(The Associated Press circulated the following article on January 24.)
NORFOLK, Va. — Norfolk Southern Corp. on Tuesday said it expects to post first-quarter pretax expenses of $30 million to $40 million related to a deadly train wreck and chemical spill.
The company said the amount includes self-insurance, as well as other uninsured costs. Norfolk said it expects insurance coverage will be adequate to cover the potential claims or settlements, but does not include fines or penalties that might be imposed.
The company is expected to report earnings of 52 cents per share on $1.87 billion in revenue during the first quarter, according to analysts polled by Thomson First Call.
On Jan. 6, a Norfolk Southern train slammed into a parked train, and began to leak a toxic chlorine gas. Nine people were killed and hundreds were sickened.
Shares of Norfolk Southern fell $2.01, or 5.7 percent, to close at $33.31 on the New York Stock Exchange. The stock later rose 5 cents to $33.36 in after-hours trading.