Norfolk Southern’s 3Q Profit Drops 41%

Norfolk Southern Corp. reported that its third-quarter profit fell 41% from a year ago.

The railroad earned $303 million, or 81 cents per share, compared with $520 million, or $1.37 per share, a year earlier.

NS said that it is optimistic that the country is beginning an economic recovery, but still cautious. It thinks that the economy hit bottom in the second quarter, the Associated Press reported.

Revenue dropped 29% to $2.06 billion from $2.89 billion, as shipping volume fell 20%.

Intermodal revenue fell 31% from a year ago to $389 million. General merchandise revenue fell 24% to $1.1 billion.