October 21, 2014

CN fuel cars derail, explode near Edmonton

EDMONTON, Alberta – A Canadian National Railway train carrying liquefied petroleum gas and crude oil has derailed and exploded about 80 kilometres west of Edmonton, prompting an evacuation in the tiny community of Gainford. Parkland County Emergency Services says it received a call about the accident involving a westbound train around 1 a.m. MT Saturday. [...]

Class I railroads report 2nd quarter earnings

CSX Corporation announced July 16 second quarter net earnings of $535 million or $0.52 per share. For the second quarter of 2012, CSX earned $512 or $0.49 per share. According to these figures, CSX is up a profit of $23 million over last year’s earnings for the same quarter. CSX attributes these profits to overall [...]

CN hostlers get new five-year deal

SMART Transportation Division-represented hostlers employed by the Canadian National Railway have ratified a new five-year agreement by a unanimous majority. The agreement provides for wage increases, back pay and health and welfare benefits that mirror the 2011 UTU National Agreement. UTU International Vice-President Dave Wier, who assisted with the negotiations, congratulates GO 436 General Chairperson [...]

CN’s Creel becomes CP president, COO

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.

3d quarter rail profits wrap-up

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 [...]

First quarter 2012 rail profits wrap-up

BNSF reported a 15 percent increase in profit forf the first quarter 2012 versus first quarter 2011, citing improved pricing and higher fuel surcharges. BNSF’s first quarter 2012 operating ratio of 74.4 percent was one percentage point lower than for the first quarter 2011. Operating ratio is a railroad’s operating expenses expressed as a percentage [...]

DM&IR, DW&P merged into Wisconsin Central

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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 [...]

Implementing agreement reached on 3 CN properties

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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 [...]

Wrap up: Major rails’ 1st quarter 2011 profits

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 [...]

CN reports 31% profit improvement for 1Q

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, [...]