UPDATE 1-Kansas City Southern revenue beats on grain, automobile shipments
(Adds details, analysts estimates)
July 18 (Reuters) - Railroad operator Kansas City Southern reported higher-than-expected quarterly revenue as it shipped more agriculture products and automobiles.
Revenue from grain shipments rose 33 percent while it increased 25 percent in automotive in the second quarter ended June 30.
Kansas City Southern operates on a unique, north-south route in central U.S. and derives half of its annual revenue from cross-border business with Mexico.
Exports from the United States to Mexico rose 6 percent in the first five months of 2014 while imports increased 3 percent, according to latest data. (1.usa.gov/1lb5FeA)
Intermodal shipments rose 14 percent, helped by an improving economy and customers seeking multiple modes of transportation network to enhance their market reach.
The company recorded a 5 percent drop in revenue from energy shipments, hurt by a decline in utility coal shipments.
Net income available to common stockholders jumped to $129.8 million, or $1.18 per share, in the second quarter ended June 30, from $15.4 million, or 14 cents per share, a year earlier.
Excluding items, the company earned $1.21 per share. Continuación...