Norfolk Southern's earnings offer railroad chance to defend its strategy ahead of board vote

Norfolk Southern's first-quarter earnings report Wednesday gave the railroad the opportunity to publicly defend CEO Alan Shaw's strategy again before investors decide on May 9 whether to back him. Since the railroad already preannounced its disappointing results, there were no surprises. Earlier this month it disclosed a $600 million settlement over the disastrous February 2023 Ohio derailment. Norfolk Southern confirmed the $53 million it earned in the first quarter. Without the settlement and other one-time costs the railroad said it would have made $2.39 per share, short of Street estimates of $2.60 per share. Shareholders vote next month on a slate of directors nominated by Ancora Holdings. Those investors want to replace management and overhaul the way the railroad runs.