October 21, 2014

Class I railroads announce third quarter results

CSX_logo

In a press release Oct. 14, CSX announced record third quarter profits. The railroad said that operating income increased 16 percent and operating ratio improved 220 points. Operating income came in at $976 million with an operating ratio of 69.7 percent. CSX also saw volume increases of seven percent. Revenue increased to $3.2 billion, eight [...]

Two major rail operators may merge

Canadian Pacific Railway has approached and been rebuffed by CSX about a merger that could bring together two of the world’s largest railroad operators, according to a published report Sunday afternoon on the website of The Wall Street Journal. If a merger were negotiated, it could rally a volatile Wall Street this week and eclipse in size Berkshire [...]

Class I railroads report 2nd quarter earnings

CSX Corporation announced record second quarter results with earnings coming in at $529 million or $0.53 per share. The second quarter of 2013 only saw $521 million or $0.51 per share. Revenue increased this quarter by seven percent to an all-time record of $3.2 billion. On the same token, the railroad saw record operating income [...]

Class I railroads report first quarter earnings

CSX reported to the public its first quarter 2014 earnings and dividend increase. The railroad announced net earnings of $398 million or $.040 per share. This is a decrease from last year’s first quarter reports of $462 million or $0.45 per share. However, revenue for the quarter grew two percent to $3 billion on volume [...]

CP worker injured after being pinned under train car

ALGONA, Iowa – Officials said on Wednesday (March 5) they won’t be releasing the name of a railroad employee injured when he was pinned under a train car on Tuesday near Algona. Canadian Pacific said it won’t release the worker’s name citing it as an “internal matter.” Read the complete story at the Globe Gazette.

SMART TD members picket CP in Minn.

Minnesota Gov. Mark Dayton on Thursday (Feb. 6) proposed initiatives to enhance railroad safety on the same day that rail workers protested Canadian Pacific’s safety practices by picketing its U.S. headquarters in Minneapolis. The governor announced through his press secretary that he will urge legislative leaders to hold hearings on the United Transportation Union’s reports [...]

CP to sell west end of its DM&E line

Canadian Pacific and Genesee & Wyoming Inc. announced Jan. 2 that they have executed an agreement pursuant to which CP will sell the west end of its Dakota, Minnesota & Eastern line to G&W for continued rail operations. The west end encompasses approximately 660 miles of CP’s current operations between Tracy, Minn., and Rapid City, [...]

Canadian Pacific Railway cutting Minn. jobs

Canadian Pacific Railway has furloughed approximately 30 workers in recent months from its operation in Thief River Falls, Minn., according to union officials. The job cuts are among roughly 90 furloughs at CP sites across Minn. that the United Transportation Union has counted since October 2012, part of what the union says are aggressive job [...]

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’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.