The White House National Security Council on Friday denied the United States was involved in a bungled incursion into Venezuela this week, allegedly to overthrow President Nicolas Maduro, adding if it had been, it would have been "overt, direct & effective." …
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The White House National Security Council on Friday denied the United States was involved in a bungled incursion into Venezuela this week, allegedly to overthrow President Nicolas Maduro, adding if it had been, it would have been "overt, direct & effective."
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.
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.
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").
Q1 2020 Norfolk Southern Corp Earnings Call
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.
Acting DNI Richard Grenell has “started the declassification” process of transcripts and reports documenting Michael Flynn’s conversations with the Russian ambassador.
HII earnings call for the period ending March 31, 2020.
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 […]
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%.
March's fatality rates jump by 14% even though people are driving less due to virus restrictions.
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.
Norfolk Southern (NSC) delivered earnings and revenue surprises of 17.81% and 2.62%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
With businesses beginning to reopen, the National Safety Council (NSC) has tips for doing it right.
The book has already been the subject of letters back and forth from Bolton’s lawyer and NSC lawyers.
Norfolk Southern Corporation (NYSE: NSC) named Barbara Paul its vice president human resources, effective May 1, 2020.
Norfolk Southern makes the list Continue reading...
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Norfolk Southern’s Intermodal Freight segment, which refers to the shipment of containers that can be moved from one form of transport to another, has seen revenues grow from $2.5 billion in 2017 to $2.8 billion in 2019. Why is this important? Norfolk Souther…
Norfolk Southern (NYSE:NSC) has had a rough three months with its share price down 22%. However, stock prices are...
Norfolk Southern (NSC) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
The Kolkata Municipal Corporation pinned the blame on Calcutta Electric Supply Corporation, which provides power to residents of Kolkata and Howrah, for not being able to restore power supply.
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.
Although Norfolk Southern's (NSC) Q1 earnings improved year over year, low volumes owing to the coronavirus pandemic and other factors weighed on revenues.
Norfolk Southern Corporation (NYSE: NSC) today announced organizational changes within its Finance Division.
NSC earnings call for the period ending March 31, 2020.
NSC earnings call for the period ending March 31, 2020.
Rumors suggest that the contract for America’s next guided-missile frigates--replacements of the troubled Littoral Combat Ship--will be awarded as early as this afternoon. The two original Littoral Combat Ship builders are the likely winners. Here's why:
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.
Lower freight volumes stemming from the COVID-19 pandemic are likely to get reflected in Norfolk Southern's (NSC) first-quarter 2020 results
Juventus stalwart Giorgio Chiellini has claimed 'best in the world' Sergio Ramos' tackle on Liverpool's Mohamed Salah was a 'masterstroke'.
Norfolk Southern Corporation (NYSE: NSC) today announced a regular quarterly dividend of 94 cents per share on its common stock. The dividend is payable June 10 to shareholders of record on May 8.
The first flight from Kolkata would leave for Guhawati at 6.05 a.m., the sources said
VIAV earnings call for the period ending March 31, 2020.