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Norfolk reported a profit of $3.04 per share for the reported quarter, above analysts' estimates of $2.95 per share, according to data compiled by LSEG. Total revenue fell 2% to $3 billion.
Norfolk Southern CEO Alan Shaw received a 37% increase in ... and his promotion to that role in late 2021 had already resulted in his compensation more than doubling in 2022 compared to 2021.
Norfolk Southern's predecessor railroads date to the early 19th century. The South Carolina Canal & Rail Road was the SOU's earliest predecessor line. Chartered in 1827, the South Carolina Canal & Rail Road Company became the first to offer regularly scheduled passenger train service with the inaugural run of the Best Friend of Charleston in 1830. [18]
Norfolk Southern's fourth-quarter profit fell 33% because of the ever growing costs of the cleanup of last year's fiery derailment in eastern Ohio.
Over the next two years, Norfolk Southern predicts will improve productivity by about $550 million and boost its profit margin. The railroad’s revenue grew 2% to $3.04 billion in the quarter, in line with Wall Street’s forecast. Norfolk Southern is one of the nation’s largest railroads operating trains across the eastern United States.
The STB approved the purchase on April 14, 2022. [29] As part of the acquisition, Norfolk Southern Railway will gain trackage rights over several CSX lines, and Pan Am Southern, 50 percent owned by Pan Am Railways, will be operated by the Berkshire and Eastern Railroad, a new Genesee & Wyoming subsidiary formed explicitly for this purpose. [29]
James A. Squires is an American railroad executive who was the president, chief executive officer, and executive chairman of Norfolk Southern Railway until his retirement on May 1, 2022; Squires had left the presidency on December 1, 2021.
The insurance payments Norfolk Southern is collecting during the fourth quarter related to the disastrous East Palestine, Ohio, derailment in 2023 and ensuing cleanup provided a $32 million boost ...