Norfolk Southern’s 1Q Profit Drops 39%

Norfolk Southern Corp. said its first-quarter profit fell 39% from a year ago on lower shipping demand.

The Eastern freight railroad earned $177  million, or 47 cents per share, down from $291 million, or 76 cents, a year earlier.

Revenue fell 22% to $1.94 billion, NS said late Tuesday.

Intermodal revenue fell 25% to $366 million, general merchandise revenue fell 28% to $975 million from a year ago.