Norfolk Southern heads toward its May 9 annual meeting and the resolution of its battle with activist shareholder Ancora over control of the company with a public campaign that may have taken a hit Tuesday, judging from a preview of the railroad’s first-quarter numbers.
In an outlook for Q1 earnings, which are to be released April 24, Norfolk Southern said adjusted earnings would come in at $2.49 a share and adjusted operating ratio would be 69.9%.
Those numbers are both below Wall Street...
Norfolk Southern announced Tuesday that it has agreed to pay $600 million to settle a class-action lawsuit after a 2023 train derailment in East Palestine, Ohio, caused a fire and spilled chemicals.
The agreement, if approved by a court, will resolve all class-action claims within a 20-mile radius of the derailment site and personal injury claims within 10 miles of the site, a news release from the railroad said. The company said the settlement is not an admission of liability or wrongdoing.
In...
https://www.freightwaves.com/news/norfolk-southern-to-pay-600m-in-ohio-train-derailment-lawsuit
Norfolk Southern has set May 9 as the date for its annual meeting, when an insurgent campaign to put outside directors on the company’s board and a new CEO in place will come to a head.
The Class 1 railroad formally set the date in its proxy letter to shareholders, sent last week. The meeting will be virtual and can be streamed on the company’s website, though participation is limited to shareholders. It begins at 8:30 a.m. Eastern.
Amy Miles, Norfolk Southern’s (NYSE: NSC) board chair, is the...
https://www.freightwaves.com/news/vote-on-insurgent-effort-at-norfolk-southern-set-for-may-9
South Carolina Ports plans to purchase the former WestRock paper mill site in North Charleston, S.C., to expand port capacity at the Port of Charleston. The roughly 280-acre industrial waterfront property sits adjacent to the port’s North Charleston Terminal, offering a natural extension of the container terminal that will enable SC Ports to handle more cargo for port-dependent businesses.
The additional land will expand the terminal’s capacity to handle 5 million containers in the future, and...
https://www.marinelog.com/inland-coastal/ports-terminals/port-of-charleston-capacity-set-to-expand/
Charges, countercharges and the missives were flying back and forth over the future of two Class 1 railroads as February came to an end, with leading government officials that regulate the rails leveling heavy criticism at two distinct players.
In the proxy battle roiling Norfolk Southern (NYSE: NSC), the activist investor group Ancora is recommending the replacement of eight new directors to the Norfolk Southern board. It also wants to replace CEO Alan Shaw with former UPS executive Jim Barber...
Norfolk Southern Corp. on Wednesday defended the composition of its board of directors and did not address the fate of CEO Alan Shaw, who is the subject of an activist group’s efforts to remove him and replace him with Jim Barber, a former top UPS Inc. executive.
In a lengthy letter to shareholders, the Atlanta-based Eastern railroad (NYSE: NSC) said that it has maintained an “ongoing process” of board refreshment, noting that six directors have been appointed to the board over the past five...
Less than a month after taking a billion-dollar stake in railroad Norfolk Southern Corp. (NYSE: NSC) and vowing to oust CEO Alan Shaw, activist group Ancora Holdings Group on Tuesday proposed a new slate of directors at Norfolk Southern, as well as a new CEO, former UPS Inc. executive Jim Barber.
Ancora has also proposed that Jamie Boychuk, a former executive at CSX Corp. be appointed as COO, replacing Paul Duncan.
The proposed eight-member board slate includes former Ohio Gov. John Kasich;...
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Former President Donald Trump is lashing out at President Joe Biden ahead of Biden’s scheduled trip...
Fourth-quarter 2023 earnings and a projection for its prospects in 2024 have led to at least a pair of Wall Street downgrades of the prospects for Norfolk Southern’s stock price.
The bottom-line numbers for Norfolk Southern (NYSE: NSC) were that it posted net income in the fourth quarter of $527 million versus $790 million in the corresponding quarter of 2022. Its operating ratio for the fourth quarter of 2023 was 73.7%, a significant deterioration from the 63.5% it posted a quarter earlier.
NS’...
