KANSAS CITY — Kansas City Southern (KCS) reported first quarter 2011 revenues of $489 million, a 12 percent increase compared to the corresponding 2010 period. Overall, carload volumes were 7 percent higher than in first quarter 2010.
The improvement in revenue was led by Automotive with a 43 percent increase in first quarter 2011 as compared to the same period a year ago. Intermodal revenues also showed strength increasing 27 percent over the same time period. Other revenue improvements were 19 percent for Industrial and Consumer Products; 9 percent for Coal; and 8 percent for Chemical and Petroleum.
Agriculture and Minerals reported a decline of 1 percent, attributable to a decline in cross border traffic into Mexico as availability of crops from a strong Mexican harvest has been sufficient to meet the local demand.
Operating expenses for the first quarter of $361 million were $33 million higher than the corresponding 2010 period, primarily due to a 31 percent increase in fuel. Operating income for the first quarter of 2011 was $128 million, which was 18% higher than 2010. KCS’s record first quarter operating ratio of 73.8 percent compared favorably with the 75.2 percent operating ratio reported for the corresponding 2010 period.
Net income available to common stockholders in the first quarter totaled $63 million, or $0.58 per diluted share, compared to $33 million, or $0.34 per diluted share in first quarter 2010.
