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Kansas City Southern said Thursday it earned $25.8 million, 27 cents a share, in its third quarter, compared with $48.9 million, or 52 cents, a year ago.

Revenue dropped 21.4% to $386.1 million from $491.5 million a year ago. Carloads fell 9%.

The freight railroad said that revenues had increased 13% over the second quarter and that carloads had increased 12% in the same period.

Those figures “provide reason to believe that att we are seeing some signs of a modest recovery,” Chairman Michael Haverty said.