Workers in this longtime railroad hub are on edge, saying this feels different from past rail downturns. 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. While layoffs have occurred in nearly all facets of the railroad business, the biggest cuts have been from the conductor and maintenance ranks, according to detailed monthly data the seven major freight railroads provide the Surface Transportation Board. 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. And also more susceptible to risk than ever. BNSF Railway has gone to court to determine whether it has the authority to require all its employees to get vaccinated against the coronavirus. 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. (AP) Another major railroad has gone to court to determine whether it has the authority to require all its employees to get vaccinated against the coronavirus. Review Norfolk Southerns operating reports and the terms used to report performance in one convenient location. Its very difficult for the operating crews and the towns and cities we operate through. If youre trying to save money, you cut people like crazy.. This results in a hiring and training of new personnel with every shift in volume and traffic. But even if Trumps trade war ebbs, many of the $70,000-a-year conductor and maintenance jobs are unlikely to return. Cision Distribution 888-776-0942 He called it good productivity and said the company was accelerating this strategy heading into 2020. Policies. 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. 1.16, has been designated as a variant under monitoring by the World Health Organization. In addition, these non-GAAP financial measures may not be the same as similar measures presented by other companies. Rail Group News offers news and analysis from Railway Age, IRJ and RT&S by email. Norfolk Southern saw a 6percent volume decline, but crew costs were down by 13percent, said Alan Shaw, the companys chief marketing officer. 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. OMAHA, Neb. Prior to Covid, railroads sought to shed assets and reduce workforce size to increase shareholder return and decrease operating ratios. They craved stability, and they realized they have options. We undertake no obligation to update or revise forward-looking statements, whether as a result of new information, the occurrence of certain events, or otherwise, unless otherwise required by applicable securities law. Revenue grew 7% to $3.13 billion, in line with expectations, as it increased rates for most of the cargo it delivered. Every economic downturn since World War II has been precipitated by nose-diving freight traffic. And creating ways to keep them engaged and always learning is the conduit for this commitment. To learn how to enable JavaScript in your browser, 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. ", Squires' full remarks are posted on the "Invest in NS" section of the Norfolk Southern website under "Presentations.". Its hard to predict if well slide into an overall economic recession.. Committed to furthering sustainability, Norfolk Southern helps its customers avoid 15 million tons of yearly carbon emissions by shipping via rail. Railroad worker checking up wheels and braking system of freight train. John Victor - via Google, Very nice owner, extremely helpful and understanding Eliminating Assets Requires Precision Maintenance. Its a huge issue. Norfolk Southern also has the most extensive intermodal network in the eastern U.S., serving a majority of the countrys population and manufacturing base, with connections to every major container port on the Atlantic coast as well as the Gulf of Mexico and Great Lakes. 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. Staffing efficiencies quickly became more than a cost initiative, as staffing ties directly into safety. While the Corporation believes these expectations, assumptions, estimates, and projections are reasonable, forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond the Corporation's control, including but not limited to: general North American and global economic conditions; changes in energy prices and fuel markets; uncertainty surrounding timing and volumes of commodities being shipped; changes in laws and regulations; uncertainties of claims and lawsuits; labor disputes; transportation of dangerous goods; effects of changes in capital market conditions; and severe weather. Volume was flat overall. Weve kept the trains moving and our business strong, while limiting workplace spread. 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. (AP) Norfolk Southern expects Februarysfiery Ohio derailmentto cost it $387 million, but that total will likely increase over time and that doesnt reflect how much the railroads insurance companies will eventually cover. You can apply at the same place you share your vaccination status by choosing Personal Information on SuccessFactors. "We will get through the challenges ahead and emerge as an even stronger company," Squires said. All rights reserved. Adjusting for the effects of the incident charge, first quarter results includedadjusted 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. 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. This article was published more than3 years ago. Our people rose to the challenge. 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. Servicing Stanislaus, San Joaquin and Merced Counties, 2209 Fairview Drive Suite A Ceres, CA 95307. The seven major freight railroads have idled nearly 30percent of locomotives in the past year, according to the economist Blaze, as they aim to run fewer but longer trains. My wifes freaking out. 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. Norfolk Southern (NS) on Oct. 20 notified all employees that it will require them to receive the COVID-19 vaccination by Dec. 8; on Oct. 22, the railroad filed suit to block its unions from suing and its employees from striking over the mandate; now, the unions have countersued. We just had our first child in July.. Fantastic help. Now retired, he says although carrying more cargo per train may increase the companys profits, there is a drawback. While the Company believes that these non-GAAP financial measures are useful in evaluating the Companys business, this information should be considered as supplemental in nature and is not meant to be considered in isolation from, or as a substitute for, the related financial information prepared in accordance with GAAP. 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. For some, this news will require a difficult individual choice. Will your logo be here as well?. Here are five takeaways from this past year, around what to expect and potential ways to alleviate the impact of each. Norfolk Southern says the case presents a minor dispute because its bargaining agreements do not bar the railroad from adopting a vaccine mandate.. 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. Diluted earnings per share were $2.04 in the first quarter 2023, a decline of 30% compared to first quarter 2022. After reviewing the order carefully to be certain, we determined that we are covered under the mandate. (See full memo below.). The rail industry, which once employed more than a million Americans, fell below 200,000 employees in 2019, the first time that has happened since the Labor Department started keeping track of railroad employment in the 1940s. Historically, railroads have carried headcount that can be quickly shed on a seasonal basis to correspond with traffic declines, offering steady employment nine months out of the year. Norfolk Southern Corporation (NYSE: NSC) announced Wednesday its first quarter 2023 financial results. 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