Norfolk Southern Q3 profit down sharply after Eastern Ohio derailment charge

Norfolk Southern Corp.
NSC,
-0.34%
on Wednesday posted net income of $756 million, or $2.10 a share, for the third quarter, down from $1.3 billion a year ago. EPS was down 49% from a year ago, the company said in a statement. Adjusted for the effects of the derailment in Eastern Ohio in February, EPS came to $2.65, below the $2.69 FactSet consensus. The railroad operator booked a $163 million charge for the derailment and received an initial insurance recovery of $25 million. Revenue fell 11% to $3.0 billion in the quarter, just ahead of the $2.9 billion FactSet consensus. The stock has fallen 20.4% in the year to date, while the S&P 500
SPX,
+0.73%
has gained 10.6%.