Norfolk Southern profit falls 27 pct.
Notice: Undefined variable: article_ad_placement3 in /usr/web/cs-washington.ogdennews.com/wp-content/themes/News_Core_2023_WashCluster/single.php on line 128
NORFOLK, Va. (AP) – Norfolk Southern Corp. said the weak economy contributed to a 27 percent drop in profits as the company hauled less coal and other merchandise.The railroad said Tuesday it earned $402 million, or $1.24 per share, in the third quarter. That’s down from $554 million, or $1.59 per share, Norfolk Southern reported last year but in line with the revised forecast officials offered last month.The company, said revenue fell nearly 7 percent to $2.7 billion.Analysts expected earnings of $1.25 per share and $2.73 billion in revenue, according to FactSet. Many analysts lowered their forecasts after the railroad said Sept. 19 that it expected earnings of between $1.18 and $1.25 per share for the quarter because of the revenue drop.