NSC - Norfolk Southern Corporation
Chart Events
Momentum
Performance Outlook
- Short Term2W - 6W
- Mid Term6W - 9M
- Long Term9M+
| Previous Close | 170.91 |
| Open | 170.81 |
| Bid | 171.24 x 900 |
| Ask | 178.13 x 1000 |
| Day's Range | 169.15 - 171.69 |
| 52 Week Range | 112.62 - 219.88 |
| Volume | 1,283,328 |
| Avg. Volume | 1,486,536 |
| Market Cap | 43.768B |
| Beta (5Y Monthly) | 1.37 |
| PE Ratio (TTM) | 18.52 |
| EPS (TTM) | 9.22 |
| Earnings Date | Jul 29, 2020 |
| Forward Dividend & Yield | 3.76 (2.20%) |
| Ex-Dividend Date | May 07, 2020 |
| 1y Target Est | 192.50 |
Fair Value
Related Research
- Insider Monkey
Were Hedge Funds Right About Piling Into Norfolk Southern Corp. (NSC)?
The latest 13F reporting period has come and gone, and Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F filings show the funds' and investors' portfolio positions as of March 31st, a week after the market trough. Now, we are […]
- Zacks
U.S. Railroad Traffic Improves in June: 3 Stocks in Focus
U.S. railroad companies are seeing gradual improvement in volumes following the lows witnessed in April.
- Benzinga
Freight Rail News Round-Up
From capital investment plans to retirement to changes in fee schedules – here's a round-up of some freight rail news items:Railway Supply Institute Head To DepartMike O'Malley, president of the Railway Supply Institute (RSI), is leaving the group he heads at the end of the month. O'Malley, who has served as RSI's president since early 2018, will be pursuing opportunities outside of the Washington, D.C. area where RSI is based. RSI is a trade association representing 200 rail suppliers in freight and passenger rail. Members are companies within the mechanical, communications and signaling, maintenance of way and passenger rail industries. Existing RSI Senior Vice President Nicole Brewin will oversee the association as the group's board examines candidates to replace O'Malley. The board's executive committee will also provide oversight and support to Brewin and to RSI's staff."Mike's experience in both government and the rail industry has served RSI well and we have accomplished a great deal during his tenure. Under his leadership, RSI and our members have shaped critical legislative and regulatory policies affecting our industry and strengthened our voice in the nation's capital," said Jason Connell, chairman of the RSI board of directors. Connell continued, "RSI appreciates Mike's service to the organization and the industry and wishes Mike the best in his new endeavors. Thanks to the continuing support of its dedicated members, the organization remains healthy and financially stable. RSI is well-positioned to navigate the current situation and emerge a stronger association." CN To Invest C$10 Million In Nova Scotia InfrastructureCanadian National Railway CN (NYSE: CNI) expects to spend over C$10 million in infrastructure investments and maintenance in Nova Scotia this year.CN's capital improvement program for the province includes replacing rail and ties, rebuilding road crossing surfaces and conducting maintenance work on bridges, culverts, signal systems and other track infrastructure. The railway says it has spent approximately $85 million on infrastructure projects and maintenance in Nova Scotia over the last five years.CN announced its capital investment plans for Ontario, British Columbia, Alberta and Quebec last week.CN expects to replace four miles of rail track, install approximately 30,000 new railroad ties, rebuild eight road crossing surfaces and conduct maintenance work. CN operates 162 route miles in the province. The Port of Halifax is located in Nova Scotia, and CN handles all the rail-served import and export containers there. CN also has an intermodal terminal in Halifax. The port also has a major autoport that receives imported vehicles for distribution across North America.Norfolk Southern Details Changes To Demurrage And Accessorial ChargesNorfolk Southern Corp (NYSE: NSC) has made some changes to its demurrage and accessorial charges. The changes are described here and information about the tariffs can be found here. The changes to the company's demurrage tariffs pertain to rules and charges related to switching railcars from one track to another within Norfolk Southern's (NS) system and for moving equipment between NS track and the track of another railroad. The changes are effective on August 1. The railroad's changes to its accessorial charges pertain to specific rules and charges such as diversion, reconsignments, overloaded cars, use of cranes and derricks for loading and unloading, and storage. These changes are also effective on August 1.Click here for more FreightWaves articles by Joanna Marsh.Related articles:Putting the brakes on brakesStakeholders await new guidance on rail track and brake safety standardsCN to invest 0 million in Ontario assetsCN plans nearly C billion in capital projectsNorfolk Southern makes changes to demurrage and accessorial chargesSee more from Benzinga * June Rail Traffic Sees Recovery 'Accelerate' * CN Plans Nearly C Billion In Capital Projects * Class 1 Railroads To Retain Cost-Cutting Measures(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- PR Newswire
Norfolk Southern to hold second-quarter 2020 earnings conference call July 29
Norfolk Southern Corporation (NYSE: NSC) will announce its second-quarter financial results during a conference call and live internet webcast at 8:45 a.m. EDT on Wednesday, July 29, 2020. Quarterly earnings results will be released after 8 a.m. EDT, and a press release will be posted at www.norfolksouthern.com under the Investors section.
- Zacks
Volume Woes Likely to Hamper Railroads' Q2 Results: Here's Why
Railroads bear the brunt of coronavirus-induced supply-chain disruptions. However, their cost-controlling efforts are impressive.
- Benzinga
Employee Headcount at US Class 1 Operations Tumbles 17% in May
Rail employment in the U.S. Class I operations fell below 120,000 workers in May, reaching a new low as the railroads trimmed their workforce levels to match the steep declines in rail volumes.May's overall headcount among the U.S.operations of the Class I railroads totaled 118,880, a 16.9% drop from May 2019 and a nearly 4.5% decline from April 2020, according to freight rail data submitted to the Surface Transportation Board (STB). The total is the lowest since at least January 2012, which is the earliest date that FreightWaves has data available.Of May's total, headcount levels within the train and engine crew category, which tends to be more sensitive to demand for freight rail service, totaled 43,660, a whopping 25.7% decrease from 60,256 in May 2019 and a 10.3% decline from April 2020.Data from the U.S. Bureau of Labor Statistics also show the precipitous drop in rail headcount. The totals in the SONAR chart below reflect rail headcount for both freight and passenger rail.U.S. rail headcount levels for passenger and freight rail over the past year. The data is from the U.S. Bureau of Labor Statistics. (SONAR)The COVID-19 pandemic contributed to the headcount declines, with sheltering-in-place mandates in April and May slashing rail volumes as citizens stayed at home. As a result, the Class I railroads sought to scale down operations to match lower demand through actions such as implementing fewer train starts and temporarily shutting down facilities with lower traffic.Although rail volumes appear to have started to recover in recent weeks, a number of the railroads are mulling over to what degree they resume rail operations, particularly for facilities where traffic might've been historically lighter or where there might be perceived inefficiencies.Should the railroads decide to keep some aspect of their pared-down operations, it could alter headcount levels even further in 2020. Additionally, the pace of how the Class I railroads call back furloughed employees is also likely to affect headcount totals over the coming year.The uncertainty of how much further freight rail headcount levels could fall comes as some railroads recently announced plans to reorganize their operations partly because of precision scheduled railroading and also because the drop in rail volumes accelerated plans to curtail operations at some locations.For instance, CSX (NASDAQ: CSX) said last week that it was folding its safety and facilities groups into the operations group later this summer – concurrent with the retirement of the head of those groups.The reorganization comes as CSX terminated 86 employees, each of whom has been offered a severance package and other support to help with their transition, according to the company."Last week CSX announced the realignment of responsibilities to better reflect our business needs and to be more productive and efficient. The changes followed a careful review of our management organization that considered what work we should be focused on and whether that work resides in the right place in the organization," CSX said. "The synergies achieved through these realignments unfortunately resulted in the reduction of some management positions across the company."Meanwhile, Norfolk Southern (NYSE: NSC) also said last week it would furlough some employees as a result of idling the Bellevue (Ohio) hump yard and transitioning to flat switching there.Norfolk Southern (NS) said the idling of the yard and the new focus on flat switching "will allow for greater efficiencies and customer service" as NS rolls out its strategic operations plans. The business disruptions from the COVID-19 pandemic also accelerated the need to compensate for lower car volumes, NS said.(Click here for more FreightWaves articles by Joanna Marsh)See more from Benzinga * How to Manage Supply Chain Volatility * More Severe Storms Could Hit Plains Through The Weekend (With Forecast Video) * Texas Supreme Court Rules Against Family in 'Overworked' Truck Driver Death(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- Thomson Reuters StreetEvents
Edited Transcript of NSC.N earnings conference call or presentation 29-Apr-20 12:45pm GMT
Q1 2020 Norfolk Southern Corp Earnings Call
- Zacks
Norfolk Southern Unveils Restructuring Amid Coronavirus Woes
John Scheib resigns as executive vice president and chief strategy officer of Norfolk Southern (NSC). The company announces other changes amid coronavirus woes.
- Benzinga
Norfolk Southern Shuffles Departments
Norfolk Southern (NYSE: NSC) has restructured some of its departments amid the departure of Chief Strategy Officer John Scheib on June 1.Strategy and operations functions previously led by Scheib will be integrated into the finance, operations, and marketing divisions of Norfolk Southern (NS) to create "efficiencies and closer alignment among teams," NS said.The changes include the following: * The Strategic Planning Department will move to the Finance Division, led by Chief Financial Officer Mark George. The Finance Division, which just created a financial planning and analysis group (see below), is responsible for fortifying NS' analysis and metrics and competitive benchmarking. * The Network Planning and Optimization Department will be integrated into the Operations Division, led by Chief Operating Officer Mike Wheeler. NS said the department "played an integral role in developing and successfully rolling out the TOP21 operating plan," the NS version of precision scheduled railroading. * The Customer Operations Department will move to the Marketing Division, headed by Chief Marketing Officer Alan Shaw. NS said the move would enhance the company's customer service."This new structure positions Norfolk Southern for continued success as a faster, smarter, and more resilient company," said NS CEO Jim Squires. "We are achieving further cost savings, enhancing collaboration, and increasing operational efficiency, all while maintaining superior customer service.""With our strategic plan firmly established and producing results ahead of schedule, now is a good time for me to start a new chapter," Scheib said. "It's been a privilege to be part of Norfolk Southern's successful transformation, as chief strategy officer and before that as a chief legal officer, and work alongside the best employees in the industry."Additional changes to the Finance DivisionThe organizational changes NS announced yesterday to follow the reorganization of its Finance Division in May."As we continue to implement our strategic plan and push toward a 60% operating ratio, we are enhancing our finance organization to drive improved performance across our business," George said in a May 15 release.NS established the financial planning and analysis department, which will seek ways for NS to manage its assets and control costs. Within the department, Jason Zampi will serve as vice president of financial planning and analysis. He has been with NS for nine years, serving in leadership roles in finance, treasury, and accounting, NS said. He was previously a senior manager with KPMG. Clyde "Jake" Allison Jr. will be responsible for all accounting functions as vice president and controller. Allison currently serves as vice president and treasurer. He has been with NS for 26 years, serving most recently as vice president and treasurer. He also was involved in audit and compliance, material management, accounting, and treasury. His career began at KPMG as a manager. Chris Neikirk will serve as vice president of treasury and investor relations. He has also been at NS for 26 years, most recently as assistant vice president for finance, cost, and treasury. Neikirk has also served in marketing, energy and properties, finance, treasury, and the chairman's office at NS. Pete Sharbel, current director of investor relations, will report to Neikirk in this new role, according to NS.The changes became effective on June 1.See more from Benzinga * Projects At Savannah And Charleston Ports Make Progress * FMCSA Issues Intermodal Chassis Inspection Waiver * Transplace Acquires Parcel Managed Transportation Platform ScanData(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- PR Newswire
Norfolk Southern announces leadership and organizational changes
Norfolk Southern Corporation (NYSE: NSC) today announced that John Scheib is stepping down as executive vice president and chief strategy officer, effective June 1.
- Zacks
Norfolk Southern Hurt By Low Volumes Amid Coronavirus Woes
Norfolk Southern (NSC) faces softness in volumes due to the COVID-19 pandemic. However, its efforts to curb costs bode well.
- Zacks
Why Is Norfolk Southern (NSC) Up 5.4% Since Last Earnings Report?
Norfolk Southern (NSC) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
- Insider Monkey
Hedge Funds Are Cashing Out Of Norfolk Southern Corp. (NSC)
At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (Recession is Imminent: We Need A Travel Ban NOW). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each […]
- PR Newswire
Norfolk Southern announces executive changes to Finance Division
Norfolk Southern Corporation (NYSE: NSC) today announced organizational changes within its Finance Division.
- MarketWatch
Norfolk Southern's stock falls to lead the Dow transports' losers after downbeat volumes outlook
Shares of Norfolk Southern Corp. dropped 4.0% in afternoon trading Friday, to lead the Dow Jones Transportation Average's losers, after the railroad company's downbeat outlook for volumes amid the COVID-19 pandemic. At the Goldman Sachs Virtual Industries & Materials Conference, Chief Financial Officer Mark George said second-quarter volumes are "trending down about 30% quarter to date," according to a FactSet transcript. He followed by saying the company has been unable to match that steep decline in volume with its cost reductions, so operating ratio "will certainly regress in the second quarter." The FactSet consensus for second-quarter operation ratio (OR) is 66.8%, compared with an adjusted first-quarter OR of 63.7%. The stock, helped weigh on the Dow transports, as did the shares of some other railroad components, as the index fell 73 points, or 0.9%, while the Dow Jones Industrial Average rose 18 points, or 0.1%.
- PR Newswire
Norfolk Southern adapts to COVID-19 challenges, forges ahead with strategic plan to 'Reimagine Possible'
Despite economic challenges posed by the COVID-19 pandemic, Norfolk Southern is well-positioned to safely and successfully weather the unprecedented situation, CEO James A. Squires said Thursday at the company's annual meeting of shareholders.
- PR Newswire
Norfolk Southern announces pricing of previously announced exchange offers, interest rate for new notes and acceptance of tendered notes
Norfolk Southern Corporation (NYSE: NSC) (the "Company") today announced the pricing of its offers (the "Exchange Offers") to certain eligible holders to exchange outstanding debt securities listed in the table below (together, the "Existing Notes") for cash and up to $800,000,000 aggregate principal amount of the Company's new Notes due 2055 (the "New Notes"), the complete terms and conditions of which are set forth in a Confidential Offering Memorandum, dated April 30, 2020 (the "Offering Memorandum"), and the related letter of transmittal. The Company also announced that it will pay interest on the New Notes at a rate per annum equal to 3.155%, as calculated in accordance with the Offering Memorandum.
- PR Newswire
Norfolk Southern announces expiration of early exchange period of previously announced exchange offers
Norfolk Southern Corporation (NYSE: NSC) (the "Company") today announced the expiration of the early exchange period in connection with its offers (the "Exchange Offers") to certain eligible holders to exchange outstanding debt securities listed in the table below (collectively, the "Existing Notes") for cash and up to $800,000,000 principal amount of the Company's new Notes due 2055 (the "New Notes"), the complete terms and conditions of which are set forth in a Confidential Offering Memorandum, dated April 30, 2020 (the "Offering Memorandum"), and the related letter of transmittal.
- PR Newswire
Norfolk Southern to present at investor conferences in May
Norfolk Southern Corporation (NYSE: NSC) will make presentations at the Goldman Sachs Industrials and Materials Conference on May 15 and at the Wolfe Global Transportation and Industrials Conference on May 20.
- PR Newswire
Norfolk Southern names Barbara Paul vice president human resources
Norfolk Southern Corporation (NYSE: NSC) named Barbara Paul its vice president human resources, effective May 1, 2020.
- Insider Monkey
Were Hedge Funds Right About Norfolk Southern Corp. (NSC)?
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]
- PR Newswire
Norfolk Southern announces private exchange offers
Norfolk Southern Corporation (the "Company") (NYSE: NSC) announced today the commencement of offers to certain eligible holders (together, the "Exchange Offers") of the Company's outstanding debt securities listed in the table below (together, the "Existing Notes") to exchange Existing Notes for consideration consisting of cash and up to $800,000,000 aggregate principal amount of the Company's new Notes due 2055 (the "New Notes"), the complete terms of which are set forth in a confidential offering memorandum, dated today (the "Offering Memorandum"), and the related letter of transmittal, dated today (together with the Offering Memorandum, the "Offering Documents").
- Motley Fool
Norfolk Southern Corp (NSC) Q1 2020 Earnings Call Transcript
NSC earnings call for the period ending March 31, 2020.
- Benzinga
Norfolk Southern Anticipates Some Cost Cuts As Permanent
Norfolk Southern Corporation (NYSE: NSC) expects some of the cost cuts it made in response to the pandemic-induced rail volume decline to be permanent, its executives said during the eastern U.S. railroad's first-quarter 2020 earnings call today.The railroad has removed excess locomotives and reduced crew starts, with expectations to cut crew starts even further, executives said. Norfolk Southern (NS) is also examining which terminals and rail yards to close, including outlying smaller yards that "we can continue to live without," according to NS Chief Operating Officer Mike Wheeler.These operational changes, while hastened by the COVID-19 pandemic, are also part of NS' broader efforts to implement TOP21, NS' version of precision scheduled railroading (PSR), an operating model that seeks to streamline operations and cut costs. "We're pressing the TOP21 accelerator right now," the railroad's CEO Jim Squires said. Another operational change has been to "blend" trains so that a train carries various commodities instead of a single commodity. NS has "blended" its general merchandise and bulk trains into its intermodal trains, and it is starting to blend its premium trains. "We're to the point now where a train is a train...and a [commodity] can ride on the train that gives it the right service requirements it needs," Wheeler said. NS Chief Marketing Officer Alan Shaw added that the blended trains give NS "a broader product offering" by enabling shippers new access to existing lanes.To accommodate anticipated future demand once rail volumes rebound, NS executives said the railroad will have capacity through its longer trains and at its terminals. NS would deploy these measures first before it would start considering increasing train starts again. During phase 3 of its plan to implement TOP21, NS' rail volumes have fallen 11% while train crew starts declined by 19% in the first quarter compared with the same period in 2019.An increase in train starts would "depend on how traffic comes back," but "we've got awhile" before NS will consider increasing train starts, Wheeler said. The decision to divest of around 700 locomotives was also part of NS' plan to deploy PSR, since keeping the locomotives only adds to maintenance and storage costs. NS is seeking a target fleet size of around 3,200 locomotives, of which 420 locomotives would be inactive or for use in conditions where capacity needs surge. This is in contrast to over 3,900 active and inactive locomotives at the end of December 2019. View more earnings on NSC"It's healthier to get the surplus [through] upfront and move them out as quickly as possible," than to parse out the divestment over time, according to NS Chief Financial Officer Mark George.NS also decided to trim its capital expenditures (capex) budget for 2020 by about 25% to $1.5 billion, compared with $2 billion for 2019, as part of wider company efforts to run a leaner operation. The capex budget reduction occurred "across the board," with cuts in budgets for maintenance, information technology and terminals, among other avenues."We really got together as a team and reiterated what we could do to reduce capital spend and get to a low level," George said, adding that NS sensed that there would "be volume pressure" in 2020. "From here, I would hope we would be able to maintain capex at a moderate pace." Despite taking back its financial guidance for the year, including expectations for its annual operating ratio (OR), NS is still maintaining its OR guidance of 60% for 2021. OR, which is a company's operating expenses as a percentage of its revenue, has been used as an indicator to gauge the financial health of a company. A lower OR percentage can imply improved financial health. NS' OR for 2019 was 64.7%NS acknowledged that one of its biggest competitors right now is the spot trucking market, but the railroad said that it is "maintaining a long-term view" and pricing to the value of the product and the franchise. Market conditions are similar to what NS experienced in 2009 and 2010 during the Great Recession, according to Alan Shaw, NS chief marketing officer.NS will continue to collaborate with supply chain and channel partners and look for new lanes to sell capacity, all while doing so at a lower cost structure, Shaw said. First-quarter financial resultsThe costs associated with NS' actions to divest a portion of its locomotive fleet resulted in lower net profits for the company in the first quarter.First-quarter net income was $381 million, or $1.47/diluted share, compared with $677 million, or $2.51/diluted share, in the first quarter of 2019. The 2020 first-quarter results take into account a $385 million non-cash locomotive rationalization charge related to the ongoing disposition and marketing of excess locomotives, NS said. NS attributed its decision to divest a portion of its locomotive fleet to its deployment of PSR. Without the $385 million charge, NS' first-quarter net income on a non-GAAP (generally accepted accounting principles) basis was $669 million, or $2.58/diluted share. Norfolk Southern 2020 Value 2019 Value Y/Y Gross Change Y/Y % Change Freight revenue (in millions) $2,625.0 $2,840.0 ($215.0) -7.6% Carloads incl intermodal (000s) 1,688 1,906 -217.80 -11.4% Revenue per carload $1,556 $1,490 $66.0 4.4% Intermodal shipments 955 1,071 -115.90 -10.8% Intermodal revenue per carload $685 $671 $14.0 2.1% Gross ton miles (in billions) 84.9 94.5 -9.60 -10.2% Revenue tonmile (in billions) $44 $49 ($5.5) -11.2% Employee counts (average) 21232 26,257 -5,025.00 -19.1% Train velocity (mph) 23.8 21.7 2.10 9.7% Dwell time (hours) 18.6 22.2 -3.60 -16.2% OR% 78.4% 66.0% 12.40% 18.8% EPS $1.47 $2.51 ($1.0) -41.4%  For more first-quarter financial results, go here.See more from Benzinga * Locomotive Costs Dent Norfolk Southern's First-Quarter Profits * Coronavirus Takes Aim At North American Rail Traffic * Norfolk Southern Cautions Feds About Coronavirus Risks(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- Benzinga
Locomotive Costs Dent Norfolk Southern's First-Quarter Profits
The costs associated with Norfolk Southern Corporation (NYSE: NSC) actions to divest a portion of its locomotive fleet resulted in lower net profits for the company in the first quarter.First-quarter net income was $381 million, or $1.47/diluted share, compared with $677 million, or $2.51/diluted share, in the first quarter of 2019. The 2020 first-quarter results take into account a $385 million non-cash locomotive rationalization charge related to the ongoing disposition and marketing of excess locomotives, Norfolk Southern (NS) said. NS attributed its decision to divest a portion of its locomotive fleet to its deployment of precision scheduled railroading (PSR), an operating model that seeks to streamline operations. Without the $385 million charge, NS' first-quarter net income on a non-GAAP (generally accepted accounting principles) basis was $669 million, or $2.58/diluted share.In the first quarter, operating revenues fell on lower carload volumes. NS' operating revenues dropped 8% to $2.6 billion on an 11% dip in rail volumes. Operating expenses also rose in part because of the $385 million non-cash charge related to the locomotives. Operating expenses were $2.1 billion, compared with $1.9 billion in the first quarter of 2019. On a non-GAAP basis, operating expenses were $1.7 billion. Source: NSView more earnings on NSCThe operating ratio (OR) for the first quarter was 78.4%, compared with 66% a year ago. On a non-GAAP basis, OR was 63.7%. A lower OR can imply a company's improved financial performance.Meanwhile, service metrics improved in the first quarter, with terminal dwell, or the amount of time a train spends at a terminal, down 16% to 18.6 hours, and train speed up 10% to 23.8 miles per hour. Source: NS"During the first quarter, Norfolk Southern's determination to transform our operations once again produced all-time best service delivery levels accompanied by productivity improvements, despite volumes being impacted by weak energy prices and the onset of the COVID-19 pandemic," said Jim Squires, Norfolk Southern chairman, president and CEO. "While it is unclear how long economic activity will remain suppressed, we are dedicated to serving our customers and keeping our employees healthy and safe while navigating the downturn so that we can emerge strong and resilient for our shareholders. I am extremely proud of the commitment and strength the Norfolk Southern team has displayed by keeping our nation's freight moving during this challenging start to 2020 while also enhancing our financial position."Second-quarter volumes have fallen 30% quarter-to-date across all commodity segments, which sets up "a very soft revenue outlook" for the quarter. As a result of this and the continued economic uncertainty related to the COVID-19 pandemic, NS is withdrawing its financial guidance for the year."While the COVID-19 pandemic will affect business volumes for the year, the PSR implementation that our team is executing upon will generate significant operating expense savings in 2020," said NS Chief Financial Officer Mark R. George. "In this challenging environment our team is doubling down on examination of our structural cost opportunities to ensure that we remain positioned to drive enhanced profitability for the long term."See more from Benzinga * Coronavirus Takes Aim At North American Rail Traffic * Norfolk Southern Cautions Feds About Coronavirus Risks * Freight Rail And Partners Outline Coronavirus Responses(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
