(The Associated Press circulated the following on March 10, 2010.)
NEW YORK — Railroad operator Kansas City Southern said Wednesday it expects first-quarter sales to grow by more than 20 percent compared with the same period a year ago.
In the first quarter of 2009, revenue fell 23 percent to $346 million. A 20 percent jump would imply revenue of $415.2 million, well above the $384 million average estimate of analysts polled by Thomson Reuters.
Speaking at the JPMorgan Aviation, Transportation and Defense Conference, Executive Vice President and Chief Financial Officer Michael W. Upchurch said shipping volume is up 13 percent through the first eight weeks of this year. Volumes during the week of March 1 through March 7 were the highest since May 2008, Upchurch said.
Shares rose 10 cents to close at $35.99.