(The Associated Press circulated the following on April 23.)
NEW YORK — Shares of Norfolk Southern Corp. are falling in premarket trading Wednesday after the railroad operator reported a first-quarter profit that missed analyst expectations.
Norfolk Southern shares are off $1.44, or 2.4 percent, to $59.70.
The Norfolk, Va., company said late Tuesday it earned 76 cents per share in the first quarter, 2 cents off Wall Street estimates, according to a poll of analysts by Thomson Financial.
Lehman Brothers analyst Garrett Chase says in a research note that the results were below his estimates, but revenue was higher than he was expecting.
Chase predicts “solid” earnings through the year based on better pricing trends. The analyst maintained his “Equal Weight” rating and expects full-year earnings of $4.01 per share, in line with Wall Street estimates.