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Kansas City Southern (NYSE: KSU) announced its first quarter earnings results this afternoon, April 16, 2014.
Shares of the company are fairly neutral at $101.44 per share down $0.20 or 0.20 percent in after-hours trading.
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The company reported record revenues of $607 million, representing an increase of 10 percent over the first quarter of 2013.
Carload volumes were four percent higher than they were in the first quarter of 2013. The record revenue was primarily led by a 40 percent increase in Agriculture and Minerals due to an increase in grain volumes.
The company also reported operating income of $160 million. This figure excludes lease termination costs of 30 million. Operating income is 17 percent higher than what it was a year ago.
Kansas City Southern reported earnings per share of $0.85 and adjusted earnings per share of $1.05 for the first quarter of 2014. This represents an 18 percent increase over the first quarter of 2013.
Kansas City Southern's President and Chief Executive Officer David L. Starling stated:
• “We are pleased with how our company performed during the first quarter,”
• “All six commodity groups reported year-over-year revenue gains led by Agriculture & Minerals, which increased 40% over the prior year. Later in the first quarter, KCS also recorded higher than expected utility coal volumes and revenues as a result of higher natural gas prices, which made coal a more competitive option benefitting certain plants we serve.”
• “While it is still early in the second quarter, KCS business levels have improved in April. The indication that our core business appears to be gaining strength provides us with positive momentum towards achieving the 2014 goals we outlined to investors in January.”
The company also reported net income in the first quarter of 2014 at $94 million.
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