(The Associated Press circulated the following on April 30, 2009.)
KANSAS CITY, Mo. — Railroad operator Kansas City Southern on Thursday posted a loss, driven by $11 million in nonrecurring charges, a 15 percent decline in sales volumes and a decline in fuel surcharge revenue.
The Kansas City-based company reported a loss of $7.5 million, or 8 cents per share, compared with earnings of $32.9 million, or 39 cents per share, during the same period last year.
Results include a charge of $5.9 million, or 4 cents per share, related to debt retirement costs, and a charge of $5.1 million, or 4 cents per share, related to a foreign exchange loss associated with the weakened Mexican peso.
In a survey by Thomson Reuters analysts predicted an average profit of 6 cents per share. Analysts typically exclude nonrecurring items.
Revenue dropped 23 percent to $346 million, down from $450.6 million in the prior-year period. Analysts forecast a revenue of $377.4 million, on average.
Of the company’s five lines of business, only one – coal – posted higher volume and revenue during the quarter, Kansas City Southern said.
Shares of the company rose 25 cents to $15 in afternoon trading.