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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kansas City Southern | NYSE:KSU | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 293.59 | 0 | 01:00:00 |
DELAWARE | 1-4717 | 44-0663509 |
(State or other jurisdiction | (Commission | (IRS Employer |
of incorporation) | file number) | Identification Number) |
By: | /s/ Mary K. Stadler |
Name: Mary K. Stadler | |
Title: Senior Vice President & Chief Accounting Officer | |
(Principal Accounting Officer) |
Exhibit No | Description | |
99.1 | Press Release dated January 22, 2016 issued by Kansas City Southern entitled “Kansas City Southern Reports Fourth Quarter and Full-Year 2015”. |
• | Revenue of $598 million, a decrease of 7% from fourth quarter 2014. |
• | Operating income of $219 million, 2% higher than a year ago. |
• | Operating ratio of 63.4%, compared with 66.7% in fourth quarter 2014. |
• | Diluted earnings per share of $1.28. Adjusted diluted earnings per share of $1.23 for fourth quarter 2015, a 3% decrease compared to fourth quarter 2014. |
Reconciliation of Diluted Earnings per Share to Adjusted | |||||||||||||||
Diluted Earnings per Share | Three Months Ended December 31, 2015 | ||||||||||||||
Income Before Income Taxes | Income Tax Expense | Net Income | Diluted Earnings per Share | ||||||||||||
As reported | $ | 186.7 | $ | 46.7 | $ | 140.0 | $ | 1.28 | |||||||
Adjustments for: | |||||||||||||||
Debt retirement and exchange costs | 7.6 | 2.7 | 4.9 | 0.05 | |||||||||||
Foreign exchange loss | 4.5 | 1.4 | 3.1 | 0.03 | |||||||||||
Foreign exchange component of income taxes | — | 13.9 | (13.9 | ) | (0.13 | ) | |||||||||
Adjusted | $ | 198.8 | $ | 64.7 | 134.1 | ||||||||||
Less: Noncontrolling interest | (0.7 | ) | |||||||||||||
Adjusted net income available to common | |||||||||||||||
stockholders - see (a) below | $ | 133.4 | $ | 1.23 | |||||||||||
Three Months Ended December 31, 2014 | |||||||||||||||
Income Before Income Taxes | Income Tax Expense | Net Income | Diluted Earnings per Share | ||||||||||||
As reported | $ | 170.2 | $ | 28.5 | $ | 141.7 | $ | 1.28 | |||||||
Adjustments for: | |||||||||||||||
Foreign exchange loss | 31.4 | 9.4 | 22.0 | 0.20 | |||||||||||
Foreign exchange component of income taxes | — | 22.9 | (22.9 | ) | (0.21 | ) | |||||||||
Adjusted | $ | 201.6 | $ | 60.8 | 140.8 | ||||||||||
Less: Noncontrolling interest | (0.7 | ) | |||||||||||||
Adjusted net income available to common | |||||||||||||||
stockholders - see (a) below | $ | 140.1 | $ | 1.27 | |||||||||||
Reconciliation of Diluted Earnings per Share to Adjusted | |||||||||||||||
Diluted Earnings per Share (continued) | Twelve Months Ended December 31, 2015 | ||||||||||||||
Income Before Income Taxes | Income Tax Expense | Net Income | Diluted Earnings per Share | ||||||||||||
As reported | $ | 672.6 | $ | 187.3 | $ | 485.3 | $ | 4.40 | |||||||
Adjustments for: | |||||||||||||||
Lease termination costs | 9.6 | 2.9 | 6.7 | 0.06 | |||||||||||
Debt retirement and exchange costs | 7.6 | 2.7 | 4.9 | 0.04 | |||||||||||
Foreign exchange loss | 56.6 | 17.0 | 39.6 | 0.36 | |||||||||||
Foreign exchange component of income taxes | — | 40.5 | (40.5 | ) | (0.37 | ) | |||||||||
Adjusted | $ | 746.4 | $ | 250.4 | 496.0 | ||||||||||
Less: Noncontrolling interest and preferred | |||||||||||||||
stock dividends | (2.0 | ) | |||||||||||||
Adjusted net income available to common | |||||||||||||||
stockholders - see (a) below | $ | 494.0 | $ | 4.49 | |||||||||||
Twelve Months Ended December 31, 2014 | |||||||||||||||
Income Before Income Taxes | Income Tax Expense | Net Income | Diluted Earnings per Share | ||||||||||||
As reported | $ | 713.1 | $ | 208.8 | $ | 504.3 | $ | 4.55 | |||||||
Adjustments for: | |||||||||||||||
Lease termination costs | 38.3 | 13.0 | 25.3 | 0.23 | |||||||||||
Debt retirement and exchange costs | 6.6 | 2.2 | 4.4 | 0.04 | |||||||||||
Foreign exchange loss | 35.5 | 10.6 | 24.9 | 0.22 | |||||||||||
Foreign exchange component of income taxes | — | 24.2 | (24.2 | ) | (0.22 | ) | |||||||||
Adjusted | $ | 793.5 | $ | 258.8 | 534.7 | ||||||||||
Less: Noncontrolling interest and preferred | |||||||||||||||
stock dividends | (1.9 | ) | |||||||||||||
Adjusted net income available to common | |||||||||||||||
stockholders - see (a) below | $ | 532.8 | $ | 4.82 | |||||||||||
Reconciliation of Operating Expenses to Adjusted | Twelve Months Ended | ||||||||
Operating Expenses | December 31, | ||||||||
2015 | 2014 | ||||||||
Operating expenses as reported | $ | 1,615.0 | $ | 1,768.0 | |||||
Adjustment for lease termination costs | (9.6 | ) | (38.3 | ) | |||||
Adjusted operating expenses - see (b) below | $ | 1,605.4 | $ | 1,729.7 | |||||
Operating income as reported | $ | 803.8 | $ | 809.1 | |||||
Adjusted operating income - see (b) below | 813.4 | 847.4 | |||||||
Operating ratio (c) as reported | 66.8 | % | 68.6 | % | |||||
Adjusted operating ratio - see (b) and (c) below | 66.4 | % | 67.1 | % |
Revenue Change Excluding Estimated Foreign Exchange | ||||||||
and U.S. Fuel Price Impacts | ||||||||
Change % | ||||||||
Reported revenues for the three months ended December 31, 2015 | $ | 598.0 | ||||||
Reported revenues for the three months ended December 31, 2014 | 642.5 | |||||||
Revenue change | (44.5 | ) | (7 | %) | ||||
Estimated foreign exchange impact | 20.2 | |||||||
Estimated U.S. fuel price impact | 27.2 | |||||||
Revenue change excluding foreign exchange and U.S. fuel price | ||||||||
impacts - see (d) below | $ | 2.9 | — | |||||
Operating Expense Change Excluding Estimated Foreign | ||||||||
Exchange and U.S. Fuel Price Impacts | ||||||||
Change % | ||||||||
Reported operating expenses for the three months ended December 31, 2015 | $ | 379.1 | ||||||
Reported operating expenses for the three months ended December 31, 2014 | 428.6 | |||||||
Operating expense change | (49.5 | ) | (12 | %) | ||||
Estimated foreign exchange impact | 20.4 | |||||||
Estimated U.S. fuel price impact | 15.2 | |||||||
Operating expense change excluding foreign exchange and U.S. fuel price | ||||||||
impacts - see (d) below | $ | (13.9 | ) | (3 | %) | |||
(a) | The Company believes adjusted diluted earnings per share is meaningful as it allows investors to evaluate the Company's performance for different periods on a more comparable basis by excluding the impact of changes in foreign currency exchange rates and items that are not directly related to the ongoing operations of the Company. |
(b) | The Company believes adjusted operating expenses, operating income and operating ratio are meaningful as they allow investors to evaluate the Company's performance for different periods on a more comparable basis by excluding items that are not directly related to the ongoing operations of the Company. |
(c) | Operating ratio is calculated by dividing operating expenses by revenues; or in the case of adjusted operating ratio, adjusted operating expenses divided by revenues. |
(d) | The Company believes revenue and operating expense changes excluding foreign exchange and U.S. fuel price impacts are meaningful measures as they allow investors to evaluate the Company's performance for different periods on a more comparable basis by excluding the impacts of fluctuations in foreign currency exchange rates and U.S. fuel price by holding these rates constant between the reporting periods. |
Kansas City Southern and Subsidiaries | |||||||||||||||
Consolidated Statements of Income | |||||||||||||||
(In millions, except share and per share amounts) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues | $ | 598.0 | $ | 642.5 | $ | 2,418.8 | $ | 2,577.1 | |||||||
Operating expenses: | |||||||||||||||
Compensation and benefits | 103.9 | 123.2 | 442.2 | 474.5 | |||||||||||
Purchased services | 50.9 | 62.0 | 223.0 | 245.2 | |||||||||||
Fuel | 69.9 | 95.1 | 306.9 | 415.9 | |||||||||||
Equipment costs | 29.2 | 29.6 | 119.4 | 119.2 | |||||||||||
Depreciation and amortization | 73.9 | 67.3 | 284.6 | 258.1 | |||||||||||
Materials and other | 51.3 | 51.4 | 229.3 | 216.8 | |||||||||||
Lease termination costs | — | — | 9.6 | 38.3 | |||||||||||
Total operating expenses | 379.1 | 428.6 | 1,615.0 | 1,768.0 | |||||||||||
Operating income | 218.9 | 213.9 | 803.8 | 809.1 | |||||||||||
Equity in net earnings of unconsolidated affiliates | 3.9 | 4.5 | 18.3 | 21.1 | |||||||||||
Interest expense | (23.7 | ) | (18.3 | ) | (81.9 | ) | (72.8 | ) | |||||||
Debt retirement and exchange costs | (7.6 | ) | — | (7.6 | ) | (6.6 | ) | ||||||||
Foreign exchange loss | (4.5 | ) | (31.4 | ) | (56.6 | ) | (35.5 | ) | |||||||
Other income (expense), net | (0.3 | ) | 1.5 | (3.4 | ) | (2.2 | ) | ||||||||
Income before income taxes | 186.7 | 170.2 | 672.6 | 713.1 | |||||||||||
Income tax expense | 46.7 | 28.5 | 187.3 | 208.8 | |||||||||||
Net income | 140.0 | 141.7 | 485.3 | 504.3 | |||||||||||
Less: Net income attributable to noncontrolling interest | 0.7 | 0.7 | 1.8 | 1.7 | |||||||||||
Net income attributable to Kansas City Southern and subsidiaries | 139.3 | 141.0 | 483.5 | 502.6 | |||||||||||
Preferred stock dividends | — | — | 0.2 | 0.2 | |||||||||||
Net income available to common stockholders | $ | 139.3 | $ | 141.0 | $ | 483.3 | $ | 502.4 | |||||||
Earnings per share: | |||||||||||||||
Basic earnings per share | $ | 1.28 | $ | 1.28 | $ | 4.41 | $ | 4.56 | |||||||
Diluted earnings per share | $ | 1.28 | $ | 1.28 | $ | 4.40 | $ | 4.55 | |||||||
Average shares outstanding (in thousands): | |||||||||||||||
Basic | 108,521 | 110,227 | 109,709 | 110,163 | |||||||||||
Potentially dilutive common shares | 216 | 266 | 206 | 270 | |||||||||||
Diluted | 108,737 | 110,493 | 109,915 | 110,433 | |||||||||||
Kansas City Southern and Subsidiaries | ||||||||||||||||||||||||||||||
Revenue & Carload/Units by Commodity - Fourth Quarter 2015 and 2014 | ||||||||||||||||||||||||||||||
Revenues | Carloads and Units | Revenue per | ||||||||||||||||||||||||||||
(in millions) | (in thousands) | Carload/Unit | ||||||||||||||||||||||||||||
Fourth Quarter | % | Fourth Quarter | % | Fourth Quarter | % | |||||||||||||||||||||||||
2015 | 2014 | Change | 2015 | 2014 | Change | 2015 | 2014 | Change | ||||||||||||||||||||||
Chemical & Petroleum | ||||||||||||||||||||||||||||||
Chemicals | $ | 52.9 | $ | 53.3 | (1 | %) | 28.0 | 28.3 | (1 | %) | $ | 1,889 | $ | 1,883 | — | |||||||||||||||
Petroleum | 35.3 | 32.4 | 9 | % | 20.4 | 17.0 | 20 | % | 1,730 | 1,906 | (9 | %) | ||||||||||||||||||
Plastics | 32.2 | 29.6 | 9 | % | 18.1 | 16.3 | 11 | % | 1,779 | 1,816 | (2 | %) | ||||||||||||||||||
Total | 120.4 | 115.3 | 4 | % | 66.5 | 61.6 | 8 | % | 1,811 | 1,872 | (3 | %) | ||||||||||||||||||
Industrial & Consumer Products | ||||||||||||||||||||||||||||||
Forest Products | 64.2 | 67.4 | (5 | %) | 29.8 | 32.4 | (8 | %) | 2,154 | 2,080 | 4 | % | ||||||||||||||||||
Metals & Scrap | 45.5 | 65.4 | (30 | %) | 25.3 | 33.9 | (25 | %) | 1,798 | 1,929 | (7 | %) | ||||||||||||||||||
Other | 19.9 | 18.3 | 9 | % | 17.3 | 17.6 | (2 | %) | 1,150 | 1,040 | 11 | % | ||||||||||||||||||
Total | 129.6 | 151.1 | (14 | %) | 72.4 | 83.9 | (14 | %) | 1,790 | 1,801 | (1 | %) | ||||||||||||||||||
Agriculture & Minerals | ||||||||||||||||||||||||||||||
Grain | 56.7 | 65.7 | (14 | %) | 31.7 | 34.7 | (9 | %) | 1,789 | 1,893 | (5 | %) | ||||||||||||||||||
Food Products | 37.5 | 35.9 | 4 | % | 17.6 | 15.9 | 11 | % | 2,131 | 2,258 | (6 | %) | ||||||||||||||||||
Ores & Minerals | 7.0 | 5.5 | 27 | % | 8.0 | 5.7 | 40 | % | 875 | 965 | (9 | %) | ||||||||||||||||||
Stone, Clay & Glass | 7.4 | 6.6 | 12 | % | 3.2 | 2.9 | 10 | % | 2,313 | 2,276 | 2 | % | ||||||||||||||||||
Total | 108.6 | 113.7 | (4 | %) | 60.5 | 59.2 | 2 | % | 1,795 | 1,921 | (7 | %) | ||||||||||||||||||
Energy | ||||||||||||||||||||||||||||||
Utility Coal | 44.2 | 42.7 | 4 | % | 52.9 | 44.2 | 20 | % | 836 | 966 | (13 | %) | ||||||||||||||||||
Coal & Petroleum Coke | 9.4 | 10.9 | (14 | %) | 16.2 | 15.4 | 5 | % | 580 | 708 | (18 | %) | ||||||||||||||||||
Frac Sand | 5.9 | 15.4 | (62 | %) | 4.1 | 7.8 | (47 | %) | 1,439 | 1,974 | (27 | %) | ||||||||||||||||||
Crude Oil | 8.3 | 7.5 | 11 | % | 6.1 | 4.2 | 45 | % | 1,361 | 1,786 | (24 | %) | ||||||||||||||||||
Total | 67.8 | 76.5 | (11 | %) | 79.3 | 71.6 | 11 | % | 855 | 1,068 | (20 | %) | ||||||||||||||||||
Intermodal | 93.4 | 102.4 | (9 | %) | 244.3 | 261.0 | (6 | %) | 382 | 392 | (3 | %) | ||||||||||||||||||
Automotive | 54.7 | 60.6 | (10 | %) | 32.8 | 32.5 | 1 | % | 1,668 | 1,865 | (11 | %) | ||||||||||||||||||
TOTAL FOR COMMODITY GROUPS | 574.5 | 619.6 | (7 | %) | 555.8 | 569.8 | (2 | %) | $ | 1,034 | $ | 1,087 | (5 | %) | ||||||||||||||||
Other Revenue | 23.5 | 22.9 | 3 | % | ||||||||||||||||||||||||||
TOTAL | $ | 598.0 | $ | 642.5 | (7 | %) | ||||||||||||||||||||||||
Kansas City Southern and Subsidiaries | ||||||||||||||||||||||||||||||
Revenue & Carload/Units by Commodity - Years Ended December 31, 2015 and 2014 | ||||||||||||||||||||||||||||||
Revenues | Carloads and Units | Revenue per | ||||||||||||||||||||||||||||
(in millions) | (in thousands) | Carload/Unit | ||||||||||||||||||||||||||||
Years Ended | % | Years Ended | % | Years Ended | % | |||||||||||||||||||||||||
2015 | 2014 | Change | 2015 | 2014 | Change | 2015 | 2014 | Change | ||||||||||||||||||||||
Chemical & Petroleum | ||||||||||||||||||||||||||||||
Chemicals | $ | 215.6 | $ | 214.3 | 1 | % | 115.8 | 115.2 | 1 | % | $ | 1,862 | $ | 1,860 | — | |||||||||||||||
Petroleum | 136.9 | 124.5 | 10 | % | 76.3 | 68.2 | 12 | % | 1,794 | 1,826 | (2 | %) | ||||||||||||||||||
Plastics | 121.7 | 114.2 | 7 | % | 67.6 | 63.5 | 6 | % | 1,800 | 1,798 | — | |||||||||||||||||||
Total | 474.2 | 453.0 | 5 | % | 259.7 | 246.9 | 5 | % | 1,826 | 1,835 | — | |||||||||||||||||||
Industrial & Consumer Products | ||||||||||||||||||||||||||||||
Forest Products | 269.7 | 271.5 | (1 | %) | 127.1 | 129.6 | (2 | %) | 2,122 | 2,095 | 1 | % | ||||||||||||||||||
Metals & Scrap | 221.9 | 272.3 | (19 | %) | 120.7 | 141.4 | (15 | %) | 1,838 | 1,926 | (5 | %) | ||||||||||||||||||
Other | 78.8 | 79.5 | (1 | %) | 72.7 | 76.4 | (5 | %) | 1,084 | 1,041 | 4 | % | ||||||||||||||||||
Total | 570.4 | 623.3 | (8 | %) | 320.5 | 347.4 | (8 | %) | 1,780 | 1,794 | (1 | %) | ||||||||||||||||||
Agriculture & Minerals | ||||||||||||||||||||||||||||||
Grain | 231.0 | 258.2 | (11 | %) | 132.9 | 137.7 | (3 | %) | 1,738 | 1,875 | (7 | %) | ||||||||||||||||||
Food Products | 142.7 | 137.6 | 4 | % | 64.7 | 60.0 | 8 | % | 2,206 | 2,293 | (4 | %) | ||||||||||||||||||
Ores & Minerals | 27.2 | 23.0 | 18 | % | 28.9 | 24.0 | 20 | % | 941 | 958 | (2 | %) | ||||||||||||||||||
Stone, Clay & Glass | 28.4 | 27.8 | 2 | % | 12.3 | 12.2 | 1 | % | 2,309 | 2,279 | 1 | % | ||||||||||||||||||
Total | 429.3 | 446.6 | (4 | %) | 238.8 | 233.9 | 2 | % | 1,798 | 1,909 | (6 | %) | ||||||||||||||||||
Energy | ||||||||||||||||||||||||||||||
Utility Coal | 140.6 | 199.1 | (29 | %) | 173.7 | 192.5 | (10 | %) | 809 | 1,034 | (22 | %) | ||||||||||||||||||
Coal & Petroleum Coke | 39.6 | 40.9 | (3 | %) | 61.2 | 60.3 | 1 | % | 647 | 678 | (5 | %) | ||||||||||||||||||
Frac Sand | 38.4 | 63.7 | (40 | %) | 23.1 | 32.3 | (28 | %) | 1,662 | 1,972 | (16 | %) | ||||||||||||||||||
Crude Oil | 33.7 | 23.1 | 46 | % | 22.8 | 14.1 | 62 | % | 1,478 | 1,638 | (10 | %) | ||||||||||||||||||
Total | 252.3 | 326.8 | (23 | %) | 280.8 | 299.2 | (6 | %) | 899 | 1,092 | (18 | %) | ||||||||||||||||||
Intermodal | 381.5 | 395.8 | (4 | %) | 990.3 | 1,019.6 | (3 | %) | 385 | 388 | (1 | %) | ||||||||||||||||||
Automotive | 218.7 | 238.4 | (8 | %) | 126.5 | 127.1 | — | 1,729 | 1,876 | (8 | %) | |||||||||||||||||||
TOTAL FOR COMMODITY GROUPS | 2,326.4 | 2,483.9 | (6 | %) | 2,216.6 | 2,274.1 | (3 | %) | $ | 1,050 | $ | 1,092 | (4 | %) | ||||||||||||||||
Other Revenue | 92.4 | 93.2 | (1 | %) | ||||||||||||||||||||||||||
TOTAL | $ | 2,418.8 | $ | 2,577.1 | (6 | %) | ||||||||||||||||||||||||
1 Year Kansas City Southern Chart |
1 Month Kansas City Southern Chart |
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