Transport Topics (April 27, 2023)
Norfolk Southern reported that the freight train derailment in East Palestine, Ohio, on Feb. 3 cost it $387 million in damages. That impacted first-quarter profit by 33.7% when compared with the same period in 2022. The Atlanta-based Class I railroad’s quarterly income was $466 million, or $2.04 a share, versus $703 million, or $2.93 a share. Revenue was up 7% to $3.1 billion in the first quarter this year compared with $2.91 billion in the year-ago period.