(Source: Freight Waves, February 14, 2023)
Two Wall Street analysts said Norfolk Southern won’t see a major hit to its bottom line following a major derailment in East Palestine, Ohio, a village roughly 50 miles from Pittsburgh. Bank of America’s Ken Hoexter wrote that Norfolk Southern may have to pay $40 million to $50 million in a “casualty charge.” In 2022, the rail giant generated some $12.7 billion in revenue and $3 billion in profits. A $50 million charge would equal roughly 1.7% of its 2022 profits.
Full story: Freight Waves