Eastern Railroad Discussion > NS reports 2nd Quarter results

From the NS press release:


 FOR IMMEDIATE RELEASE

Norfolk Southern Corporation, Three Commercial Place, Norfolk, Va. 23510-2191

Norfolk Southern reports second-quarter 2020 results

NORFOLK, Va., July 29, 2020 – Norfolk Southern Corporation (NYSE: NSC) today reported second-quarter financial results.

Second-quarter net income was $392 million, diluted earnings per share were $1.53 and the operating ratio was 70.7 percent.

“In a period when working safely and delivering for our customers was abruptly redefined, our employees responded by protecting each other and innovating to serve rapidly evolving freight demand. Underscoring our commitment to shareholder value, we forged ahead with our ongoing transformation by further reducing our hump yard footprint, achieving fuel efficiency gains, and increasing train size. These are astounding achievements while managing the unprecedented economic disruption and public health crisis,”
said James A. Squires, Norfolk Southern chairman, president and CEO. “We are mobilized and driven to meet the challenges and opportunities that lie ahead, and we will continue to create collaborative change and relentlessly pursue increased productivity as a leading supply chain partner throughout the economic recovery and beyond.”

Second-quarter summary

• Railway operating revenues of $2.1 billion decreased 29 percent compared with second- quarter 2019, driven by a 26 percent decline in total volume.

• Railway operating expenses of $1.5 billion decreased 21 percent compared with second- quarter 2019, driven by lower fuel, compensation and benefits, and purchased services expenses.

 • Income from railway operations was $610 million and the operating ratio was 70.7 percent.

The market seems to like the results.

Posted from Android

Up over five bucks. And that despite the OR jumping to over 70.

Posted from iPhone

Juniata Wrote:
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> Up over five bucks. And that despite the OR
> jumping to over 70.

Yes, although it was down $4.83 yesterday.  I think the results are a little better than the analysts expected.

Another PSR success story.

tomstp Wrote:
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> Another PSR success story.


Yep, good job...(eyeroll)....

Posted from Android

What ways do their employees benefit from their efforts?                               

Molino Wrote:
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> What ways do their employees benefit from their
> efforts?                           
>  

This is not a PSR-approved question. 

They keep their job, no layoffs.

trainnut7 Wrote:
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> They keep their job, no layoffs.

Wage slavery. 

Molino Wrote:
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> trainnut7 Wrote:
> --------------------------------------------------
> -----
> > They keep their job, no layoffs.
>
> Wage slavery. 

Collectively bargained wage slavery, no less.

Unless labor owns a meaningful share of the company, labor has no voice in the future. It is just hired help.

The concessions taken / extracted by management produce gains for decades. In return for a pittance.

Posted from Android



Edited 1 time(s). Last edit at 07/30/20 11:09 by Lackawanna484.

Molino Wrote:
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> What ways do their employees benefit from their
> efforts?                           
>    

If they were smart enough to invest in their company, quite a bit.  



Edited 1 time(s). Last edit at 07/30/20 15:53 by Typhoon.