(The Associated Press circulated the following on February 3, 2009).
KANSAS CITY, Mo. — Kansas City Southern said Tuesday its fourth-quarter profit dropped 27 percent, hurt by a stronger U.S. dollar and declining volumes.
The railroad operator reported earnings available to common shareholders fell to $36.4 million, or 40 cents per share, compared with $49.9 million, or 56 cents per share, a year earlier.
Revenue dipped 8 percent to $423.8 million from $460.3 million for the period ended Dec. 31.
Kansas City Southern blamed the revenue drop-off on declining volumes due to current economic volatility in the U.S. and Mexico.
Analysts polled by Thomson Reuters forecast earnings of 32 cents per share on revenue of $437.7 million. Analysts’ estimates typically exclude one-time items.
For the year, net income available to common stockholders rose 26 percent to $168.7 million, or $1.86 per share, compared with $134 million, or $1.57 per share, in the previous year.
Annual revenue improved to $1.85 billion from $1.74 billion.