Shares of railway operator Norfolk Southern Corp. fell 3.6% in after-hours trade Monday, after the company warned that first-quarter profit and revenue would lag estimates. The company said it now expects per-share earnings of $1.00, down 15% from the year-earlier period and below the FactSet consensus of $1.26. Revenue is expected at $2.6 billion, down 5% from a year ago and below the FactSet consensus of $2.67 billion. "Revenue decreases reflect reductions in fuel surcharge revenue in each of NS' three commodity groups, continued reductions in coal volumes, and a lower average revenue per unit related to the mix of business," the company said in a statement. It said lower fuel costs helped overall costs, but were not enough to offset the effect of weather and service recovery costs. The company is expecting volumes to rebound in the second quarter, apart from for coal. It expects its performance to recover and pick up in the second half. Shares are down 4.3% in the year so far, while the S&P 500 has gained 1.6%.
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