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Saturday, February 11, 2017
Easter Bunny train ride and egg hunt
Penn Central Slide Show - This Friday Feb. 10, 2017
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Saturday, February 04, 2017
Norfolk Southern facilitated $4.0 billion in industrial investment along rail lines in 2016
received via email
Norfolk Southern facilitated $4.0 billion in industrial investment along rail lines in 2016
NORFOLK, Va., Jan. 26, 2017 – Norfolk Southern assisted 71 industries in locating or expanding their businesses along its rail lines in 2016.
The 58 new and 13 expanded industries represent an investment of $4.0 billion by Norfolk Southern customers and are expected to create more than 4,600 new jobs in the railroad's service area, generating more than 50,000 carloads of new rail traffic annually.
“We were pleased to see a steady stream of manufacturing projects and a markedly stronger portfolio overall near the end of the year, and that is an encouraging indicator for activity in the coming year,” said Jason Reiner, assistant vice president industrial development. “Sixteen manufacturing-related projects contributed nearly $2 billion in new investment by customers and 3,000 new jobs during 2016.”
Norfolk Southern works with state and local economic development authorities on projects involving site location and development of infrastructure to connect customers to its rail system and provides free and confidential facility location services, including industrial park planning, site layout, track design, and supply chain analysis. During the past 10 years, NS’ Industrial Development Department has participated in the location or expansion of 945 facilities representing an investment of over $60 billion and creating more than 43,000 direct new customer jobs in the territory served by the railroad.
About Norfolk Southern
Norfolk Southern Corporation (NYSE: NSC) is one of the nation’s premier transportation companies. Its Norfolk Southern Railway Company subsidiary operates approximately 20,000 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides efficient connections to other rail carriers. Norfolk Southern operates the most extensive intermodal network in the East and is a major transporter of coal, automotive, and industrial products.
Forward-looking statements
This news release contains forward-looking statements that may be identified by the use of words like “believe,” “expect,” “anticipate,” “estimate,” “plan,” “consider,” “project,” and similar references to the future. Forward-looking statements reflect our good-faith evaluation of information currently available. These forward-looking statements are subject to a number of risks and uncertainties, and our actual results may differ materially from those projected. Please refer to our annual and quarterly reports filed with the SEC for a full discussion of those risks and uncertainties we view as most important. Forward-looking statements are not, and should not be relied upon as, a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at or by which any such performance or results will be achieved. As a result, actual outcomes and results may differ materially from those expressed in forward-looking statements. We undertake no obligation to update or revise forward-looking statements.
Media Inquiries:
Susan Terpay, 757-823-5204 (susan.terpay@nscorp.com)
Investor Inquiries:
Katie Cook, 757-629-2861 (katie.cook@nscorp.com)
Wednesday, January 25, 2017
Norfolk Southern reports fourth-quarter and full-year 2016 results
Received via email
Norfolk Southern reports fourth-quarter and full-year 2016 results
Achieves record operating ratio of 68.9 percent for the year
NORFOLK, Va., Jan. 25, 2017 – Norfolk Southern Corporation (NYSE: NSC) today reported fourth-quarter and 2016 financial results.
Net income for the quarter was $416 million, a 15 percent increase compared with $361 million during the same period of 2015. Diluted earnings per share were $1.42, up 18 percent compared with $1.20 diluted earnings per share in the fourth quarter last year. Norfolk Southern announced Tuesday that it increased its quarterly dividend to $0.61 per share, reflecting a 2 cent, or 3 percent, increase over the previous quarter’s dividend.
For 2016, net income was $1.7 billion, up 7 percent compared with $1.6 billion in 2015. Diluted earnings per share increased 10 percent to $5.62 compared with $5.10 per diluted share in the prior year. Results for 2015 included restructuring expenses that reduced fourth-quarter 2015 net income by $31 million, or $0.10 per diluted share, and lowered 2015 net income by $58 million, or $0.19 per diluted share for the full year.
“2016 was a pivotal year as Norfolk Southern began implementing its new Strategic Plan. We delivered $250 million of productivity savings and recorded our best ever operating ratio, notwithstanding challenging business conditions,” said James A. Squires, Norfolk Southern chairman, president and CEO. “With the dedication and support of Norfolk Southern’s talented employees, we improved service for customers while positioning the company for further growth in 2017 and beyond. We are poised to continue building on our success and deliver an additional $100 million of productivity savings in 2017 on the way to our goal of $650 million of annual savings by 2020. We remain steadfast in our commitment to delivering superior shareholder value through the execution of our Strategic Plan.”
FOURTH-QUARTER SUMMARY
· Railway operating revenues of $2.5 billion declined 1 percent compared with fourth-quarter 2015, reflecting lower merchandise and coal traffic volume, as well as reduced fuel surcharges. These declines were offset in part by intermodal volume growth that eclipsed the effects of the 2015 Triple Crown restructuring.
· General merchandise revenues were $1.5 billion, 1 percent lower than the same period last year. Volume was 3% lower overall, as growth in steel and agriculture was offset by declines in energy markets, vehicles, and paper and forest products. Norfolk Southern’s five merchandise commodity groups reported the following year-over-year revenue results:
§ Agriculture: $399 million, up 4 percent
§ Chemicals: $395 million, down 7 percent
§ Metals/Construction: $296 million, up 6 percent
§ Automotive: $237 million, down 5 percent
§ Paper/Forest: $177 million, down 5 percent
- Intermodal revenues increased to $583 million, a 4 percent gain compared with fourth-quarter 2015. Volumes increased 7 percent, with growth in domestic and international traffic offsetting the Triple Crown restructuring.
- Coal revenues declined 7 percent to $403 million compared with fourth-quarter 2015. Volume fell 4 percent with an increase in export coal softening the decline in the utility market.
- Railway operating expenses declined $147 million, or 8 percent, to $1.7 billion compared with same period last year due to targeted expense reductions and the absence of last year’s restructuring costs.
- Income from railway operations was $761 million, an increase of 19 percent compared with fourth-quarter 2015.
- The composite service metric, which measures train performance, terminal operations, and operating plan adherence, was 80 percent, a 200 basis point improvement compared with 78 percent in the same quarter last year.
- The railway operating ratio, or operating expenses as a percentage of revenues, was 69.4 percent, a 510 basis point improvement compared with 74.5 percent in the fourth quarter of 2015.
2016 SUMMARY
- Railway operating revenues were $9.9 billion, 6 percent lower compared with 2015. The decrease was driven by a 3 percent volume decline due to reductions in energy-related markets and the Triple Crown restructuring, as well as reduced fuel surcharges.
- General merchandise revenues were $6.2 billion, a 2 percent decrease compared with the prior year. Volume declined 2 percent, primarily due to reduced demand in energy markets, and fuel surcharges were lower.
- Intermodal revenues totaled $2.2 billion, 8 percent lower compared with 2015, reflecting the Triple Crown restructuring, as well as reduced fuel surcharges. International and domestic growth more than offset the volume decline from the Triple Crown restructuring.
- Coal revenues were $1.5 billion, down 18 percent year-over-year. Reduced utility volumes combined with a weak global export market lowered total volume by 16 percent.
- Railway operating expenses declined $813 million, or 11 percent, to $6.8 billion primarily due to targeted expense reduction initiatives, lower fuel expenses, the absence of last year’s restructuring cost, and service improvements.
- Income from railway operations was $3.1 billion, a 7 percent increase compared with the previous year.
- The composite service metric was 80 percent, an 800 basis point improvement compared with 72 percent last year.
- The operating ratio for the year was a record 68.9 percent, a 370 basis point improvement compared with 72.6 percent in the prior year.
For 2017, Norfolk Southern plans to invest $1.9 billion to maintain the safety of its rail network, enhance service, improve operational efficiency, and support growth opportunities, which is consistent with Norfolk Southern’s total capital investment of $1.9 billion in 2016.
About Norfolk Southern
Norfolk Southern Corporation (NYSE: NSC) is one of the nation’s premier transportation companies. Its Norfolk Southern Railway Company subsidiary operates approximately 20,000 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides efficient connections to other rail carriers. Norfolk Southern operates the most extensive intermodal network in the East and is a major transporter of coal, automotive, and industrial products.
Media Inquiries:
Frank Brown, 757-629-2710 (fsbrown@nscorp.com)
Investor Inquiries:
Katie Cook, 757-629-2861 (katie.cook@nscorp.com)
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Norfolk Southern names six to vice president responsibilities
Received via email
NORFOLK, Va., Jan. 24, 2017 – The board of directors of Norfolk Southern Corporation has named six people to new positions and duties, announced James A. Squires, chairman, president, and chief executive officer.
Effective Feb. 1:
· Thomas G. Werner is vice president corporate communications and chief sustainability officer, Norfolk.
· C.H. “Jake” Allison, Jr., is vice president and treasurer, Norfolk.
· Susan S. Stuart is vice president audit and compliance, Atlanta.
· Bruno Maestri is vice president government relations, Washington.
Effective Mar. 1:
· Jerry W. Hall is vice president mechanical, Atlanta.
· Karol R. Lawrence is vice president network and service management, Atlanta.
“Today’s appointments reflect the deep strength and versatility of the Norfolk Southern management team,” Squires said. “Our owners, customers, and communities can have every confidence that their interests always will be first and foremost with these experienced railroad leaders.”
Werner joined Norfolk Southern in 1999 as director IT program management. He served in positions of increasing responsibility in the information technology department before being named vice president information technology in 2007. He was named vice president and treasurer, his most recent position, in 2013. Werner holds degrees from Princeton and University of Pennsylvania.
Allison joined Norfolk Southern in 1993 as manager audits. He served in audit and compliance, sourcing, and accounting positions before being named vice president and controller in 2009. He was named vice president audit and compliance, his most recent position, in 2013. Allison holds a degree from Virginia Tech.
Stuart joined Norfolk Southern in 1985 as an information technology developer. She served in information technology and accounting positions before being named assistant vice president accounting operations, her most recent position, in 2008. Stuart holds degrees from the University of Virginia and Virginia Tech. In 2014, she completed the General Management Program at Harvard Business School.
Maestri joined NS in 1995 and served in positions relating to environmental management and protection, and then public affairs, before being named vice president government relations and corporate communications in 2005. He was named vice president government relations, corporate communications, and corporate sustainability officer, his most recent position, in 2015. Maestri holds degrees from the University of Virginia.
Hall joined Norfolk Southern in 1985 as a management trainee. He served in a wide range of transportation positions before being named vice president intermodal operations in 2013, and vice president network and service management, his most recent position, also in 2013. Hall holds a degree from the University of Alabama. In 2016, he completed the Advanced Management Program at Harvard Business School.
Lawrence joined Norfolk Southern in 2001 as director program management office. She served in planning and technology and strategic planning positions before being named assistant vice president information technology, her most recent position, in 2006. Lawrence holds degrees from Susquehanna University and Villanova University. In 2015, she completed the General Management Program at Harvard Business School.
Squires also announced the retirement of two Norfolk Southern executives.
· Donald D. Graab, vice president mechanical, Atlanta, retires after 39 years’ service.
· Frank S. Brown, assistant vice president corporate communications, Norfolk, retires after 38 years’ service.
“We thank Don and Frank for their contributions and dedication -- in the best Thoroughbred tradition -- to Norfolk Southern and those whom we serve,” Squires said.
About Norfolk Southern
Norfolk Southern Corporation (NYSE: NSC) is one of the nation’s premier transportation companies. Its Norfolk Southern Railway Company subsidiary operates approximately 20,000 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides efficient connections to other rail carriers. Norfolk Southern operates the most extensive intermodal network in the East and is a major transporter of coal, automotive, and industrial products.
Media Inquiries:
Frank Brown, 757-629-2710 (fsbrown@nscorp.com)
Investor Inquiries:
Katie Cook, 757-629-2861 (katie.cook@nscorp.com)
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Norfolk Southern raises quarterly dividend
Received via email
NORFOLK, Va., Jan. 24, 2017 – Norfolk Southern Corporation announced that its Board of Directors today voted to increase the regular quarterly dividend on the company’s common stock by 3 percent, or 2 cents per share, from 59 to 61 cents per share.
“The dividend increase reflects our board’s confidence in the company’s strategic plan and demonstrates our commitment to deliver long-term value for our shareholders,” said Norfolk Southern Chairman, President and CEO James A. Squires.
The increased dividend is payable on March 9 to stockholders of record on Feb. 3. Since its inception in 1982, Norfolk Southern has paid dividends on its common stock for 138 consecutive quarters.
About Norfolk Southern
Norfolk Southern Corporation (NYSE: NSC) is one of the nation’s premier transportation companies. Its Norfolk Southern Railway Company subsidiary operates approximately 20,000 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides efficient connections to other rail carriers. Norfolk Southern operates the most extensive intermodal network in the East and is a major transporter of coal, automotive, and industrial products.
Media Inquiries:
Frank Brown, 757-629-2710 (fsbrown@nscorp.com)
Investor Inquiries:
Katie Cook, 757-629-2861 (katie.cook@nscorp.com)
CSX Corporation Announces Fourth-Quarter and Full-Year 2016 Earnings
| January 17, 2017 |
| CSX Corporation Announces Fourth-Quarter and Full-Year 2016 Earnings Highlights:
JACKSONVILLE, Fla. – January 17, 2017 – CSX Corporation (Nasdaq: CSX) today announced fourth quarter 2016 net earnings of $458 million, or $0.49 per share, versus $466 million, or $0.48 per share, in the same period of last year. The fourth quarter of 2016 included an operating property sale and a debt refinancing charge, both of which were $0.08 per share and offset each other in the quarter. In addition, the fourth quarter included an extra accounting week resulting from the company’s 52/53 week fiscal reporting calendar, which benefitted earnings per share by $0.03 per share. Including the extra week, fourth quarter revenue increased 9 percent and expenses increased 2 percent. Operating income for the quarter was $1 billion, which included the $115 million gain from the property sale and the $62 million benefit from the extra week. For the full year 2016, the industry continued to face headwinds from low global commodity prices and strength of the U.S. dollar. In this environment, CSX generated $11.1 billion in revenue as volume declined 5 percent overall with a 21 percent decline in the company’s coal business. Even with these ongoing challenges, CSX delivered earnings per share of $1.81, operating income of $3.4 billion and an operating ratio of 69.4 percent. “In an environment where the company lost almost $470 million of coal revenue and experienced weakness across most of its markets, CSX delivered nearly $430 million of productivity savings in 2016, while improving customer service,” said Michael J. Ward, chairman and chief executive officer. “With business conditions gradually improving and the ongoing transformation into the CSX of Tomorrow, we will continue to deliver sustainable shareholder value.” The CSX of Tomorrow strategy drives profitable growth in its merchandise and intermodal markets as the company progresses towards a mid-60s operating ratio longer-term. CSX executives will conduct a quarterly earnings conference call with the investment community on January 18, 2017, from 8:30 a.m. to 9:30 a.m. Eastern time. Investors, media and the public may listen to the conference call by dialing 1-888-EARN-CSX (888-327-6279) and asking for the CSX earnings call. Callers outside the U.S., dial 1-773-756-0199. Participants should dial in 10 minutes prior to the call. In conjunction with the call, a live webcast will be accessible and presentation materials will be posted on the company's website at http://investors.csx.com. Following the earnings call, an internet replay of the presentation will be archived on the company website. This earnings announcement, as well as additional detailed financial information, is contained in the CSX Quarterly Financial Report available through the company’s website at http://investors.csx.com and on Form 8-K with the Securities and Exchange Commission. About CSX and its Disclosures CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products. For nearly 190 years, CSX has played a critical role in the nation's economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population resides. It also links more than 240 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike. This announcement, as well as additional financial information, is available on the company's website at http://investors.csx.com. CSX also uses social media channels to communicate information about the company. Although social media channels are not intended to be the primary method of disclosure for material information, it is possible that certain information CSX posts on social media could be deemed to be material. Therefore, we encourage investors, the media, and others interested in the company to review the information we post on Twitter (http://twitter.com/CSX) and on SlideShare (http://www.slideshare.net/HowTomorrowMoves). The social media channels used by CSX may be updated from time to time. More information about CSX Corporation and its subsidiaries is available at www.csx.com and on Facebook (http://www.facebook.com/OfficialCSX). Forward-looking Statements This information and other statements by the company may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and estimates of earnings, revenues, margins, volumes, rates, cost-savings, expenses, taxes, liquidity, capital expenditures, dividends, share repurchases or other financial items, statements of management's plans, strategies and objectives for future operations, and management's expectations as to future performance and operations and the time by which objectives will be achieved, statements concerning proposed new services, and statements regarding future economic, industry or market conditions or performance. Forward-looking statements are typically identified by words or phrases such as “will,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate,” “preliminary” and similar expressions. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statement. If the company updates any forward-looking statement, no inference should be drawn that the company will make additional updates with respect to that statement or any other forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated by any forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by any forward- looking statements include, among others; (i) the company's success in implementing its financial and operational initiatives; (ii) changes in domestic or international economic, political or business conditions, including those affecting the transportation industry (such as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent business risks associated with safety and security; (v) the outcome of claims and litigation involving or affecting the company; (vi) natural events such as severe weather conditions or pandemic health crises; and (vii) the inherent uncertainty associated with projecting economic and business conditions. Other important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the company's SEC reports, accessible on the SEC's website at www.sec.gov and the company's website at www.csx.com. Contacts: David Baggs, Investor Relations 904-359-4812 Lauren Rueger, Corporate Communications 904-366-4211 |
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