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.
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