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Eastern Railroad Discussion > NS Chairman/Prez/CEO re: NS interest in Pan Am


Date: 07/30/20 05:16
NS Chairman/Prez/CEO re: NS interest in Pan Am
Author: JPB

So NS Q2 2020 earnings announcement was yesterday 7/29/20 - results were ugly with major revenue and earnings declines (as with the other Cl 1's).

Here is the Pan Am relevant piece of the earnings analyst conference call (the last question asked during the call):"Is NS interested in buying the railroad? And what would the impact of a sale to another Class I railroad have on Norfolk Southern’s joint venture with Pan Am in the Pan Am Southern, which provides NS with access to the Boston area?“Well, Pan Am Southern is an important part of our network,” Squires says. “It is our presence in New England and we’re committed to maintaining a presence in New England as part of our overall network footprint. And let me leave it at that.”

Preso:https://seekingalpha.com/article/4361952-norfolk-southern-corporation-2020-q2-results-earnings-call-presentation?source=content_type:react|section:All|sectionAsset:News|first_level_url:symbol|button:Title|lock_status:No|line:2Con call transcript:
https://seekingalpha.com/article/4361970-norfolk-southern-corporation-nsc-ceo-jim-squires-on-q2-2020-results-earnings-call-transcriptThe following slide deck was published by Norfolk Southern Corporation in conjunction with their 2020 Q2 earnings call.



Edited 1 time(s). Last edit at 07/30/20 05:17 by JPB.



Date: 07/30/20 06:43
Re: NS Chairman/Prez/CEO re: NS interest in Pan Am
Author: MP403

A typical non-answer answer from Jim Squires.



Date: 07/30/20 07:20
Re: NS Chairman/Prez/CEO re: NS interest in Pan Am
Author: Lackawanna484

Owning PanAm or assuring PanAm remains in friendly hands are undoubtedly in NS interests.

Posted from Android



Date: 07/30/20 08:06
Re: NS Chairman/Prez/CEO re: NS interest in Pan Am
Author: mully

MP403 Wrote:
-------------------------------------------------------
> A typical non-answer answer from Jim Squires.

He is a lawyer do I need to say more

Gary

Posted from iPhone



Date: 07/30/20 08:40
Re: NS Chairman/Prez/CEO re: NS interest in Pan Am
Author: KY_Railfan

MP403 Wrote:
-------------------------------------------------------
> A typical non-answer answer from Jim Squires.
Is that like a non-denial denial?



Date: 07/30/20 09:07
Re: NS Chairman/Prez/CEO re: NS interest in Pan Am
Author: ctillnc

There's an old joke about a lawyer. The punch line goes something like everything he said is true but it tells you absolutely nothing.



Date: 07/30/20 14:35
Re: NS Chairman/Prez/CEO re: NS interest in Pan Am
Author: ST214

I could see NS buying it and spinning off everything east/north of Portland, maybe even Ayer. I would think they would keep as far as Portland though, as they could possibly build another IM yard if necessary closer to Boston or Portland. 



Date: 07/30/20 17:52
Re: NS Chairman/Prez/CEO re: NS interest in Pan Am
Author: gbmott

C'mon guys, give him a break.  Yes, it's nonanswer but it tells you everything that anyone will be allowed to know right now which is that NS is engaged in the subject and they are not ready to make a public statement.  I'm sure Jim Squires will have a lot more to say when NS is ready to go public.  This has nothing to do with being a lawyer.

Gordon



Date: 07/31/20 07:18
Re: NS Chairman/Prez/CEO re: NS interest in Pan Am
Author: sums007

ST214 Wrote:
-------------------------------------------------------
> I could see NS buying it and spinning off
> everything east/north of Portland, maybe even
> Ayer. I would think they would keep as far as
> Portland though, as they could possibly build
> another IM yard if necessary closer to Boston or
> Portland. 

Seems like Lowell or Lawrence would be a better place for that.  Closer to Boston, and there's already a local running.



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