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Norfolk Southern's profit slips 12% amid merger costs and economic uncertainty
Norfolk Southern's profit fell 12% due to $58 million merger costs and $23 million derailment expenses but exceeded analysts’ forecast with $2.87 per share earnings.
- This year, Norfolk Southern's quarterly profit slipped 12%, reporting $644 million, or $2.87 per share, in the fourth quarter.
- Merger-Related costs added $58 million this year and the 2023 East Palestine, Ohio derailment added $23 million, Norfolk Southern said.
- Excluding one-time charges, Norfolk Southern said adjusted profit would be $725 million, or $3.22 per share, exceeding the $2.78 per share analysts surveyed by FactSet Research predicted.
- CEO Mark George said Norfolk Southern is focused on improving efficiency while working with Union Pacific to draft a merger application the Surface Transportation Board will consider, citing $215 million in annual productivity savings last year.
- The proposed $85 billion deal would create a transcontinental railroad with more than 50,000 miles of track across 43 states and connections to major ports on both coasts.
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Associated Press News+18 Reposted by 18 other sources
Norfolk Southern's profit slips 12% amid merger costs and economic uncertainty
Norfolk Southern's quarterly profit slipped 12% amid the uncertain economy, as well as costs related to its efforts to merge with Union Pacific and create a transcontinental railroad.
·United States
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Total News Sources22
Leaning Left6Leaning Right0Center15Last UpdatedBias Distribution71% Center
Bias Distribution
- 71% of the sources are Center
71% Center
L 29%
C 71%
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