Income from railway operations in the first quarter 2023 was $711 million including a $387 million charge associated with the Eastern Ohio Incident, a 34% decline compared to $1.1 billion in the first quarter of 2022. Luke Nichols, 470-867-4807. What they [customers] are getting in terms of service quality today is off the chart, James M. Foote, president of CSX told investors at a November investment conference in Tennessee. Its a different way of running a railroad.. I used their packing and moving service the first time and the second time I packed everything and they moved it. ATLANTA, April 26, 2023 / PRNewswire / -- Norfolk Southern Corporation (NYSE: NSC) announced Wednesday its first quarter 2023 financial results. They foresee a rebound once Trump finalizes the trade deals with China, Mexico and Canada and if he subdues his tariff man instincts in an election year. By continuing to execute our strategic plan and provide superior service to our customers, we will move through this period successfully and be ready to capture opportunities as the economy recovers. Spokeswomen for two other major major U.S. railroads, CSX and Kansas City Southern, said officials at those railroads are still considering whether to impose vaccine mandates in response to the executive order, but both railroads are encouraging employees to get the shots. Its at least a 50 page per trip process to get from point A to point B, and that is entirely unacceptable. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or our achievements or those of our industry to be materially different from those expressed or implied by any forward-looking statements. At its worst, each crew member gets a paper copy (often several pages) of the train consist and other instructions. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, Norfolk Southern and SMART-TD reach comprehensive tentative agreement on quality-of-life benefits, Norfolk Southern reports first quarter 2023 results. The $387 million estimate includes the $30.9 million the railroad pledged to help residents and the community around East Palestine recover from the derailment. If you arent fully vaccinated by November 8, you should still share your status and update your record later. The railroads are not alone in facing resistance to vaccine mandates. Technology allows operations to push this information to each member electronically, eliminating the need to physically report to a building. Volume was flat overall. Norfolk Southern and other major freight railroads have announced new safety measures, including more than 1,000 more trackside detectors. While the Corporation believes these expectations, assumptions, estimates, and projections are reasonable, forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond the Corporation's control, including but not limited to: general North American and global economic conditions; changes in energy prices and fuel markets; uncertainty surrounding timing and volumes of commodities being shipped; changes in laws and regulations; uncertainties of claims and lawsuits; labor disputes; transportation of dangerous goods; effects of changes in capital market conditions; and severe weather. Our success enabled us to dispose of 703 locomotives that are no longer needed because our network is more efficient a strong sign that our strategic plan is working.". And through it all, our Norfolk Southern employees will continue to get the job done safely, with excellence and pride.". The average train length has increased 25percent since 2008 to about 1.4 miles, according to a Government Accountability Office report published in May. The Coronation whisky accidentally created in the Cotswolds. Yetthose who livenear the derailment site close to the Ohio-Pennsylvania border are fearful ofpossible long term health impactseven though officials say that repeated testing hasnt shown harmful levels of chemicals in the air or drinking water. "The entire Norfolk Southern team has rallied around our customers, and we're delivering with the best service product in the history of our company. Now I go in every day wondering if this is it., Comparisons of claims against the evidence, Railroads are slashing workers, cheered on by Wall Street to stay profitable amid Trumps trade war, Bidens misleading deficit claim earns him a Bottomless Pinocchio. November marked the 10th straight month that rail freight deteriorated from the last years stellar traffic levels. More than 20,000 rail workers have lost their jobs in the past year, the biggest layoffs in rail since the Great Recession and a nearly 10percent decline in rail employment, according to Labor Department data through November. Fact-checking Trumps reaction to Bidens reelection announcement. Freight railroads used to run trains carrying just one type of good, and the trains could sit in yards for hours or days until they had enough of a load to justify departing. Norfolk Southerns history spans nearly two centuries to the earliest days of American railroading. Workers say the peak never came in 2019. The law also bars strikes and similar conduct by workers in cases involving minor disputes. Our response reflects our strategy of focusing on long-term priorities and value.. GAAP financial results are adjusted to exclude the effects of a February 3, 2023 train derailment in East Palestine, Ohio that included 11 non-Company-owned tank cars carrying hazardous materials, fires associated with the derailment that threatened certain of the tank cars, and a controlled vent and burn procedure conducted on February 6, 2023 on the five derailed tank cars containing vinyl chloride (the Incident). Norfolk Southern estimates Ohio derailment will cost $387M, Bike race participant killed in Burke Saturday, New treatment for newborns with opioid withdrawal shows promise, study says, Manhunt continues for man accused of gunning down neighbors, Feds: Hospitals that denied emergency abortion broke the law, House Speaker McCarthy to address Israels Knesset. The gains were better than the overall market. And connecting back to the first item, precision scheduling also means railroads are left with precision maintenance. About Norfolk SouthernNorfolk Southern Corporation (NYSE: NSC) is one of the nation's premier transportation companies. The Company uses these non-GAAP financial measures internally and believes this information provides useful supplemental information to investors to facilitate making period-to-period comparisons by excluding the effects of the Incident. The railroads defend their record as the safest way to transport hazardous chemicals over land and say recent changes to eliminate nearly one-third of all rail jobs and rely more on fewer, longer trains havent compromised safety. That work is expected to wrap up in early June, which will boost traffic in the area. Shaw pledged to continue working to improve that record as the railroad applies the lessons from East Palestine. They craved stability, and they realized they have options. But, as mentioned, when detailing how to lessen the spread of disease with technologysustainability efforts would benefit as well. We dont want anyone to leave the company because of this new mandate. Norfolk Southern Corporation (NYSE: NSC) announced Wednesday its first quarter 2023 financial results. What three people used to do, one person is doing now.. Norfolk Southern and other major freight railroads have announced new safety measures, including installing more than 1,000 more trackside detectors. Can Floridas gay teachers show photos? All rights reserved. Will your logo be here as well?. click here. "None of us can predict the severity or duration of this economic downturn, so we are focused on the factors within our control. Copyright 2023 The Associated Press. Thats better than the three previous years but still worse than a decade earlier when it reported 11.4 total accidents per million miles. BNSF has contended the new attendance policy, effective Feb. 1, provides more transparency with work schedules. Information included within this filing includes non-GAAP financial measures, as defined by SEC Regulation G. Non-GAAP financial measures should be considered in addition to, not as a substitute for, the financial measures reported in accordance with U.S. generally accepted accounting principles (GAAP). If youve been vaccinated, please share your status through the confidential process. Norfolk Southern said it has already spent about $55 million to dig up and remove nearly 34,000 tons of contaminated soil and trucked away another 13.2 million And in light of COVID, safety has expanded to include a focus on resiliency, as a tighter headcount requires a more proactive approach to keep trains running on schedule. It makes for very bad train handling. Hundreds of black locomotives bearing the Norfolk Southern logo are parked back-to-back on the tracks that run through the heart of Roanoke. If you need to ONLY access mainframe HORSE functions such as CREW CALL or MEMO, you may do so BNSF has a long-standing and well-settled past practice of unilaterally changing its rules and policies governing position requirements, medical standards, and safety in response to lawful federal government directives, the railroad said in its lawsuit. For the quarter, income from railway operations was $711 million, and diluted earnings per share were $2.04 down by 34% and 30%, respectively, compared to the first quarter 2022. NS, SMART-TD Reach Tentative Agreement on Workplace Enhancements, UP Embargo Update: Were Making Significant Progress, NARS 2023 Annual Meeting: A New Era in Railroading, MxV Rail Speeds PuebloPlex Track Construction Projects, Canadian Regulator Announces VRCPIs for Crop Year 2023-24, Class I Briefs: BNSF, CN, CPKC, CSX, CPKC/NS/UP, FRA Safety Advisory: Train Length a Critical Factor, CARB Passes New In-Use Locomotive Regulation, CN, UP, GMXT Launching Falcon Premium (Updated April 26 with UP STB Service Metrics). That means we are obligated by law to require vaccinations for our employees. Now the cuts are happening to people with up to a decade of seniority. Adopting Digitization to Keep Workers Safe and Evolve. Prompt and friendly service as well! ATLANTA, May 15, 2020 /PRNewswire/ -- Despite economic challenges posed by the COVID-19 pandemic, Norfolk Southern is well-positioned to safely and After reviewing the order carefully to be certain, we determined that we are covered under the mandate. Norfolk Southerns history spans nearly two centuries to the earliest days of American railroading. In some cases, forward-looking statements may be identified by the use of words like may, will, could, would, should, expect, plan, anticipate, intend, believe, estimate, project, consider, predict, potential, feel, or other comparable terminology. Todays rail slump is partly a fallout from the trade war and partly the result of long-term trends like the United States becoming less reliant on coal, experts say. (AP) Another major railroad has gone to court to determine whether it has the authority to require all its employees to get vaccinated against the coronavirus. laura lehn - via Google, I highly recommend Mayflower. When typing in this field, a list of search results will appear and be automatically updated as you type. Some routes are now gone or downsized. Then Norfolk Southern eliminated that role in September. In October, both UP and NS said they would be complying with an executive order by President Joe Biden that federal employees and contractors must receive the ATLANTA, April 26, 2023 / PRNewswire / -- Norfolk Southern Corporation (NYSE: NSC) announced Wednesday its first quarter 2023 financial results. But theyre not likely to totally abandon the lean operating model adopted over the past six years that labor unions say has made the industry riskier because so many jobs have been cut, forcing inspections to be rushed and leaving train crews on call 24-7. A Union Pacific spokeswoman said the average train length is about 1.5miles. As a covered federal contractor, Norfolk Southern must adhere to these legal requirements.If you are made a conditional job offer, you will be required to provide proof of full vaccination, or apply and be approved for a health or religious accommodation prior to your start date. Adjusting for the effects of the incident charge, first quarter results includedadjusted income from railway operations of$1.1 billion and adjusted diluted earnings per share of $3.32 improvements of 1% and 13%, respectively, compared to first quarter 2022. The non-negotiated bonuses and unilateral decision to discipline employees who are not vaccinated functioned to undermine the collectedly-bargained agreements and reduce Norfolk Southerns obligations under those agreements, the Sheet Metal, Air, Rail and Transportation Workers Transportation Division, or SMART-TD, union said in its response to Norfolk Southern. Norfolk Southerns first quarter profit fell 34% to $466 million, or $2.04 per share, because of the derailment costs. Beyond not being sustainable, its not the best for safety either. Norfolk Southern saw a 6percent volume decline, but crew costs were down by 13percent, said Alan Shaw, the companys chief marketing officer. Norfolk Southern reports first quarter 2023 results. This is critical for us to meet the compliance deadline and plan for potential impacts. . is to create and maintain customer confidence with our services and communication. While the Company believes that these non-GAAP financial measures are useful in evaluating the Companys business, this information should be considered as supplemental in nature and is not meant to be considered in isolation from, or as a substitute for, the related financial information prepared in accordance with GAAP. Rail workers rarely speak to the media out of fear of losing their jobs, but more than a dozen spoke with The Washington Post, mainly because of concerns over how PSR is changing the industry in ways they say causes unnecessary job losses and creates an unsafe environment. COVID-19 Vaccines COVID-19 Vaccines Published October 4, 2020 Last Updated April 4, 2023, 7:11 pm Vaccines are crucial tools in the fight against deadly infectious diseases. OMAHA, Neb. This cloud. In some cases, forward-looking statements may be identified by the use of words like "will," "believe," "expect," "targets," "anticipate," "estimate," "plan," "consider," "project," and similar references to the future. He recalled a recent episode when there was one with 220 cars, about 3miles long. Canadian railroads embraced PSR over a decade ago. The class action complaint against Norfolk Southern, captioned Bucks County Employees Retirement System v. Norfolk Southern Corporation, et al. As a result, actual outcomes and results may differ materially from those expressed in forward-looking statements. This system is for the use of authorized users only. BNSF, Norfolk Southern and Union Pacific are three of the largest U.S. railroads. We have based these forward- looking statements on our current expectations, assumptions, estimates, beliefs, and projections. Yet the National Transportation Safety Board and Federal Railroad Administration are investigating the railroads practices to see where they can be improved. The railroad will also have to reimburse the Environmental Protection Agency for its oversight of the cleanup.