(Source: Associated Press, July 27, 2023)
The costs associated with Norfolk Southern’s fiery February derailment in Ohio have more than doubled to $803 million as the railroad works to clean up the mess and moves forward with all the related lawsuits. The additional charges related to the derailment, combined with a 6% drop in the number of shipments the railroad delivered, more than halved the company’s profit to $356 million, or $1.56 per share. That’s down from $819 million, or $3.45 per share, a year ago. Norfolk Southern’s revenue declined to $2.98 billion in the quarter.
Full story: Associated Press