(The Associated Press circulated the following on October 29, 2009.)
KANSAS CITY, Mo. — Regional railroad operator Kansas City Southern says its third-quarter profits fell 47 percent as the economy continued to cut shipping volume.
Railroads have suffered as customers cut shipments as the economy sagged. Kansas City Southern said total carloads decreased 9 percent during the quarter.
But it says while revenue fell broadly versus a year ago, it rose from the second quarter, reflecting a gradually improving business environment.
Kansas City Southern said Thursday it earned $25.8 million, or 27 cents per share, down from $48.9 million, or 52 cents per share, a year ago. It says revenue declined 21 percent.
Analysts expected higher earnings of 24 cents per share.
Its shares tumbled 7.2 percent to $22.92 in morning trading.