(The Associated Press circulated the following article on April 4.)
NORFOLK, Va. — Norfolk Southern Corp. warned Wednesday first-quarter earnings per share will likely fall about 3 percent as the railroad operator hauled fewer goods and booked lower gains on property sales.
First-quarter volumes slipped 4 percent from a year ago, due to declining demand from the automotive and housing industries as both sectors suffered a downturn.
The railroad also faced more extreme winter conditions in the recent quarter compared with relatively mild weather in 2006, Norfolk said, which slowed operations and increased costs.
The company does not provide specific financial guidance. A year ago, Norfolk earned 72 cents per share. Analysts expect quarterly earnings of 75 cents on sales of $2.34 billion.
Shares of Norfolk Southern fell $1.59, or 3.1 percent, to $49.47 in aftermarket electronic trading, after closing earlier up 23 cents at $51.06 on the New York Stock Exchange.