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Norfolk Southern first quarter profit falls 44% on charge, weak volume

Norfolk Southern said shipping volume declined 11% in the quarter as manufacturers in a variety of industries slowed production.

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.

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