Norfolk Southern Corp.'s fourth-quarter profit fell 14 percent because coal shipment revenues dropped 23 percent. But the railroad's results still beat Wall Street expectations.
The Norfolk, Va., based railroad said Tuesday that its quarterly profit declined to $413 million, or $1.30 per share, at the end of 2012. That's down from $480 million, or $1.42 per share, a year earlier.
Its quarterly revenue dipped to $2.68 billion from the previous year's $2.8 billion.
According to FactSet, analysts had expected Norfolk Southern to post earnings of $1.19 per share on $2.67 billion in revenue.
Norfolk Southern CEO Wick Moorman says increases in shipments of chemical, automotive and housing-related materials helped partially offset the coal decline.
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