U.S. rail stocks slipped in the extended session Monday after Norfolk Southern Corp. NSC warned that lighter shipments of coal will result in a disappointing first quarter.
The Norfolk, Virginia-based company changed hands recently at $99.08, off 5.5 percent. Full results for the first quarter are expected April 29.
The company said first-quarter earnings will fall 15 percent from a year earlier to $1 a share while revenue will be off 5 percent. Wall Street expected earnings of $1.26 a share.
Reduced fuel surcharges as well as lower coal volumes, and a lower average revenue per unit related to the mix of business hurt revenue.
Following the weather-related challenges of the first quarter, volumes are expected to rebound in the second quarter, with the exception of coal, the company said.
In Monday's extended session, CSX Corporation CSX declined 2.9 percent to $32.11 recently. The company is slated to post results Wednesday.
Union Pacific Corporation UNP dropped 1.7 percent to $106.80 and is expected to report quarterly earnings April 23.
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