Norfolk Southern Profit Falls on Lower Demand

U.S. railroad Norfolk Southern Corp reported an 18 percent fall in quarterly profit as coal shipments dropped.

The company's net income fell to $368 million, or $1.17 per share, in the first quarter ended March 31, from $450 million, or $1.41 per share, a year earlier.

Net income in the prior-year quarter included a $60 million gain from a land sale.

Railway operating revenue dropped 1.8 percent to $2.69 billion. Revenue from coal shipments fell 15 percent.

Reporting by Sagarika Jaisinghani in Bangalore