NORFOLK, Va. — Author's note: the above video is from December, 2018.
Norfolk Southern’s first-quarter profit fell 44% because of a one-time charge related to locomotive sales and weak shipping volume driven by the coronavirus outbreak.
The railroad said it earned $381 million, or $1.47 per share, during the quarter, but those results were weighed down by a one-time charge of $385 million, or $1.11 per share.
That’s down from $677 million, or $2.51 per share, a year ago.
Without the one-time charge, the results beat Wall Street expectations.
Norfolk Southern said shipping volume declined 11% in the quarter as manufacturers in a variety of industries slowed production but volume is down 30% in the second quarter.