Transportation
Norfolk Southern Takes $387 Million Charge on Ohio Train Derailment Costs
- Tracks near Ohio accident site to be repaired by early June
- CEO reiterates commitment to ‘do whatever it takes’ for town
Drone footage shows the freight train derailment in East Palestine, Ohio, Feb. 6, 2023.
Source: NTSBThis article is for subscribers only.
Norfolk Southern Corp.’s profit took a hit in the first quarter on a charge related to the derailment in East Palestine, Ohio, that dumped chemicals on the small town and caused a nationwide public relations storm, including Congressional hearings.
The railroad company posted a charge of $387 million stemming from the accident that doesn’t include any amount covered by insurance, which would come at a future date, the Atlanta-based railroad said Wednesday in a statement. That shaved $1.28 off its earnings per share, which fell by 89 cents compared to a year ago.