Kansas City Southern Railways reported income in the fourth quarter of 2012 of $91.8 million, falling 4% year-over-year from $95.6 million.
Revenue in the fourth quarter was a record $568.4 million, rising 7% from $530.3 million in the fourth quarter of 2011. Revenue was primarily driven by revenue increases in automotive, chemical and petroleum and intermodal.
Quarterly carloads were also a record of about 531,700, increasing 2% from 2011’s fourth quarter. Intermodal accounted for about 234,800 of those carloads, a 7% increase from 2011.
For the year, profit was $377.1 million, rising from $328.7 million in 2011. Yearly revenue was a record $2.2 billion, increasing 7% year-over-year. Carloads in 2012 were 2.1 million, a 5% increase from the previous year. Of the total carloads, intermodal accounted for about 914,200 of those carloads, a 14% rise from 2011.
“Despite the impact on our coal franchise of an unseasonably warm winter and low natural gas prices, the effect on our grain carloadings of one of the most severe droughts in U.S. history and finally, the dampening effect on overall economic activity late in the year due to fiscal cliff concerns, KCS achieved record carloadings and revenues in 2012,” said David L. Starling, KCS president and CEO, in a written statement.
“With a host of new facilities that KCS will service coming on-line in the second half of 2013 and in 2014, coupled with expanded business opportunities throughout all commodity groups, we believe in the company’s ability to generate strong revenue growth over both the short and longer term,” he added.