Kansas City Southern today reported fourth-quarter 2019 revenue rose 5 percent to $729.5 million compared with the same quarter a year ago, driven primarily by increases in chemicals, petroleum and industrial and consumer products.
However, fourth-quarter net income declined year over year to $127.2 million, or $1.30 per diluted share, from $161.1 million, or $1.59 per diluted share.
© © Trade Press Media Group, Inc.
Kansas City Southern announced yesterday it has been included in Newsweek magazine's ranking of "America's Most Responsible Companies" and Investor's Business Daily magazine's "50 Best ESG Companies."The lists rank companies based on their corporate responsibility actions in the United States."KCS has a variety of social responsibility initiatives underway in the U.S. and Mexico that illustrate our belief that the way we do business is as important as the business we do, and that living the KCS values of safety, customer focus, communication, teamwork, initiative and innovation, and diversity andContact Progressive Railroading editorial staff.
© © Trade Press Media Group, Inc.
Kansas City Southern has elected Janet Kennedy to its board, effective Dec. 1.Kennedy is vice president of America Regions at Google Cloud. She previously served on KCS' board from May 2017 until she resigned in October 2018 in connection with joining Ernst & Young LLP, which has a policy that prohibits its executives from serving on a public company's board of directors."[Kennedy's] leadership and expertise, particularly in the fields of cybersecurity, technology and risk management, are valuable assets to our board and will support the execution of the company’s strategy, including the deployment of our innovation strategy," said KCS Chairman Bob Druten in a press release.At Google Cloud, Kennedy is responsible for U.S. and Canada subsidiaries. Prior to joining Google in July, she worked at Ernst & Young as partner, Americas Digital Transformation.Kennedy also served as president of Microsoft Corp.'s subsidiary in Canada from 2013 to 2017. In addition, she has more than 30 years of experience in sales and marketing of business solutions.Contact Progressive Railroading editorial staff.
© © Trade Press Media Group, Inc.
The Holiday Express is part of a tradition of charitable giving at KCS.Photo – kcsouthern.comKansas City Southern's 19th annual Holiday Express will distribute $170,450 to The Salvation Army at stops along the route to provide clothing and other necessities to children in need, the Class I announced yesterday.
The train will stop in 20 communities in five states on 25 dates, starting Nov. 27 and ending Dec. 22, KCS officials said in a press release.
© © Trade Press Media Group, Inc.
Kansas City Southern yesterday announced that its board approved a new capital allocation policy, calling for cash to be deployed to capital projects, strategic investments, the repurchase of shares and dividends.Under the new policy, 40 to 50 percent of cash will be deployed to capital projects and strategic investments, while 50 to 60 percent will go toward share repurchases and dividends, KCS officials said in a press release.In addition, the company plans from time to time to use additional debt to support the new policy and intends to manage its debt-to-EBITDA ratio in the low 2x range consistent with its current ratings of BBB from Standard & Poor’s and Fitch Ratings and Baa2 from Moody’s.Moreover, the board approved an increase in the quarterly dividend on KCS common stock to 40 cents from 36 cents per share payable Jan. 22, 2020, to stockholders of record as of Dec. 31.The board also approved a new $2 billion share repurchase program, expiring Dec. 31, 2022. The new program replaces the $800 million stock repurchase announced in 2017 under which KCS purchased $741 million of company stock.“Kansas City Southern is pleased to announce a new capital allocation policy that balances our objectives of: a) investing in future growth opportunities; b) delivering meaningful capital returns to our shareholders; and c) maintaining a desirable credit profile,” said KCS President and Chief Executive Officer Patrick Ottensmeyer.Also yesterday, the board declared a dividend of 25 cents per share on the outstanding KCS 4 percent non-cumulative preferred stock. The dividend is payable on Jan. 1, 2020, to stockholders of record as of Dec. 31.Contact Progressive Railroading editorial staff.
© © Trade Press Media Group, Inc.