The company had previously said it has about $1.1 billion in coverage, although how much will be paid by insurers has yet to be determined. The cost does not assume any recovery from insurance. The money spent so far comes to $55 million, according to CFO Mark George. The $387 million is an estimate on both money spent so far as well as future costs. But neither he nor the railroad’s financial report gave details about the continuing costs of that slowdown, and whether or not that is included in the $387 million cost estimate. The track is on a major route for the railroad, carrying freight between Chicago and the eastern United States. One month later, people living near a toxic train derailment wonder if their lives will ever be back on track The double track should be restored in early June.Įmpty railroad tracks stand at the CSX Oak Point Yard, a freight railroad yard on Octoin the Bronx borough of New York City. Shaw said the remediation under one of the tracks was completed last week, and it is starting now under the other track. It continues to run trains at slower than normal speeds over the affected tracks. When it removed the double track at the site in order to get rid of the contaminated soil, it replace that with one temporary track. Shaw said the continued effort to clean the derailment site is still impacting the railroad’s operations. We are going to learn from this accident to become an even safer company.” “We are a safe railroad,” he told analysts.
GREED CORP ANDROID SERIES
He said despite that incident and a series of other derailments by its trains in the quarter, derailments were actually down compared to the first quarter of 2022. On a quarterly earnings call Wednesday, CEO Alan Shaw repeated earlier statements that the railroad intends to make things right for East Palestine and nearby communities affected by the derailment. But that is a fraction of the money it continues to make.
The railroad said it has already committed $30.9 million in compensation and other support to the community. Revenue at the railroad was up 7% to $3.1 billion.Ī derailment on February 3 caused evacuations and massive clean-up efforts in East Palestine. Net income would have improved to $759 million. Without the charge for the derailment, the railroad said income from rail operations would have totaled $1.1 billion in the quarter, comparable to a year ago. The Atlanta-based company reported it earned $466 million last quarter, down from the $703 million it earned in the same quarter a year earlier. That dragged profit lower by about a third. Norfolk Southern said a February derailment that released massive amounts of toxic chemicals in East Palestine, Ohio, cost the railroad $387 million.
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