NEW YORK (AP) — Railroad operator Norfolk Southern is forecasting disappointing first-quarter results, hurt by falling demand for coal.
Shares sank $5.87, 5.6 percent, to $99 in aftermarket trading.
The Norfolk, Virginia-based company says its net income will be $1 per share and revenue will drop 5 percent from a year ago, to $2.6 billion.
Analysts expected net income of $1.26 per share and $2.66 billion in revenue, according to FactSet.
Norfolk Southern Corp. says bad weather also hurt its business, but it expects that to improve in the current quarter.
Weak coal volumes, however, will continue to hurt its sales. The company reported $11.6 billion in revenue in 2014 and it expects less revenue this year.