(Source: Associated Press, January 26, 2024)
Norfolk Southern’s fourth-quarter 2023 profit fell 33% because the cleanup costs from last year’s fiery derailment in eastern Ohio. The railroad delivered 3% more shipments during the quarter, but even without the costs related to that toxic crash, its profits still would have been down 14%. The Atlanta-based railroad said it earned $527 million during the quarter. That’s down from $790 million a year earlier. Without the $150 million in additional derailment costs, Norfolk Southern would have made $677 million.
Full story: Associated Press