Norfolk Southern Profit Dips on Falling Freight Volume

Norfolk Southern Corp, the No. 4 U.S. railroad, on Wednesday reported a higher quarterly net profit, citing a 7 percent drop in freight volumes led by a precipitous decline in coal.

The Norfolk, Virginia-based company posted second-quarter net income of $405 million or $1.36 per share, down more than 6 percent from $433 million or $1.41 per share a year earlier.

Analysts had on average expected earnings per share of $1.35.

Reporting By Nick Carey