Norfolk Southern 3Q Earnings Dragged Again by Derailment Costs
October 25 2023 - 7:51AM
Dow Jones News
By Dean Seal
Norfolk Southern reported lower operating revenue in the third
quarter while earnings were nearly cut in half, dragged by ongoing
costs tied to the February train derailment in East Palestine,
Ohio.
The railroad operator said income from railway operations came
in at $756 million, which included a $163 million charge tied to
the derailment earlier this year. The charge includes an initial
insurance recovery of $25 million.
Quarterly earnings were $2.10 a share, down from $4.10 a share
last year.
Stripping out the impact of the derailment charge, adjusted
earnings were $2.65 a share, which is still down 35% from earnings
in the year-ago quarter. Analysts surveyed by FactSet had been
expecting $2.69 a share.
Railway operating revenue fell 11% to $3 billion, but was still
higher than the $2.94 billion market consensus of analysts polled
by FactSet.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
October 25, 2023 08:36 ET (12:36 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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