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Kansas City Southern Reports Record Fourth Quarter And Full-Year 2012 Revenues, Carloads And Operating Income

Kansas City Southern (KCS) (NYSE:KSU) reported record fourth quarter 2012 revenues of $568 million. Fourth quarter carloads of 532 thousand, also a record, increased 2% over fourth quarter 2011.

Compared to 2011, fourth quarter revenue growth was led by a 33% increase in Automotive revenue and 14% increases in Chemical & Petroleum and Intermodal revenue. Industrial & Consumer Products was also strong with revenues growing by 11% in the fourth quarter of 2012. Energy and Agriculture & Minerals revenues declined by 1% and 11%, respectively.

Operating income for the fourth quarter of 2012 was $174 million compared with $150 million a year ago, a 15% increase. KCS reported a fourth quarter 2012 operating ratio of 69.5%, a 2.1 point improvement from fourth quarter 2011. Operating expenses in the fourth quarter were $395 million compared with $380 million in the corresponding 2011 period, a 4% increase.

Reported net income in the fourth quarter of 2012 totaled $92 million, or $0.83 per diluted share, compared with $96 million, or $0.87 per diluted share, in the fourth quarter of 2011. Excluding debt retirement costs and the impacts of foreign exchange rate fluctuations, adjusted diluted earnings per share for fourth quarter 2012 was $0.92 compared to $0.77 in 2011.

For the full year of 2012, revenue was a record $2.2 billion, up 7% over 2011. Carloads for 2012 were 2.1 million, an increase of 5% over the prior year.

Full-year operating income was $716 million, a 17% increase over the prior year, and the Company’s 2012 operating ratio was 68.0% compared with 70.9% in 2011. Excluding one-time benefits from the elimination of a net deferred liability in 2012 and insurance recoveries in 2011, full-year 2012 adjusted operating income was $673 million, an increase of 15% over prior year’s adjusted operating income. The 2012 full-year adjusted operating ratio was 69.9%, a 2.2 point improvement over the prior year’s adjusted operating ratio.

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