October 25, 2014

Class I railroads announce third quarter results

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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 [...]

Canadian Pacific ends CSX deal talks

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Canadian Pacific Railway says it has ended talks with U.S. counterpart CSX about a possible combination and plans no more discussions. The railway operator did not say why it ended talks, but it did note in a brief statement that regulatory concerns appear to be a major deterrent for railroads considering combinations. Read the complete [...]

Bid report boosts CSX stock, but deal seen as remote

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Shares of No. 3 U.S. railroad CSX Corp rose nearly 10 percent on Monday (Oct. 13) following a report of a rebuffed takeover bid by Canadian Pacific Railway Ltd (CP.TO), but analysts said any such deal would face significant regulatory and other hurdles. “You could make the argument that there is not much overlap between [...]

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 [...]

Inspectors find scores of defects on CSX rails in Va.

In the days after a train carrying highly flammable oil to Yorktown plunged off its tracks in downtown Lynchburg, dumping 15 cars into the James River and sparking a fire so intense that emergency crews had to simply let it burn itself out, federal track inspectors found more than 20 significant defects on the rail [...]

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 [...]

States balk at keeping oil-train info from public

BILLINGS, Mont. — U.S. railroads forced to turn over details of their volatile crude oil shipments are asking states to sign agreements not to disclose the information. But some states are refusing, saying Thursday that the information shouldn’t be kept from the public. Federal officials last month ordered railroads to make the disclosures after a [...]

Train carrying oil derails in Virginia in fiery blast

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A CSX Corp. train carrying crude oil derailed and burst into flames in downtown Lynchburg, Va., on Wednesday (April 30), spilling oil into the James River and forcing hundreds to evacuate. CSX said 15 cars on a train traveling from Chicago to Virginia derailed at 2:30 p.m. EDT. Fire erupted on three cars, the company [...]

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 [...]

Class I railroads release 4th quarter earnings

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CSX Corporation announced its fourth quarter and full-year earnings for 2013 Jan. 15. The railroad reported net earnings of $426 million or $0.42 per share for the fourth quarter. These earnings were down from the same quarter in 2012, with earnings of $449 million or $0.44 per share. Earnings dropped $37 million from the third [...]