U.S. railroad operator Norfolk Southern's (NSC.N) third-quarter profit slumped 41% on Wednesday as the company took another hefty charge related to the Eastern Ohio freight train derailment.
A Norfolk Southern train rests near the University of North Carolina's energy generation plant after it delivered coal to the facility in Chapel Hill, North Carolina, U.S., August 11, 2022. REUTERS/Jonathan Drake/File Photothird-quarter profit slumped 41% on Wednesday as the company took another hefty charge related to the Eastern Ohio freight train derailment.
The company took a $163 million hit in the quarter following a $416 million charge on its quarterly statement in the second quarter and a $387 million charge in the first. Norfolk reported quarterly income from railway operations of$756 million, including the derailment charge, compared to $1.3 billion earned last year.
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Norfolk Southern Q3 profit down sharply after Eastern Ohio derailment chargeCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
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