Kansas City Southern on Friday reported an increase in third-quarter profit and higher-than-expected revenue as it shipped more automobiles, grains and consumer products.
The Kansas City-based railroad company earned $138 million during the three months that ended Sept. 30, up from a $119 million profit in the third quarter of 2013.
Revenue climbed 9 percent during the quarter to a record $678 million. Analysts had expected revenue of about $672 million, according to a Thomson Reuters report.
Overall, shipping volume climbed 4 percent in the quarter from a year earlier, led by a 28 percent increase in automotive shipments, the company said.
Digital Access For Only $0.99
For the most comprehensive local coverage, subscribe today.
Shipments of industrial and consumer products climbed 13 percent, while agriculture carloads gained 11 percent, mineral shipments climbed 8 percent, and chemical and petroleum business gained 7 percent. The only category that declined was energy, which fell 4 percent because of a dip in utility coal and fracking sand shipments, the company said.
The company said it is optimistic about the remainder of the year and is on target to hit its 2014 financial and business goals.