(The Associated Press circulated the following article on October 28.)
KANSAS CITY — Railroad operator Kansas City Southern said Thursday that third-quarter profit more than doubled, driven by higher revenue from hauling of wood products.
Quarterly earnings rose to $11.1 million, or 14 cents per share, from $4.3 million, or 2 cents per share. The results matched estimates from analysts surveyed by Thomson First Call.
Revenue rose 12 percent to $163.2 million from $146.3 million during the same period last year. The company said sales from the transport of paper and forest product rose 23 percent, while the agriculture and minerals business posted a 13 percent sales increase. Sales at the company’s Mexican affiliate, Grupo Transportacion Ferroviaria Mexicana S.A. de C.V., also rose. Kansas City Southern’s acquisition of Grupo is not yet complete, but the company said the deal moved forward during the quarter.
Shares were down 32 cents, or 1.9 percent, at $16.61 in afternoon trading on the New York Stock Exchange.