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April 23, 2014 12:00 PM, EDT
Norfolk Southern’s First Quarter Profit Declines
Luke Sharrett/Bloomberg News

Norfolk Southern Corp. said its first-quarter profit declined and operating revenue dropped 2%.

Net income declined to $368 million, or $1.17 per share, from $450 million, or $1.30, a year ago. First-quarter revenue declined to $2.7 billion, the eastern U.S. freight railroad said.

Intermodal revenue rose 4% to $596 million, led by a 3% rise in traffic.

Income from railway operations declined 3% to $667 million, and shipment volume declined 1% in the first quarter.

“Following the extreme winter weather across the U.S. rail network which impacted first-quarter results, we are seeing a rebound in shipments across all of our business,” Norfolk Southern CEO Wick Moorman said in a statement.

First-quarter net earnings included a $60 million (19 cents per share) gain from a land sale, according to the company.