OMAHA, Neb. (AP) — Norfolk Southern’s third-quarter profit fell more than 13% as the railroad delivered fewer shipments and the results were weighed down by a one-time charge.
The railroad said Wednesday that it earned $569 million, or $2.22 per share. But excluding a one-time $99 million asset impairment charge, the railroad earned $2.51 per share.
The railroad’s results beat Wall Street expectations. Norfolk Southern said its revenue declined 12% to $2.51 billion as it hauled 7% less freight.
The lower volume hurt earnings, but it represents a significant improvement from the second quarter when volume was down 26% at the height of the virus-related shutdowns.