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  "documentTitle": "Norfolk Southern Corporation (NSC)",
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  "authorName": "Move NSC Forward",
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  "presentationDate": "2024-04-15 00:00:00",
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  "notes": "The chart shows a bridge from 61% to 56.7% (rounded to 57% in title) via two positive contributors.",
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      "text": "Network of the Future: Elimination of excess costs, improved service and retrained commercial employees will improve pricing, recapture merchandise and improve wallet share by winning business back from the highway. Increased volume on a lower fixed cost base will create Norfolk Southern's operating leverage, generating an additional 200+ bps of margin improvement (OR at or below 57%).",
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      "text": "The remaining $125M of EBIT comes from other headcount reductions.",
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      "text": "Attrition is expected to reduce train and engine headcount by 800 people within 36 months, based on conservative assumption of ~3% attrition per year (industry average is 7%). This is a $150M EBIT opportunity.",
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      "text": "Once the network is redesigned, rolling stock is efficiently placed, and asset utilization is improving, the benefits of attrition will increase EBIT by $275M.",
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