Economy

mahatmakanejeeves

(57,446 posts)

15. Railroads Decline on Norfolk Southern Warning

Fri Sep 21, 2012, 08:52 AM

Sep 2012

Railroads Decline on Norfolk Southern Warning

By Avi Salzman

Railroad stocks fell after hours following an announcement by Norfolk Southern (NSC) that it is lowering its earnings outlook because of weak coal and merchandise shipments and lower revenue from fuel surcharges.

NSC reduced its expectations for Q3 EPS to $1.18-$1.25, well below analysts’ expectations for $1.64.

“Decreased coal and merchandise shipments, offset in part by growth in intermodal volumes, are together expected to reduce revenues by approximately $120 million compared with third quarter 2011.”

Earlier on Wednesday, UBS analyst Kevin Crissey cut his ratings on railroad companies on continuing weak macro factors, particularly in coal.

Disclaimer: I own rail stocks.

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