Norfolk Southern railroad to report 2Q earnings on Wednesday
Jul. 25, 2017
OMAHA, Neb. (AP) — Norfolk Southern railroad is scheduled to release its second-quarter earnings report Wednesday morning.
The Norfolk, Virginia-based railroad is the middle of a multiyear effort to reduce costs and improve profitability.
Norfolk Southern plans to cut another $100 million of costs this year after trimming $250 million in expenses last year. That's part of a long-term restructuring plan the railroad announced last year to eliminate $650 million in costs by 2020.
All the major railroads have faced weak coal demand for several years as utilities switch to natural gas because of low costs and environmental regulations.
The analysts surveyed by FactSet expected Norfolk Southern to report earnings per share of $1.65 on average.
Norfolk Southern Corp. operates about 20,000 miles of track in 22 states and the District of Columbia.