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19.07.2019 16:55:33

Kansas City Southern's stock surges to pace Dow transports gainers after earnings beat

Shares of Kansas City Southern surged 2.4% in morning trading Friday, after the railroad operator reported second-quarter earnings and revenue that beat expectations. The rally was enough to pace the Dow Jones Transportation Average's gainers, as the Dow transports rose 77 points, or 0.7%. The company reported earlier net income that fell to $128.7 million, or $1.28 a share, from $148.2 million, or $1.45 a share, in the same period a year ago. Excluding non-recurring items, adjusted EPS rose 6% to $1.64, above the FactSet consensus of $1.54. Revenue increased 5% to $714.0 million, beating the FactSet consensus of $706.5 million. The company said operational efficiency helped boost its performance. " We're handling the same volume levels overall that we handled last year with 12% fewer locomotives, 7% fewer railcars and 10% fewer crew starts," said Chief Executive Patrick Ottensmeyer on the post-earnings conference call with analysts, according to a transcript provided by FactSet. The stock has run up 26.7% year to date, while the Dow transports has advanced 15.7% and the Dow Jones Industrial Average has gained 16 .8%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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