Shares of Norfolk Southern ( NSC) fell 3% Wednesday after the railroad company posted fourth-quarter results that were below expectations.

The company earned $385 million, or 95 cents a share, on revenue of $2.32 billion. Analysts polled by Thomson Financial expected earnings of 96 cents a share and revenue of $2.39 billion.

During the year-earlier period, Norfolk Southern earned $362 million, or 87 cents a share, on revenue of $2.26 billion.

"We're clearly facing a softer economy, at least in terms of some of our important markets and the overall surface transportation marketplace, but our traffic volumes are still at levels close to our all-time highs, evidence that the railroad renaissance is still alive and well," said Chief Executive Wick Moorman in a press release.

Shares were trading down $1.71 to $52.02.

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