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 June 30.
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 $111.4 million.
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 . (Reuters)