Kansas City Southern Profit Shrinks in 2Q

Kansas City Southern said Thursday it earned $6.7 million, 7 cents a share, in its second quarter, compared with $50.2 million, or 56 cents, a year ago.

Revenue dropped 30% to $341.3 million from $486.2 million a year ago. The freight railroad said that the drop was due in part on a "19% decline in volumes, a continued result of the weak economic climate."

"The first six months of 2009 presented KCS with the harshest business environment in many decades," Cief Executive Officer Michael Haverty said.