Eastern freight railroads Norfolk Southern Corp. and CSX Corp. each reported lower fourth-quarter profits from a year ago.
Norfolk Southern’s net income fell to $413 million, or $1.30 a share, from $480 million, or $1.42, a year ago.
Revenue declined 4% to $2.7 billion, while intermodal revenue rose 5% to $584 million. Coal revenue fell 23% to $657 million from a year prior.
CSX’s net earnings slipped to $443 million, or 43 cents per share, from $457 million, or 43 cents, a year earlier. Revenue fell 2% to $2.9 billion, CSX said.