Kansas City Southern said it has settled insurance claim for damages from Hurricane Alex for $66 million and will record a gain in the third quarter.

The company sees a $19.8 million pre-tax gain for the quarter ending September.

The total impact of the hurricane to the U.S. railroad will be a loss of about 5 cents a share, it said.

Kansas City Southern's Mexican unit suffered damages from the hurricane that hit central Mexico in June 2010. The primary cross-border rail corridor between the U.S. and Mexico was closed because of this.

Separately, the company also said it has secured a $500 million credit agreement. (Reuters)