Norfolk Southern books $150 million charge for Ohio incident, and stock drops after profit falls below forecasts

Shares of Norfolk Southern Corp.
NSC,
+0.33%
dropped 0.8% in premarket trading Friday, after the rail operator missed fourth-quarter profit that fell below forecasts. Net income came in at $527 million, or $2.32 a share, down from $790 million, or $3.42 a share, in the year-ago period. Excluding nonrecurring items, such as a $150 million charge associated with the train derailment in East Palestine, Ohio, adjusted earnings per share declined to $2.83 from $3.42 and was below the FactSet consensus of $2.87. Revenue slipped 5.1% to $3.07 billion, just shy of the FactSet consensus of $3.09 billion. The stock has run up 28.4% over the past three months through Thursday, while the Dow Jones Transportation Average
DJT,
+1.25%
has climbed 16.8% and the Dow Jones Industrial Average
DJIA,
+0.64%
has advanced 16.1%.