The Company uses these non-GAAP financial measures internally and believes this information provides useful supplemental information to investors to facilitate making period-to-period comparisons by excluding the effects of the Incident. That work is expected to wrap up in early June, which will boost traffic in the area. This isnt a bad thing, but its a necessary consideration. UP and its unions are suing each other over that requirement. We dont want anyone to leave the company because of this new mandate. Norfolk Southern reports first quarter 2023 results. The congressional mandate to mitigate fatigue among crew members and other safety-related workers is now a 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. UP on Oct. 13 announced on its website that it is complying with the executive order requiring employees of federal contractors be fully vaccinated by Dec. 8. UP and its unions are suing each other over that requirement. Question: How has Norfolk Southern Corp responded to the COVID-19 outbreak? Staffing Efficiencies Closely Tied to Safety and Resiliency. Rail freight carloads were down 7.4percent this November versus the prior year, according to closely watched data from the Association of American Railroads. And connecting back to the first item, precision scheduling also means railroads are left with precision maintenance. 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. "We'll continue to manage our assets well and control our costs. Citi analyst Christian Wetherbee said the railroads core results were weaker than he expected and shares were down more than 3% Wednesday afternoon at $200.58. The forward-looking statements herein are made only as of the date they were first issued, and unless otherwise required by applicable securities laws, we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. NORFOLK SOUTHERN COVID-19 UPDATE: Based on the social distancing guidance from the Centers for Disease Control and Prevention and as a prudent precaution, Norfolk Southern is transitioning to remote working arrangements for employees whose job functions permit. ATLANTA, April 26, 2023 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) announced Wednesday its first quarter 2023 financial results. Workers say the peak never came in 2019. 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. The railroad provided a detailed estimate of the cost of Feb. 3 derailment outside East Palestine, Ohio, Wednesday along with first-quarter earnings. What three people used to do, one person is doing now.. After reviewing the order carefully to be certain, we determined that we are covered under the mandate. (See full memo below.). November marked the 10th straight month that rail freight deteriorated from the last years stellar traffic levels. This system is for the use of authorized users only. But theyre not likely to totally abandon the lean operating model adopted over the past six years that labor unions say has made the industry riskier because so many jobs have been cut, forcing inspections to be rushed and leaving train crews on call 24-7. There have also been periods such as 2015-16 when manufacturing, trucking and rail suffer, but the rest of the economy keeps growing. But the employment losses are being exacerbated by the industrys embrace of new technology and a newly efficient technique of directing rail traffic known as Precision Scheduled Railroading, or PSR, that is transforming the economics of the business. We know that employees thrive in a workplace where differing viewpoints, ideas, and experiences are freely shared and valued. "We've decongested our yards and road network, allowing cars to turn quicker in the terminals and trains to move faster on the network. Canadian railroads embraced PSR over a decade ago. Our people rose to the challenge. Workers often embraced this as regular business and saved money for the time away, knowing that once volume increased, theyd be called back to work in most cases. Our response reflects our strategy of focusing on long-term priorities and value.". The mandate stems from an Executive Order and associated guidance mandating that federal contractors require vaccinations for all employees. 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. However, the need for social distancing as a result of COVID-19 necessitated the expanded use of remote simulation monitoring and training. 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 And by practicing challenging or emergency scenarios regularly, overall safety and productivity correspondingly increase. Its unsafe to have rail crossings blocked so long.. Due to the executive order, NS said it reserves the right under its agreements with the unions to impose a mandate in order to comply.. When typing in this field, a list of search results will appear and be automatically updated as you type. In addition to this strong employee performance, Squires said the company's Reimagine '21 strategic plan, rolled out in 2019 and built on the tenets of precision scheduled railroading, is driving long-term, transformational improvements in operating efficiencies and customer service. Yetthose who livenear the derailment site close to the Ohio-Pennsylvania border are fearful ofpossible long term health impactseven though officials say that repeated testing hasnt shown harmful levels of chemicals in the air or drinking water. This information will be treated as confidential medical information and handled as such. Norfolk Southern says the case presents a minor dispute because its bargaining agreements do not bar the railroad from adopting a vaccine mandate.. Learn more by visiting www.NorfolkSouthern.com. While the company has withdrawn guidance for revenue and the operating ratio in 2020, Squires said the railroad remains committed to its 2021 goal of driving down the OR to 60%. From the start of the pandemic, weve put a priority on maintaining safe and healthy workplaces as we pull together to keep our economy moving. My wifes freaking out. Then Norfolk Southern eliminated that role in September. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, Norfolk Southern and SMART-TD reach comprehensive tentative agreement on quality-of-life benefits, Norfolk Southern reports first quarter 2023 results. Today, it operates a customer-centric and operations-driven freight transportation network. Workers in this longtime railroad hub are on edge, saying this feels different from past rail downturns. 2 killed, 4 wounded in Mississippi shooting; man arrested, 150 years later, Dixon bridge tragedy among nation's worst, Presidential candidate Vivek Ramaswamy says he wants to 'shut down the FBI' and replace it with something that sounds a lot like the FBI, Sanders: Biden could win in a landslide, Sacred Mysteries: A vaulted cavern of gold mosaic off Goodge Street. The railroad provided a detailed estimate of the cost of Feb. 3 derailment outside East Palestine, Ohio, Wednesday along with first-quarter earnings. "Norfolk Southern has a history of successfully managing through business cycles and challenging economic environments," Squires said. Norfolk Southern and other major freight railroads have announced new safety measures, including more than 1,000 more trackside detectors. Regulatorsandmembers of Congresshave proposed reforms like capping freight trains lengths and setting standards for the trackside detectors used to spot problems. All photographs taken prior to onset of the COVID-19 pandemic. Copyright 2023 The Associated Press. Rail Group News offers news and analysis from Railway Age, IRJ and RT&S by email. Both Union Pacific and Norfolk Southern are offering employees $300 if they get the shots. And also more susceptible to risk than ever. Norfolk Southerns first quarter profit fell 34% to $466 million, or $2.04 per share, because of the derailment costs. Volume was flat overall. It was enormous and only had two people working it. Casey Moving Systems is family owned and has been servicing Northern California for over 25 years. Servicing Stanislaus, San Joaquin and Merced Counties, 2209 Fairview Drive Suite A Ceres, CA 95307. Join OAR in bridging connections with first responders. For some, this news will require a difficult individual choice. Thats down from $703 million, or $2.93 per share, a year ago. To find a location offering vaccination in your community, weve created a resource page with links to search by zip code. In October, both UP and NS said they would be complying with an executive order by President Joe Biden that federal employees and contractors must receive the The gains were better than the overall market. Income from railway operations in the first quarter 2023 was $711 million including a $387 million charge associated with the Eastern Ohio Incident, a 34% decline compared to $1.1 billion in the first quarter of 2022. . Adjusting for the effects of the incident charge, first quarter results included adjusted income from railway operations of $1.1 billion and adjusted diluted earnings per share of $3.32 improvements of 1% and 13%, respectively, compared to first quarter 2022. Now the cuts are happening to people with up to a decade of seniority. Yetthose who livenear the derailment site close to the Ohio-Pennsylvania border are fearful ofpossible long term health impactseven though officials say that repeated testing hasnt shown harmful levels of chemicals in the air or drinking water. For our industry, trade has become just a huge part of what we do. Committed to furthering sustainability, Norfolk Southern helps its customers avoid 15 million tons of yearly carbon emissions by shipping via rail. The railroad does have insurance coverage that will kick in after the first $75 million spent on damage to peoples property and after the first $75 million of damage on its own. Apply for this job By digitizing our training programs through remote learning, we were able to fulfill our training requirements and provide our employees with safety instruction they need..
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