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. Heres how the new requirement affects us: Whether you support the mandate or have concerns about vaccination, lets rise to the challenge by showing each other the mutual respect that is such an important value in our culture. The income tax effects of this non-GAAP adjustment were calculated based on the applicable tax rates to which the non-GAAP adjustment related. 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. The Coronation whisky accidentally created in the Cotswolds. If youve been vaccinated, please share your status through the confidential process. 650 W. Peachtree Street NW, Atlanta, Georgia 30308, Establishing Rail Service on Privately Owned Track, Establishing Rail Service on NS Owned Track, Dual Mission Reward Program: Memphis-Rossville, Announcement for Public Tariff NSRQ 70220 & NSRQ 66326, Effective 9-1-2022, Sharonville Primary Gate Temporary Closure - Update, Board of Directors & Committee Membership, Norfolk Southern Declares Quarterly Dividend, Norfolk Southern reports second quarter 2022 results, Norfolk Southern increases conductor trainee pay to $25 an hour; adds biweekly $300 incentive, Norfolk Southern announces Board of Directors changes, Income from railway operations in the first quarter 2023 was, Adjusting for the Eastern Ohio Incident, income from railway operations was, Adjusting for the Eastern Ohio Incident, diluted earnings per share were. When typing in this field, a list of search results will appear and be automatically updated as you type. Adding to the potential for infection, the same train crews detailed above often have to report to a physical building with others to get required paperwork, and instructions from operational personnel to complete their duties. Earick said he used to love his job. As railroads move to increasingly autonomous operations, requiring fewer personnel onboard, having in-depth and interactive training materials on-hand at all times both for review and practice will be critical. Squires said the economic downturn triggered by COVID-19 will impact the railroad's business, noting that traffic volumes decreased by 11% in the first quarter of 2020 and continue to trend downward. Please refer to these SEC filings for a full discussion of those risks and uncertainties we view as most important. Its a different way of running a railroad.. Federal Railroad Administration data shows that Norfolk Southern reported 12.95 train accidents per every million miles last year. Rail workers are in an environment where troubles and delays are often brand new, as theyve probably forgotten how to do key maintenance tasks due to lack of practice. Apply for this job Hundreds of black locomotives bearing the Norfolk Southern logo are parked back-to-back on the tracks that run through the heart of Roanoke. But railroad stocks soared in 2019 after rail executives embraced automation and cost-cutting to remain profitable, doubling down on the idea that rails future entails longer, faster trains and fewer workers. Canadian railroads embraced PSR over a decade ago. Norfolk Southern reports first quarter 2023 results. 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. Adjusting for the Eastern Ohio Incident, income from railway operations was $1.1 billion, up $13 million or 1% compared to first quarter 2022. Norfolk Southern reports first quarter 2023 results Prior to Covid, railroads sought to shed assets and reduce workforce size to increase shareholder return and decrease operating ratios. 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 Shareholders at railroads are looking at the financial success of PSR and now every single big railroad is trying to adopt some form of this, Swan said. Norfolk Southern Railroads must quickly get up to speed with available technologies and they need to stay ahead of the curve moving forward. Without the derailment costs, the railroad estimated that it would have made $1.1 billion, or $3.32 per share, exceeding the $3.15 Wall Street expected, according to a survey by Zacks Investment Research. 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. Norfolk Railroads are cutting workers at a pace not seen since When you go to work now, its like going into a funeral home, Hollandsworth said. The class action complaint against Norfolk Southern, captioned Bucks County Employees Retirement System v. Norfolk Southern Corporation, et al. We had to look at our methodology of rules instruction in a different way, so that we could continue to provide our employees with the training they need to operate and work safely. Our response reflects our strategy of focusing on long-term priorities and value.. When workers are continuously learning and increasing their value in their craft as an industry expert, they both appreciate their work and feelappreciatedby the railroad. Those hired know theywillbe furloughed, and many of them wont return. Our people rose to the challenge. There have also been periods such as 2015-16 when manufacturing, trucking and rail suffer, but the rest of the economy keeps growing. The railroads focus on safety has resulted in one the safest industries in the transportation sector, and now they must apply this same vigor to maintenance training and processes, because there is no excess to get it wrong. Its Norfolk Southern Railway Company subsidiary operates approximately 19,500 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides efficient connections to other rail carriers. 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. These and other important factors, including those discussed under Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission (the SEC), as supplemented in Part II, Item 1A of our Form 10-Q to be filed with the SEC on the same date as this press release, may cause actual results, performance, or achievements to differ materially from those expressed or implied by these forward- looking statements. The Company recognized $387 million of expenses during the first quarter related to the Incident. 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. The gains were better than the overall market. Central District of California | Justice Department 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. Its dedicated team members deliver more than 7 million carloads annually, from agriculture to consumer goods, and is the largest rail shipper of auto products and metals in North America. And also more susceptible to risk than ever. If you suffered losses exceeding $100,000 investing in Norfolk Southern stock or options between October 28, 2020 and March 3, 2023, both dates inclusive (the The unions didn't immediately respond in court to BNSF's lawsuit Monday, but in the other lawsuits they have argued the railroads were violating the terms of their contract by requiring vaccines and by offering bonuses to workers if they do get vaccinated. Volumes are down so much on major American railways in the past year that some economists say the nation is in the midst of a freight recession.. A centerpiece is the railroad's TOP21 operating plan, which has transformed how it operates trains on the network and contributed to record levels of train performance and service. Without the derailment costs, the railroad estimated that it would have made $1.1 billion, or $3.32 per share, exceeding the $3.15 Wall Street expected, according to a survey by Zacks Investment Research. This greatly decreases chances for infection. Servicing Northern California For Over 25 Years, Select The Service Your Interested InDocument ShreddingRecords ManagementPortable StorageMoving ServicesSelf StorageOffice MovingMoving Supplies. The federal deadline for employees to be fully vaccinated is December 8. We are making progress every day and Im proud of our people. They found they can hook two trains together and cut a crew, said a Union Pacific engineer based in Cheyenne, Wyo., who spoke on the condition of anonymity out of fear for his job. 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. We know railroads are the most environmentally friendly transportation solution, as they reduce emissions by taking trucks off of highways. I am a repeat customer and have had two good experiences with them. Learn more about the NS Green Financing Framework. BNSF said in its lawsuit that it regularly updates its requirements for workers when federal regulations change, so the vaccine mandate should be no different. NS follows Union Pacific (UP) in taking action. A worker safety advocacy group, the National Council on Occupational Safety and Health, issued a report Wednesday labeling Norfolk Southern and the other major freight railroads as some of the most dangerous employers in the nation because of those labor concerns about the impact of the cost cutting. Now the situation has changed. Regulatorsandmembers of Congresshave proposed reforms like capping freight trains lengths and setting standards for the trackside detectors used to spot problems. As Bostek mentions above,digital, virtual simulationscan make this practice possible anytime, anywhere and at a pace that meets each worker where they are. Thats down from $703 million, or $2.93 per share, a year ago. Central District of California | Justice Department

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