarters, the Class I will add 165 employees to the Norfolk facility, according to a press release issued by McAuliffe's office.

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Norfolk Southern to consolidate into northern, southern segments

Norfolk Southern Corp. announced yesterday that it would consolidate from three operating regions into two segments as part of a previously announced five-year strategic plan to cut $650 million from annual expenses by 2020.

The consolidation, which will take effect March 15, will make the Class I a faster and more profitable railroad, said Executive Vice President and Chief Operating Officer Mike Wheeler in a press release.

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