Norfolk Southern's earnings offer railroad chance to defend its strategy ahead of board vote
Wednesday, 24 April 2024 () Norfolk Southern's first-quarter earnings report Wednesday gave the railroad the opportunity to publicly defend CEO Alan Shaw's strategy again before investors decide on May 9 whether to back him. Since the railroad already preannounced its disappointing results, there were no surprises. Earlier this month it disclosed a $600 million settlement over the disastrous February 2023 Ohio derailment. Norfolk Southern confirmed the $53 million it earned in the first quarter. Without the settlement and other one-time costs the railroad said it would have made $2.39 per share, short of Street estimates of $2.60 per share. Shareholders vote next month on a slate of directors nominated by Ancora Holdings. Those investors want to replace management and overhaul the way the railroad runs.
In a class action settlement, railroad company Norfolk Southern has agreed to pay $600 million to people and businesses affected by their February 2023 derailment in East Palestine, Ohio. Veuerβs..
Norfolk Southern Offers , Settlement to Resolve Lawsuits , Related to 2023 Derailment.
Train operator Norfolk Southern has agreed to pay $600
million as part of a settlement to a class-action lawsuit..
Credit: Wibbitz Top Stories Duration: 01:31Published
Wednesday, 24 April 2024 ()
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