Norfolk Southern railroad's 1Q profit drops 18 percent as severe weather slows shipments
OMAHA, Neb. (AP) -- Norfolk Southern Corp.'s first-quarter profit fell 18 percent as severe winter weather slowed shipments and the railroad delivered 1 percent less freight overall.
The Norfolk, Virginia, based railroad said Wednesday it earned $368 million, or $1.17 per share, during the January-March period. That's down from $450 million, or $1.41 per share, a year ago.
Last year's results were helped by a one-time $60 million real estate gain that boosted profits by 19 cents per share.
Analysts surveyed by FactSet expected earnings per share of $1.15 for the latest quarter.
Norfolk Southern says revenue declined 2 percent to $2.69 billion. Analysts expected $2.739 billion.
Declines in automotive, construction and forest product shipments offset increases in crude oil and liquefied petroleum gas shipments.
Norfolk Southern shares fell 92 cents to $96 in premarket trading.