(Reuters) – U.S. railroad operator Kansas City Southern (NYSE:) on Friday posted a 3.5% fall in quarterly revenue, in part due to lower volumes compared to levels seen early last year.
COVID-19-mandated lockdowns impacted railroad volumes in the first half of 2020 due to low demand for consumer products and industrial goods. A recovery in rail volumes has also been adversely impacted by the Texas deep-freeze in February.
The company’s net income rose to $153.4 million, or $1.68 per share, in the first quarter ended March 31, from $152.3 million, or $1.58 per share, a year earlier.
Operating ratio, a key metric for Wall Street, rose to 64.2% from 60.5% a year earlier. A lower operating ratio signals improved profitability.
Revenue fell to $706 million from $731.7 million in the first quarter ended March 31.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.