Rail Giant Norfolk Southern Gives Horrible Q3 Warning

Business Insider

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Here's the whole press release:

NORFOLK, Va., Sept. 19, 2012 /PRNewswire/ -- Norfolk Southern Corporation (NSC) announced that third quarter 2012 earnings are expected to be in the range of $1.18 to $1.25 per diluted share, primarily due to volume declines in certain markets and lower revenues from fuel surcharges.

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.

Fuel surcharge revenues are anticipated to be approximately $80 million below the same period last year.  Third quarter 2011 fuel surcharge revenues included a favorable lag-effect of $52 million, whereas results for the current quarter are expected to be impacted by an unfavorable lag-effect in the range of $25 to $30 million.

Norfolk Southern will discuss its expected third quarter performance during the Citi Global Industrials Conference in Boston on Thursday, Sept. 20, at 11 a.m.  Interested investors can listen via simultaneous webcast at http://www.veracast.com/webcasts/citigroup/industrials2012/81205327.cfm, and the presentation will be posted at www.nscorp.com.  Norfolk Southern will report earnings and other results after market close on Tuesday, Oct. 23.

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