(Adds details, analysts estimates)
July 18 Railroad operator Kansas City Southern
reported higher-than-expected quarterly revenue as it
shipped more agriculture products and automobiles.
Revenue from grain shipments rose 33 percent while it
increased 25 percent in automotive in the second quarter ended
Kansas City Southern operates on a unique, north-south route
in central U.S. and derives half of its annual revenue from
cross-border business with Mexico.
Exports from the United States to Mexico rose 6 percent in
the first five months of 2014 while imports increased 3 percent,
according to latest data. (1.usa.gov/1lb5FeA)
Intermodal shipments rose 14 percent, helped by an improving
economy and customers seeking multiple modes of transportation
network to enhance their market reach.
The company recorded a 5 percent drop in revenue from energy
shipments, hurt by a decline in utility coal shipments.
Net income available to common stockholders jumped to $129.8
million, or $1.18 per share, in the second quarter ended June
30, from $15.4 million, or 14 cents per share, a year earlier.
Excluding items, the company earned $1.21 per share.
The year-ago quarter included debt retirement costs of
Total revenue rose 12 percent to $649.7 million.
Analysts on average had expected earnings of $1.17 per share
on revenue $645.1 million, according to Thomson Reuters I/B/E/S.
The company's shares have dropped 3.08 percent in the past
year, lagging a 22.88 percent rise in the S&P railroads index
(Reporting by Ankit Ajmera in Bangalore; Editing by Maju Samuel
and Sriraj Kalluvila)