Norfolk Southern Profit Drops 45%

Norfolk Southern Corp. reported that their second-quarter profit fell 45% from a year ago.

The railroad earned $247 million, or 66 cents per share, compared with $453 million, or $1.18 per share, a year earlier. Cost-cutting measures did little to offset the large drop in shipping demand, the company said late Tuesday.

Revenue dropped 33% to $1.86 billion from $2.77 billion.

Intermodal revenue fell 30.8% from a year ago to $368 million. General merchandise revenue fell 32.9% to $978 million.