Ohio train derailment costs double to $803 million, Norfolk Southern says

📆 7/28/2023 12:00 AM
📰 CBSNews

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The costs associated with Norfolk Southern's fiery February derailment in Ohio have more than doubled to $803 million as the railroad works to clean up the mess and moves forward with all the related lawsuits.

But Norfolk Southern also expects to eventually recover some of those costs from its insurance and lawsuits against other companies involved in the derailment.

This photo taken with a drone on Feb. 4, 2023, shows portions of a Norfolk Southern freight train still on fire after it derailed on Feb. 3, in East Palestine, Ohio.Without the derailment costs, Norfolk Southern says it would have earned $2.95 per share in the quarter, still well below Wall Street expectations. The analysts surveyed by FactSet Research generally expected Norfolk Southern to report earnings per share of $3.11.

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