Canadian Pacific announced the appointment of Keith Creel as president and chief operating officer, effective Feb. 5. E. Hunter Harrison will remain CP’s chief executive officer. Read the complete story from The Globe and Mail.
BNSF reported a 22 percent increase in profit for the third quarter 2012 versus third quarter 2011, citing improved intermodal (trailers and containers on flat cars) and automotive traffic. BNSF’s third quarter 2012 operating ratio of 68.3 percent was a significant improvement over the 71.7 percent for third quarter 2011. Operating ratio is a railroad’s [...]
Canadian National has completed the merger of Duluth, Missabe & Iron Range Railway and Duluth, Winnipeg & Pacific Railway into its Wisconsin Central subsidiary. CN said the merger, approved by the U.S. Surface Transportation Board, will make operations more efficient and customer focused. In October, in preparation for the merger, UTU represented conductors and brakemen [...]
Some 430 UTU represented conductors and brakemen employed by Canadian National properties Wisconsin Central; Duluth, Winnipeg & Pacific (DW&P); and Duluth Missabe and Iron Range (DM&IR) have ratified an implementing agreement — effective Jan. 1 — consolidating the three properties under a single agreement. The new agreement provides for four stand-alone general committees under the jurisdiction of [...]
Most major North American freight railroads reported strong earnings for the first quarter 2011 versus first quarter 2010. Following is a wrap-up for the quarterly earnings reported by the railroads to the investment community. Not included is BNSF, which is privately held and does not report its financial results to the investment community. Mention is [...]
Notwithstanding severe winter weather that caused rival Canadian Pacific’s profit to plunge 67 percent, Canadian National reported a 31 percent increase in first quarter 2011 profit versus first quarter 2010. This comes following a 19 percent increase in CN profit for calendar year 2010. CN’s operating ratio for the first quarter 2011 was 69 percent, [...]
UTU-represented conductors and engineers on Iowa Northern Railway have ratified their first agreement covering wages, benefits and working conditions. Iowa Northern T&E employees chose the UTU as their collective bargaining agent in November 2008. The agreement was negotiated with the assistance of UTU Alternate Vice President Doyle Turner. “We will continue to look for railroad and [...]
How did major railroads perform in 2010? Reviewing their calendar-year and fourth-quarter profit statements, one wouldn’t know they were operating in the midst of a nationwide recession. Profits soared, stock dividends were raised and operating ratios improved. (Operating ratio — a railroad’s operating expenses expressed as a percentage of operating revenue — is considered by [...]