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The Atlanta-based railroad said it earned $527 million, or $2.32 per share, during the quarter. Without the $150 million in additional derailment costs, Norfolk Southern would have made $677 million, or $2.83 per share. The analysts surveyed by FactSet Research predicted that Norfolk Southern would make $2.86 per share, so the results fell just short of that. Norfolk Southern has now received $101 million of insurance payments. “The fourth quarter marked the end of a challenging, yet transformational year for Norfolk Southern,” Shaw said.

Persons: haven't, Alan Shaw, he’s, “, ” Shaw, FactSet Organizations: Norfolk, FactSet Research, Norfolk Southern Locations: Ohio, Atlanta, Norfolk Southern, East Palestine, Pennsylvania

The new portals, equipped with high-speed cameras, will take hundreds of pictures of every passing locomotive and rail car. Unlike previous versions, these new inspection portals will be able to capture all sides of a train that passes through them with well-lit images. University of Delaware professor Allan Zarembski, who leads the Railroad Engineering and Safety Program there, said it's significant that Norfolk Southern is investing in so many of the portals. The Atlanta-based railroad didn't say how much it is investing in the technology it worked with Georgia Tech to develop. That crash put the spotlight on railroad safety nationwide and prompted calls for reforms.

Persons: carmen, Allan Zarembski, David Clarke, ” Clarke, “, Norfolk, We’re, John Fleps, Alan Shaw's Organizations: Norfolk Southern, Rail, University of Delaware, Railroad Engineering, Safety, CSX, University of Tennessee’s Center for Transportation Research, Georgia Tech Locations: OMAHA, Neb, Norfolk, Ohio, Leetonia , Ohio, East Palestine, Atlanta, Palestine

The results were hurt by the derailment costs, a drop in its fuel surcharge revenue and flat volume. Without the derailment costs, the railroad would have made $601 million, or $2.65 per share. The analysts surveyed by FactSet Research expected Norfolk Southern to report earnings per share of $2.64, on average. Norfolk Southern officials said their volume has improved over the past month to reach levels they haven't seen since the second quarter of 2022. Norfolk Southern is one of the nation's largest railroads operating in the Eastern United States.

Persons: Alan Shaw, “, That's, Edward Jones, Jeff Windau Organizations: Norfolk, Norfolk Southern, FactSet Research, Eastern Locations: OMAHA, Neb, East Palestine, Norfolk Southern, Ohio, Atlanta, Norfolk, Eastern United States

Norfolk Southern announced new details Monday about its plan to compensate East Palestine residents for lost home values since the fiery derailment disrupted life in the eastern Ohio town in February. Already, the railroad estimates that the cleanup will cost more than $800 million, which includes $74 million that Norfolk Southern has pledged to East Palestine to help the town recover. “This is another step in fulfilling our promise to East Palestine to make it right. “I intend to keep the pressure on Norfolk Southern to make things right for the community,” he said. Senators who proposed a package of railroad safety reforms after the derailment that is still awaiting a vote, said he remains skeptical of Norfolk Southern.

Persons: it's, ”, Alan Shaw, Texas Sen, Ted Cruz, JD Vance, Vance, “, Jami Wallace, hasn't, ” Wallace, Wallace, It’s Organizations: Norfolk Southern, Ohio Attorney, Republican, Norfolk, U.S, Senators, Unity Council Locations: Palestine, Ohio, East Palestine, Norfolk Southern, Texas

(AP) — Norfolk Southern's CEO pledged to continue working to improve safety after consultant the railroad hired following the fiery Ohio derailment recommended making sure that safety is truly a priority at all levels and continuing many efforts it has already begun. And that is exactly what we are doing.”A previous report from the Federal Railroad Administration said that Norfolk Southern had too often been content to do only the minimum required to ensure safety. Shaw said this report is just one of the initial steps to improve safety on the railroad and Atkins will continue to recommend improvements over the next couple years. The consultant recommended that the railroad continue to work with labor leaders to find additional ways to improve safety. While working to improve safety, Norfolk Southern also pledged to make improvements to more than 70 of its facilities across 22 states in the eastern United States as part of an effort to improve morale.

Persons: Alan Shaw, Atkins, “, ” Shaw, ”, Shaw, he's Organizations: Norfolk, Atkins Nuclear, Federal Railroad Administration, Southern, Federal Railroad, Norfolk Southern Locations: OMAHA, Neb, East Palestine , Ohio, Pennsylvania, East Palestine, Norfolk Southern, United States

☆ 'It was really important we made progress' on Ohio train derailment, says Norfolk Southern CEO Shaw
▼ + stars: | 2023-08-15 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'It was really important we made progress' on Ohio train derailment, says Norfolk Southern CEO ShawNorfolk Southern CEO Alan Shaw sits down with 'Mad Money' host Jim Cramer to talk the Ohio train derailment, the stock's behavior, quarterly earnings and more.

Persons: Shaw, Alan Shaw, Jim Cramer Organizations: Norfolk Southern, Shaw Norfolk Locations: Ohio, Shaw Norfolk Southern

☆ Norfolk Southern CEO Alan Shaw sits down with Jim Cramer
▼ + stars: | 2023-08-15 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Norfolk Southern CEO Alan Shaw sits down with Jim CramerNorfolk Southern CEO Alan Shaw sits down with 'Mad Money' host Jim Cramer to talk the Ohio train derailment, the stock's behavior, quarterly earnings and more.

Persons: Alan Shaw, Jim Cramer Norfolk, Jim Cramer Organizations: Norfolk Southern, Jim Cramer Norfolk Southern Locations: Ohio

☆ Norfolk Southern CEO on Ohio derailment: 'we’re making promises, and we’re keeping promises'
▼ + stars: | 2023-08-15 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Norfolk Southern CEO Alan Shaw told CNBC's Jim Cramer that safety is a priority for the railroad and transportation company. "I'm proud of the response in East Palestine, we're making promises, and we're keeping promises," Shaw said. Norfolk Southern was down a little over 3% by Tuesday's close. Findings from the National Transportation Safety Board investigation suggested that supervisors didn't address an engineer's concerns before the accident. Norfolk Southern incurred $800 million in environmental and legal costs as a result of the derailment, according to the company's most recent earnings call.

Persons: Alan Shaw, CNBC's Jim Cramer, Shaw, we're, Tuesday's, didn't, Atkins Organizations: Norfolk Southern, National Transportation Safety Board, Atkins Nuclear, Navy, Norfolk Locations: East Palestine, Norfolk Southern, Ohio, Norfolk, U.S

☆ US agency says Norfolk Southern needs 'significant improvements'
▼ + stars: | 2023-08-09 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

A Norfolk Southern train rests near the University of North Carolina's energy generation plant in Chapel Hill, North Carolina, U.S. August 11, 2022. REUTERS/Jonathan Drake/File PhotoWASHINGTON, Aug 9 (Reuters) - U.S. railroad regulators on Wednesday said Norfolk Southern needs "significant improvements" in its safety culture after a Feb. 3 derailment in Ohio caused cars carrying toxic vinyl chloride and other dangerous chemicals to spill and catch fire. "We expect Norfolk Southern to do their part, acting on the recommendations in this assessment as well as previous ones to increase safety." Norfolk Southern said CEO Alan Shaw and members of the company’s leadership team met with Bose in Atlanta on Tuesday to review the findings. The report found Norfolk Southern had not moved quickly to embrace findings from the 2022 audit and noted little action in the last 12 months.

Persons: Jonathan Drake, Amit Bose, Alan Shaw, Bose, Shaw, We’re, David Shepardson, Jonathan Oatis, Stephen Coates Organizations: University of North, REUTERS, Norfolk, Transportation, Transportation Department's Federal Railroad Administration, Atlanta, FRA, Southern, Thomson Locations: Norfolk Southern, Chapel Hill , North Carolina, U.S, Ohio, Transportation Department's, Atlanta

☆ US offers mixed review of Norfolk Southern safety culture
▼ + stars: | 2023-08-09 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

A Norfolk Southern train rests near the University of North Carolina's energy generation plant in Chapel Hill, North Carolina, U.S. August 11, 2022. Inspections in March identified over 100 defects across 95 miles (153 km) of Norfolk Southern territory "and FRA is considering enforcement actions based on those defects. Norfolk Southern said CEO Alan Shaw and members of the company’s leadership team met with FRA Administrator Amit Bose in Atlanta on Tuesday to review the findings. The railroad delivered the report to a consultant conducting an independent review of its safety program. The report found Norfolk Southern had not moved quickly to embrace findings from the 2022 audit and noted little action in the last 12 months.

Persons: Jonathan Drake, Norfolk, Alan Shaw, Amit Bose, Shaw, Bose, We’re, David Shepardson, Chris Reese, Jonathan Oatis Organizations: University of North, REUTERS, Transportation, Transportation Department's Federal Railroad Administration, Southern, Norfolk, FRA, Thomson Locations: Norfolk Southern, Chapel Hill , North Carolina, U.S, East Palestine , Ohio, Transportation Department's, Atlanta

☆ Norfolk Southern agrees to boost safety at Ohio derailment site, US says
▼ + stars: | 2023-08-09 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

General view of the site of the derailment of a train carrying hazardous waste, in East Palestine, Ohio, U.S., March 2, 2023. REUTERS/Alan Freed/File PhotoWASHINGTON, Aug 9 (Reuters) - Norfolk Southern Corp (NSC.N) has agreed to improve conditions for workers rebuilding and cleaning up the site of its February derailment in East Palestine, Ohio, the U.S. Labor Department said on Wednesday. A Norfolk Southern-operated train derailed on Feb. 3 in Ohio, causing cars carrying toxic vinyl chloride and other dangerous chemicals to spill and catch fire. In March, Ohio and the U.S. Justice Department sued Norfolk Southern, seeking to ensure the railroad pays the full cost of cleanup and any long-term effects of the derailment. A U.S. Senate panel in May approved rail safety legislation that tightens rules on trains carrying explosive substances like the Norfolk Southern-operated train.

Persons: Alan Freed, We’ve, Alan Shaw, Susan Heavey, David Shepardson, Doina Chiacu, Deepa Babington, Jonathan Oatis Organizations: REUTERS, Norfolk Southern Corp, U.S . Labor Department, Teamsters ’ Railway Union, Safety, Health Administration, OSHA, Waste, Norfolk Southern, U.S . Justice Department, U.S, Senate, Republicans, Thomson Locations: East Palestine , Ohio, U.S, Norfolk Southern, Ohio, Norfolk

☆ Norfolk Southern will be the gold standard for safety in the rail industry, says CEO
▼ + stars: | 2023-06-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNorfolk Southern will be the gold standard for safety in the rail industry, says CEOAlan Shaw, Norfolk Southern CEO, joins 'Squawk on the Street' to discuss how much of Shaw's time has been focused on the disaster in East Palestine, Ohio, an engineer's warning about the size of the train, and

Persons: Alan Shaw Organizations: Norfolk Southern Locations: East Palestine , Ohio

☆ Norfolk Southern engineer's safety warning was unheeded before Ohio derailment, NTSB says
▼ + stars: | 2023-06-22 | by ( Yuheng Zhan | ) www.cnbc.com time to read: +3 min

Norfolk Southern supervisors didn't address an engineer's safety concerns before a train loaded with toxic chemicals derailed in East Palestine, Ohio in February, according to preliminary findings released Thursday from a National Transportation Safety Board investigation. On Feb. 3, a Norfolk Southern freight train carrying hazardous chemicals derailed, releasing toxic chemicals into the environment near Ohio's border with Pennsylvania. Norfolk Southern CEO Alan Shaw has pledged support for residents of East Palestine, Ohio, although critics have said he hasn't gone far enough. Norfolk Southern took further exception with the union's allegation, saying that the current average car inspection time is approximately two minutes. "It is not accurate to say NS has 'reduced' the standard amount of time for a car inspection since the implementation of PSR.

Persons: didn't, we've, Connor Spielmaker, Alan Shaw, hasn't, Spielmaker Organizations: Norfolk, National Transportation Safety Board, Decatur, Federal Railroad Administration, Norfolk Southern, CNBC, NTSB, Transportation Communications Union, TCU Locations: Norfolk Southern, East Palestine , Ohio, Decatur , Illinois, Southern, East Palestine, Norfolk, Ohio's, Pennsylvania

☆ Norfolk Southern to establish home reimbursement fund after Ohio derailment
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, May 9 (Reuters) - Norfolk Southern (NSC.N) said on Tuesday it will establish a fund to reimburse homeowners who live near the site of a Feb. 3 train derailment in East Palestine, Ohio who sell their homes for less than what the property was worth before the incident. Norfolk Southern CEO Alan Shaw told senators in a letter the railroad initially expects "eligible homeowners for this compensation to include those with homes within an approximately 5-mile radius of the derailment, and who sell their homes for less than their property’s pre-February 3 appraised value." Reporting by David Shepardson Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Norfolk Southern CEO on Ohio derailment, safety measures and earnings
▼ + stars: | 2023-04-26 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNorfolk Southern CEO on Ohio derailment, safety measures and earningsAlan Shaw, Norfolk Southern president and CEO, joins 'Closing Bell: Overtime' to discuss the Ohio derailment aftermath and company earnings.

☆ Norfolk Southern reports $387 million charge for the first quarter after East Palestine derailment
▼ + stars: | 2023-04-26 | by ( Noah Sheidlower | ) www.cnbc.com time to read: +2 min

General view of the site of the derailment of a train carrying hazardous waste, in East Palestine, Ohio, U.S., March 2, 2023. Norfolk Southern on Wednesday reported an initial $387 million charge associated with the company's East Palestine, Ohio, derailment in February, which spilled toxic chemicals into the environment. Norfolk Southern said income from railway operations for the quarter was $711 million, down 34% from the same period in 2022. Excluding the East Palestine derailment, income from railway operations was $1.1 billion, up 1% compared to the same period the year prior. Norfolk Southern did not announce estimates for further charges related to the East Palestine derailment.

☆ Watch CNBC’s full interview with Norfolk Southern CEO Alan Shaw
▼ + stars: | 2023-04-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Norfolk Southern CEO Alan ShawAlan Shaw, Norfolk Southern president and CEO, joins 'Closing Bell: Overtime' to discuss the Ohio derailment aftermath, economic outlook and company earnings.

East Palestine, Ohio CNN —Melissa Henry already had a lot on her plate before a Norfolk Southern train derailed in East Palestine about a mile away from her home on February 3, spilling toxic chemicals into the air. He currently has several properties listed in East Palestine and said there are about 14 properties total on the market, more than there would typically be. East Palestine is a good city. But they just got kicked in the pants on this one.”An aerial view shows a plume of smoke, following a train derailment that forced people to evacuate from their homes in East Palestine, Ohio, on February 6, 2023. Alan Freed/ReutersWith a population of about 5,000 people, there are roughly 2,600 residential properties in East Palestine, according to Attom, a property data provider.

☆ Southwest Airlines’ CEO got 75% pay hike ahead of service meltdown
▼ + stars: | 2023-04-06 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —Bob Jordan, who took over as CEO of Southwest Airlines in February 2022, just 10 months before the airline’s epic holiday travel service meltdown, got a 75% pay hike last year. When he took over as CEO, Jordan was moving up from an executive vice president position, and the pay hike was part of his promotion. His predecessor as CEO, Gary Kelly, received $5.1 million in 2022, serving as CEO in January and executive chairman the rest of the year. That’s down from the $5.8 million Kelly received in 2021 and $9.8 million he received in 2020. Jordan is not the only new CEO getting a big raise with his promotion ahead of a costly problem for their company.

☆ In hard times, Corporate America looks out for its CEOs
▼ + stars: | 2023-04-06 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

See here: Recent filings illustrate the way CEOs are still lavishly compensated even when massive screw-ups happen on their watch. A Southwest representative told CNN that the December cancellations did factor into the bonuses paid out to employees. The boards that make decisions on CEO pay are usually stacked with executives or former executives from other companies who benefit from the system. Often, CEOs of distressed companies — rather than seeing pay cut — receive so-called retention bonuses to encourage leaders not to flee the sinking ship. “When all the numbers are crunched, 2022 is going to be a flat year for CEO pay,” said Reda.

☆ Norfolk Southern CEO more than doubled his pay last year after getting promoted
▼ + stars: | 2023-03-31 | by ( Chris Isidore | ) edition.cnn.com time to read: +1 min

New York CNN —Norfolk Southern CEO Alan Shaw got $9.8 million in total compensation in 2022, more than double the $4.7 million he received in 2021. The plan to promote him to CEO in May of 2022 was also announced at that time. The combined pay for the two executives is equal to 70% of the $27.8 million that Norfolk Southern has committed so far to compensate the communities and its residents affected by the derailment. Thursday the US Justice Department sued Norfolk Southern for violations of the Clean Water Act caused by the derailment. Shaw has personally contributed $445,000 to set up a scholarship endowment fund for seniors at East Palestine High School.

☆ Justice Department sues Norfolk Southern over toxic Ohio derailment
▼ + stars: | 2023-03-31 | by ( Natasha Piñon | ) www.cnbc.com time to read: +2 min

Drone footage shows the freight train derailment in East Palestine, Ohio, U.S., February 6, 2023 in this screengrab obtained from a handout video released by the NTSB. The Justice Department said Friday it filed a lawsuit against Norfolk Southern , aiming to hold the railway company accountable for alleged Clean Water Act violations that allegedly occurred due to an Ohio train derailment in early February. In February, a Norfolk Southern train carrying hazardous chemicals derailed near the Pennsylvania border in East Palestine, Ohio, causing a fire, collisions and local evacuations. Since the derailment, Norfolk Southern has been in hot water with state and federal officials concerning the environmental implications of the derailment. On Thursday, three senators introduced a new rail safety bill in a bid address long-standing concerns that became more acute in light of the Norfolk Southern derailment.

☆ Senators unveil new rail safety bill in wake of toxic Ohio derailment
▼ + stars: | 2023-03-30 | by ( Noah Sheidlower | ) www.cnbc.com time to read: +2 min

John Fetterman and Bob Casey of Pennsylvania and Sherrod Brown of Ohio – would build on provisions of the bipartisan Railway Safety Act. Brown and his fellow senator from Ohio, Republican J.D. Norfolk Southern CEO Alan Shaw endorsed parts of the bipartisan bill. The Feb. 3 derailment in East Palestine, Ohio, released toxic chemicals into the environment. Shaw said Norfolk Southern would continue to support cleanup efforts in the area.

☆ Another cultish cost-saving formula gets off-track
▼ + stars: | 2023-03-29 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +9 min

Despite its multiple interpretations and approaches, success is widely gauged by a railway’s operating ratio, a simple measure of how much it spends to make a buck. Union Pacific’s peers improved similarly, indicative of the antiquated ways the industry had been deploying resources. Union Pacific also found itself unable to bring back enough furloughed workers in areas where they were most needed. “In a significant departure from the railroad industry's recent past, we deliberately moved away from a singular focus on operating ratio,” he told lawmakers. “If we wanted to drive [operating ratio] lower over time, we could,” the board wrote in a letter to shareholders in late 2021.

☆ U.S. urges rail tank car owners, shippers to use safer, newer cars
▼ + stars: | 2023-03-23 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, March 22 (Reuters) - The U.S. Transportation Department (USDOT) on Wednesday urged rail tank car owners and hazmat shippers of flammable liquids to stop using tank cars like some in a Feb. 3 Norfolk Southern (NSC.N) train derailment in East Palestine, Ohio and replace them with newer, safer tank cars. Norfolk Southern CEO Alan Shaw said at a Senate Commerce hearing on Wednesday the railroad supports the provision "for accelerating safer tank car standards". Last month, Transportation Secretary Pete Buttigieg called on Congress to mandate owners of tank cars to expedite the phase-in of safer DOT-117 tank cars in advance of the congressionally mandated 2029 deadline. The PHMSA advisory calls on shippers of flammable liquids "to voluntarily upgrade their tank car fleets to the newest, and safest, available tank car design authorized for flammable liquid service." The advisory added railroads should consider applyingrequirements applicable to high-hazard flammable trains to trains with fewer tank cars carrying flammable liquids in DOT-111 tank cars.

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