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April 16, 2020, 12:41 p.m. EDT

Norfolk Southern to record charge as it disposes of 300 locomotives, holds 400 others for sale

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By Tomi Kilgore

Norfolk Southern Corp. /zigman2/quotes/200877725/composite NSC -3.04% disclosed Thursday that it will record a first-quarter charge of $385 million, related to the disposal of about 300 locomotives and the designation of 400 others as held for sale. The charge will reduce earnings for the quarter by $1.11 a share. The company said the introduction of "precision scheduled railroading" in 2019 has resulted in excess capacity, leading to the sidelining of locomotives. The railroad operator is scheduled to report first-quarter results on April 29. The stock, which fell 2.2% in midday trading, has dropped 27.1% over the past three months, while the Dow Jones Transportation Average /zigman2/quotes/210598063/realtime DJT -2.65% has shed 30.8% and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -1.84% has declined 20.6%.

/zigman2/quotes/200877725/composite
US : U.S.: NYSE
$ 214.31
-6.72 -3.04%
Volume: 1.28M
Sept. 21, 2020 4:02p
P/E Ratio
26.70
Dividend Yield
1.75%
Market Cap
$54.67 billion
Rev. per Employee
N/A
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/zigman2/quotes/210598063/realtime
US : Dow Jones Indices
11,129.51
-302.41 -2.65%
Volume: 176.75M
Sept. 21, 2020 5:00p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,147.70
-509.72 -1.84%
Volume: 523.66M
Sept. 21, 2020 5:00p
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