2025 MOW Spending Report: Passenger-rail programs
Gardner steps down as Amtrak CEO
Guest comment: Oliver Wyman’s David Hunt
Women of Influence in Rail eBook
Newsletter Sign Up
Stay updated on news, articles and information for the rail industry
Stay updated on news, articles and information for the rail industry
railPrime
RAIL EMPLOYMENT & NOTICES
Rail News Home
Kansas City Southern
Rail News: Kansas City Southern
10/29/2003
Rail News: Kansas City Southern
KCS earns less quarterly, year-to-date net income, but operating income and revenue rise
advertisement
On Oct. 29, Kansas City Southern reported third-quarter net income of $4.3 million, a nearly 60 percent decline compared with $10.6 million during the same 2002 period.
However, quarterly revenue rose 5 percent to $146.3 million, operating income more than doubled to $14.9 million, operating expenses dropped 2 percent to $115.2 million and the railroad's operating ratio improved 7.8 points to 87.5 compared with third-quarter 2002.
"We are also cautiously optimistic that KCSR's 5 percent revenue growth during the quarter is indicative of a strengthening economy and that it can continue to experience top line growth, especially in 2004," said KCS Chairman, President and Chief Executive Officer Mike Haverty in a prepared statement. "A combination of revenue growth and stringent cost controls resulted in KCSR operating income more than doubling over the previous year's quarter, an acceptable achievement given a 25 percent increase in fuel costs, and continued high natural-gas prices that affected plastics commodity group shipments."
During the year's first nine months, KCS earned net income of $17.4 million, which decreased $19.4 million compared with the same 2002 period because of lower net earnings from unconsolidated affiliates and increasing costs.
However, consolidated revenue of $432.8 million increased 3 percent, consolidated operating income of $35.9 million rose 5.4 percent and revenue of $428.3 million was up 3 percent compared with the same 2002 period.
However, quarterly revenue rose 5 percent to $146.3 million, operating income more than doubled to $14.9 million, operating expenses dropped 2 percent to $115.2 million and the railroad's operating ratio improved 7.8 points to 87.5 compared with third-quarter 2002.
"We are also cautiously optimistic that KCSR's 5 percent revenue growth during the quarter is indicative of a strengthening economy and that it can continue to experience top line growth, especially in 2004," said KCS Chairman, President and Chief Executive Officer Mike Haverty in a prepared statement. "A combination of revenue growth and stringent cost controls resulted in KCSR operating income more than doubling over the previous year's quarter, an acceptable achievement given a 25 percent increase in fuel costs, and continued high natural-gas prices that affected plastics commodity group shipments."
During the year's first nine months, KCS earned net income of $17.4 million, which decreased $19.4 million compared with the same 2002 period because of lower net earnings from unconsolidated affiliates and increasing costs.
However, consolidated revenue of $432.8 million increased 3 percent, consolidated operating income of $35.9 million rose 5.4 percent and revenue of $428.3 million was up 3 percent compared with the same 2002 period.
