NS 1Q21: ‘Strong Performance’ Despite Disruptions (Updated, Cowen)
NS 1Q21: ‘Strong Performance’ Despite Disruptions (Updated, Cowen) Written by Marybeth Luczak, Executive Editor
“Our first-quarter results demonstrate our team’s ability to deliver strong performance in the face of significant supply chain disruptions,” said NS Chairman, President and CEO James A. Squires.
“Our steadfast commitment to improving productivity and executing our Precision Scheduled Railroading strategy has propelled us to another record operating ratio performance, while we grew revenues and earnings in the quarter,” Norfolk Southern (NS) Chairman, President and CEO James A. Squires said April 28 during a 2021 earnings announcement.
The railroad reported net income of $673 million, diluted earnings per share of $2.66, and an operating ratio of 61.5%.
CN to discuss merger with KCS, sends STB over 400 support letters freightwaves.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from freightwaves.com Daily Mail and Mail on Sunday newspapers.
As soon as the STB issued its decision granting Kansas City Southern a waiver from prevailing merger rules established about 20 years ago, KCS following the terms of its existing merger agreement with Canadian Pacific said it would now consider CN’s counter-offer.
KCS reported April 24 that its Board of Directors has determined that the unsolicited merger proposal it received from CN on April 20 might end up “superior” to the KCS-Canadian Pacific (CP) merger agreement announced March 21. KCS now intends to engage in discussions with CN. Both CP and CN have responded, each with language used before, reiterating points that have been expressed several times within the past week.
CN Looks Forward to Engaging With Kansas City Southern to Finalize Definitive Merger Agreement
April 24, 2021 16:20 ET | Source: Canadian National Railway Canadian National Railway Montreal, Quebec, CANADA
Welcomes determination by KCS board of directors that CN’s offer is reasonably expected to lead to “Company Superior Proposal”
MONTREAL, April 24, 2021 (GLOBE NEWSWIRE) CN (TSX: CNR, NYSE: CNI) today announced that it looks forward to engaging with the board of directors of Kansas City Southern (NYSE: KSU) (“KCS”) to complete confirmatory due diligence and finalize a definitive merger agreement to combine the companies and create the premier railway for the 21
st century.