Norfolk Southern Corporation announced Wednesday its first quarter 2023 financial results. For the quarter, income from railway operations was $711 million, and diluted earnings per share were $2.04 – down by 34% and 30%, respectively, compared to the first quarter 2022. These results include an initial $387 million charge associated with the incident in Eastern Ohio and do not reflect any amounts potentially recoverable under the company's insurance policies, which would be reflected in future periods in which recovery is considered probable.

Adjusting for the effects of the incident charge, first quarter results included adjusted income from railway operations of $1.1 billion and adjusted diluted earnings per share of $3.32 – improvements of 1% and 13%, respectively, compared to first quarter 2022.

"From the beginning, we have been guided by one principle: We are going to do whatever it takes to make it right for East Palestine and the surrounding areas," said Norfolk Southern President and Chief Executive Officer Alan H. Shaw. "We are making progress every day and I'm proud of our people. Our response reflects our strategy of focusing on long-term priorities and value."

First Quarter Summary

Railway operating revenues of $3.1 billion, up 7%, or $217 million, compared to first quarter 2022.

Income from railway operations in the first quarter 2023 was $711 million including a $387 million charge associated with the Eastern Ohio Incident, a 34% decline compared to $1.1 billion in the first quarter of 2022.
Adjusting for the Eastern Ohio Incident, income from railway operations was $1.1 billion, up $13 million or 1% compared to first quarter 2022.

Diluted earnings per share were $2.04 in the first quarter 2023, a decline of 30% compared to first quarter 2022.
Adjusting for the Eastern Ohio Incident, diluted earnings per share were $3.32, up 13%, or $0.39 compared to the first quarter 2022.