04/26/2023

East Palestine Cleanup Costing Norfolk Southern Millions in Losses

In comparison, its Q1 2022 earnings were $703 million

This week, Norfolk Southern (NS) CEO Alan Shaw confirmed to investors [that] the cleanup process in East Palestine from the February train derailment has cost the company $387 million in first quarter losses.

In comparison, first quarter earnings in 2022 for the railroad giant were $703 million compared to $466 million this year. If NS had not sustained those losses, it is expected its profit for the first quarter would have topped $1.1 billion.

In a phone call to investors Shaw made his usual round of statements that he has been making to lawmakers in Washington, D.C. and Ohio.

Please select this link to read the complete article from WOIO-19 Cleveland.