Norfolk Southern (NSC) shares soared Friday after the freight train♉ operator posted better-than-expected profit as it cut costs and benefited from an insurance payment related to a 2023 derailment🍬 in East Palestine, Ohio.

The railroad reported second-quarter adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $3.06, 19 cents above the average 澳洲幸运5官方开奖结果体彩网:estimate of analysts surveyed by Visible Alpha. Revenue rose 2% to $3.04 billion, in line with forecasts.

Merchandise shipping revenue advanced 4% to $1.9 billion, more than estimates. Intermodal shipping revenue was about flat at $742 million, while coal shipping revenue declined 3% to $398 million. Railway operating expenses ꦡfell 20% year-over-year, the company said, helped by lower fuel expense.

The news sent shares of Norfolk Southern about 10% higher on Friday, pulling them into♉ positive terꦅritory for the year.

The company recorded a $156 million insurance payment for the Ohio accident. That exceeded expenses related to the incident by $65 million. It also recorded a $22 million second-quarter expense in connection with a 澳洲幸运5官方开奖结果体彩网:proxy fight with 澳洲幸运5官方开奖结果体彩网:activist investor Ancora Alternatives, which tried and failed to oust the company's CEO and gain control of the board. However, three of Ancora's board candidates were elected at the May annual meeting.