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Norfolk Southern Corp. reported a 23% drop in second-quarter profit and said declining revenue from coal, crude oil and fuel surcharges will pressure results for the rest of the year.
The railroad’s coal shipments continued to be hurt by lower natural gas prices, the strong dollar and global surplus. Crude oil volumes fell as prices have fallen.
Norfolk Southern isn’t the only railroad operator to sustain blows from the energy sector.CSX Corp. and Union Pacific Corp. reported declines in second-quarter revenue of 5.6% and 9.7%, respectively.
James Squires, who became the railroad operator’s chief executive in June, told analysts he aims to increase both volume and pricing, improve service and boost the railroad’s return on capital by tying its capital spending more closely to revenue growth.
In the company’s earnings call on Monday, officials said this year’s 2015 capital budget has been trimmed by 5%, or $130 million.
This article first appeared on www.wsj.com
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