KANSAS CITY, Mo. — Kansas City Southern reported first quarter 2010 revenues of $436.3 million, a 26% increase compared to the corresponding 2009 period.
Double digit revenue improvements were experienced in each of the reported commodity groups led by Automotive with 76 percent improvement in revenues from a year ago. The other revenue improvements were 39 percent for Intermodal, 28 percent for Agriculture & Minerals, 25 percent for Chemical & Petroleum, 25 percent for Coal, and 22 percent for Industrial & Consumer Products. Overall, volumes improved 15 percent from a year ago and 2 percent from fourth quarter 2009.
Operating income for the first quarter was more than double last year’s level at $108.2 million compared with $47.6 million last year, a 127 percent increase. The first quarter 2010 operating ratio was 75.2 percent compared with 86.2 percent a year ago. Operating expenses for the first quarter 2010 were $328.1 million.
Net income available to common shareholders in the first quarter totaled $32.6 million, or $0.34 per diluted share, compared to a loss of $8.1 million, or $(0.09) per diluted share in first quarter 2009. First quarter 2010 results include a $0.10 reduction per share from debt retirement costs and a $0.04 reduction per share in first quarter 2009. Excluding these debt retirement charges from each quarter, adjusted diluted earnings per share was $0.44 in first quarter 2010 compared to $(0.05) in first quarter 2009.