Analyst Note
| Matthew Young, CFA |Wide-moat railroad Kansas City Southern posted 5% lower fourth-quarter revenue year over year, in line with our expectations. Carload declines once again moderated, falling 2.7% (down 6% for all of 2020), while revenue per carload fell 1% on sharply lower fuel surcharges and unfavorable foreign exchange, which more than offset higher core pricing. Carloads would've risen 2.5% if not for protest-related disruption in Mexico.