NORFOLK (dpa-AFX) - Norfolk Southern Corp. (NSC) reported third-quarter net income of $402 million, or $1.24 per share, down from $554 million, or $1.59 per share, in the third quarter of 2011. Analysts polled by Thomson Reuters expected the company to report earnings of $1.23 per share for the quarter. Analysts' estimates typically exclude special items.
'Third-quarter results reflect weak market conditions, which resulted in declines in our coal and merchandise shipments,' said Norfolk Southern CEO Wick Moorman.
Total railway operating revenues for the quarter declined to $2.693 billion from $2.889 billion in the year ago quarter. Twenty one analysts had consensus revenue estimate of $2.71 billion for the quarter.
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