Now the cuts are happening to people with up to a decade of seniority. 2. Norfolk Southerns first quarter profit fell 34% to $466 million, or $2.04 per share, because of the derailment costs. Norfolk Commonwealth's Attorney's Office Plea Philosophy Policies and Procedures 03-21-2022. Its a different way of running a railroad.. The gains were better than the overall market. 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. We know that employees thrive in a workplace where differing viewpoints, ideas, and experiences are freely shared and valued. 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. Reconciliation of Non-GAAP Financial MeasuresInformation included within this filing includes non-GAAP financial measures, as defined by SEC Regulation G. Non-GAAP financial measures should be considered in addition to, not as a substitute for, the financial measures reported in accordance with U.S. generally accepted accounting principles (GAAP). 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. The railroad will also have to reimburse the Environmental Protection Agency for its oversight of the cleanup. Expenses jumped 32% to $2.4 billion, along with labor expenses tied to significant hiring over the past year and a new contract for employees. 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. If you suffered losses exceeding $100,000 investing in Norfolk Southern stock or options between October 28, 2020 and March 3, 2023, both dates inclusive (the Review Norfolk Southerns operating reports and the terms used to report performance in one convenient location. click here. "As they always do in a crisis, our employees responded heroically," Squires said. Regulatorsandmembers of Congresshave proposed reforms like capping freight trains lengths and setting standards for the trackside detectors used to spot problems. 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. OUR MISSION. The city laid off 470 part-time employees this year for the same Earick lost that job in April but opted to take a pay cut to continue working as a rail yard laborer. laura lehn - via Google, I highly recommend Mayflower. Regulatorsandmembers of Congresshave proposed reforms like capping freight trains lengths and setting standards for the trackside detectors used to spot problems. Norfolk Southern says the case presents a minor dispute because its bargaining agreements do not bar the railroad from adopting a vaccine mandate.. Diluted earnings per share were $2.04 in the first quarter 2023, a decline of 30% compared to first quarter 2022. From the beginning, we have been guided by one principle: We are going to do whatever it takes to make it right for East Palestine and the surrounding areas, said Norfolk Southern President and Chief Executive Officer Alan H. Shaw. Safety inspector or maintenance engineer checking rail tracks at station. Federal judges have yet to rule on any of these lawsuits related to the railroads' vaccine requirements. Forward-looking statements Another key part of the efficiency push is running longer trains. . Workers say they are concerned that radio signals sometimes go down between the front and back of long trains and that Americans dont like waiting for long trains to pass. While we believe these expectations, assumptions, estimates, and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond our control. As the call for sustainability grows, impacts will be assessed by every industry. Learn more by visiting www.NorfolkSouthern.com. UP and its unions are suing each other over that requirement. The railroads that have imposed vaccine mandates say they are complying with President Joe Biden's executive order requiring all federal contractors to have their employees vaccinated. These efficiency gains helped the railroad achieve an adjusted operating ratio of 63.7% in the first quarter of 2020, when excluding the charge related to the disposition of locomotives. Our people rose to the challenge. My wifes freaking out. But now, rail industry leaders are cautiously optimistic. Federal Railroad Administration data shows that Norfolk Southern reported 12.95 train accidents per every million miles last year. The generational knowledge that was passed down previously is fast-disappearing, and workers will not have that same 1:1 contact with old hands regardless, so having institutional knowledge stored and readily available in digital format is the way of the future. Now I go in every day wondering if this is it., Comparisons of claims against the evidence, Railroads are slashing workers, cheered on by Wall Street to stay profitable amid Trumps trade war, Bidens misleading deficit claim earns him a Bottomless Pinocchio. Norfolk Southern and other major freight railroads have announced new safety measures, including more than 1,000 more trackside detectors. I am a repeat customer and have had two good experiences with them. Service Alert : Service Update : Read More. Weve encouraged employees to follow guidance from public health experts regarding vaccination, but we havent mandated vaccination as some companies have done. If you need to ONLY access mainframe HORSE functions such as CREW CALL or MEMO, you may do so The law also bars strikes and similar conduct by workers in cases involving minor disputes. 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. Eliminating Assets Requires Precision Maintenance. Rail workers are in an environment where troubles and delays are often brand new, as theyve probably forgotten how to do key maintenance tasks due to lack of practice. President Trumps trade war has hit agriculture and manufacturing hard, causing lower demand for companies that move freight. More than 20,000 rail workers have lost their jobs in the past year, the biggest layoffs in rail since the Great Recession and a nearly 10percent decline in rail employment, according to Labor Department data through November. 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 Corporation has based these forward-looking statements on management's current expectations, assumptions, estimates, beliefs, and projections. Staffing Efficiencies Closely Tied to Safety and Resiliency. It was enormous and only had two people working it. Todays rail slump is partly a fallout from the trade war and partly the result of long-term trends like the United States becoming less reliant on coal, experts say. That derailment, andotherssince then, sparked anationwide focuson railroad safety. Staffing efficiencies quickly became more than a cost initiative, as staffing ties directly into safety. While the Company believes that these non-GAAP financial measures are useful in evaluating the Company's 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. Yet the National Transportation Safety Board and Federal Railroad Administration are investigating the railroads practices to see where they can be improved. 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.. 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. 1.16, has been designated as a variant under monitoring by the World Health Organization. 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. Im calling this a freight recession for the railroads and trucking companies, but theres this uncertainty from trade. Revenue grew 7% to $3.13 billion, in line with expectations, as it increased rates for most of the cargo it delivered. That derailment, andotherssince then, sparked anationwide focuson railroad safety. Norfolk Southerns first quarter profit fell 34% to $466 million, or $2.04 per share, because of the derailment costs. For helpful informationvisit our FAQ page. To find a location offering vaccination in your community, weve created a resource page with links to search by zip code. WebThis is the SAME password used for RIT, Webmail and Windows. For the PSR touts itself on reducing assets such as track, cars and locomotives, but little is discussed about maintaining the assets that remain. Shaw pledged to continue working to improve that record as the railroad applies the lessons from East Palestine. To find a Port of Entry in your state or territory, select it in the map below or use the form in the right column. For some, this news will require a difficult individual choice. Youre not getting a callback, said Earick, 32. With the financial collapse of 2008 and a change in generations, rail workers stopped relying on the work and returned in smaller numbers. Information included within this filing includes non-GAAP financial measures, as defined by SEC Regulation G. Non-GAAP financial measures should be considered in addition to, not as a substitute for, the financial measures reported in accordance with U.S. generally accepted accounting principles (GAAP). NS, SMART-TD Reach Tentative Agreement on Workplace Enhancements, UP Embargo Update: Were Making Significant Progress, NARS 2023 Annual Meeting: A New Era in Railroading, MxV Rail Speeds PuebloPlex Track Construction Projects, Canadian Regulator Announces VRCPIs for Crop Year 2023-24, Class I Briefs: BNSF, CN, CPKC, CSX, CPKC/NS/UP, FRA Safety Advisory: Train Length a Critical Factor, CARB Passes New In-Use Locomotive Regulation, CN, UP, GMXT Launching Falcon Premium (Updated April 26 with UP STB Service Metrics). Federal Railroad Administration data shows that Norfolk Southern reported 12.95 train accidents per every million miles last year. Norfolk Southern Corporation (NYSE: NSC) announced Wednesday its first quarter 2023 financial results. Hiring and Furloughing Practices Require Rethinking. 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. Norfolk Southerns history spans nearly two centuries to the earliest days of American railroading. "As a result of our transformation, we've set records for metrics such as train speed, terminal dwell, and shipment consistency," Squires said. ATLANTA, April 26, 2023 / PRNewswire / -- Norfolk Southern Corporation (NYSE: NSC) announced Wednesday its first quarter 2023 financial results. click here. As Bostek mentions above,digital, virtual simulationscan make this practice possible anytime, anywhere and at a pace that meets each worker where they are. Shaw reiterated his often-stated promise Wednesday to do whatever it takes to make it right for East Palestine and the surrounding areas.. 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. Not only is NS in violation of the law, it has explicitly spurned our demands that these matters be bargained. In addition, the railroad operates the most extensive intermodal network in the East and is a principal carrier of coal, automobiles, and automotive parts. Today, it operates a customer-centric and operations-driven freight transportation network. While the U.S. economy overall is growing moderately, the railroad industry is a cautionary sign of the ongoing pain in the industrial sector and the deep structural changes underway in the economy that are eliminating middle-class jobs. I used their packing and moving service the first time and the second time I packed everything and they moved it. Prior to Covid, The Law Did Not Treat Them Kindly. Media Relations, 404-420-4444, Investor Inquiries: They Refused to Fight for Russia. What are the five most expensive homes that sold in Tahoe West Shore in the past two weeks? WebHealth Questionnaire for employee returning to work from non-medical absence of six months or longer Return to Work Form Medical Condition and Medication Guidance: 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. Join OAR in bridging connections with first responders. BNSF has contended the new attendance policy, effective Feb. 1, provides more transparency with work schedules. That work is expected to wrap up in early June, which will boost traffic in the area. Norfolk Southern also has the most extensive intermodal network in the eastern U.S., serving a majority of the country's 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. This fog. 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.
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