NORFOLK, Va. - Norfolk Southern Corp. says the weak economy contributed to a 27 per cent drop in profits as the company hauled less coal and other merchandise.
The railroad said Tuesday that 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, based in Norfolk, Va., said revenue fell nearly 7 per cent 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.