January 30, 2015

CSX lays off 52 management workers in Jacksonville

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CSX Corp. laid off 52 management workers, all of them in Jacksonville, according to a company spokeswoman. The company finished the round of layoffs Monday, spokeswoman Melanie Cost said. “This is all related to the fact that we’re in a competitive industry,” she said. “The separation of the employees was difficult – it’s a difficult [...]

Class I railroads release 4th quarter, annual earnings

In a press release Jan. 13, CSX announced record fourth-quarter and full-year financial results for revenue, operating income, net earnings and earnings per share. Net earnings for the railroad saw a 15 percent increase from $426 million from the same quarter last year to $491 million for the fourth quarter of 2014. Revenue for the [...]

Amtrak asks STB to investigate, NS, CSX

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WASHINGTON – Amtrak is taking action to improve the on-time performance (OTP) of its trains that operate over tracks controlled by other railroads. In a complaint filed on Nov. 17, Amtrak is asking the Surface Transportation Board (STB) to investigate Norfolk Southern Railway and CSX Transportation for causing unacceptable delays for passengers traveling between Chicago [...]

CSX Corp. plans to cut 300 management workers

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JACKSONVILLE, Fla. – Florida-based railroad operator CSX Corp. plans to cut 300 management workers, mostly through buyouts by the end of the year. Most of the workers targeted are based at the company’s Jacksonville headquarters. Spokeswoman Melanie Cost tells The Florida Times-Union that layoffs are possible if fewer than 300 workers take the buyouts. Read [...]

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 [...]