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On a quarterly earnings call Wednesday, CEO Alan Shaw repeated earlier statements that the railroad intends to make things right for East Palestine and nearby communities affected by the derailment. He said despite that incident and a series ofother derailmentsby its trains in the quarter, derailments were actually down compared to the first quarter of 2022.
“We are a safe railroad,” he told analysts. “We strive to do better. We are going to learn from this accident to become an even safer company.”
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One month later, people living near a toxic train derailment wonder if their lives will ever be back on track
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Top Indian Stocks for Trading Exclusive Investor Stock Picks ✌️【Value Investing】✌️ Free real-time stock market data, professional analysis, and expert insights to help you plan the best investment strategy. Get ahead of the competition with expert predictions on market trends. The $387 million is an estimate on both money spent so far as well as future costs. The money spent so far comes to $55 million, according to CFO Mark George. The cost does not assume any recovery from insurance. The company had previously said it has about$1.1 billion in coverage, although how much will be paid by insurers has yet to be determined.
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During aSenate hearing in Marchon the derailment, Sen. Jeff Merkley of Oregon asked Shaw, “Will you pledge to no more stock buybacks until a raft of safety measures have been completed to reduce the risk of derailments and crashes in the future?”
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Top Indian Stocks for Trading Exclusive Investor Stock Picks ✌️【Value Investing】✌️ Free stock market analysis and data updates to help you select the best investment portfolio. Achieve steady growth and avoid losses with expert predictions and real-time market insights. Shares of Norfolk closed down 3% Wednesday. They are now down about 20% since just before the derailment. Shares of two other major railroads, Union Pacific(UNP)and CSX(CSX), are also both still lower from before the derailment on concerns aboutlegislation that would impose tougher regulationon freight railroads.
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