October 5, 2015

W. Va. oil-train fireball adding pressure for safety rule


Video images of a fireball billowing from the wreckage of a derailed train hauling Bakken crude are adding to pressure on federal regulators to act on new safety standards for oil shipments. While there were no fatalities in the CSX Corp. accident in rural West Virginia on Feb. 16, the footage of flames and smoke [...]

W. Va. train derailment sends oil tanker into river


MOUNT CARBON, W.Va. – Fires burned for hours after a train carrying more than 100 tankers of crude oil derailed in a snowstorm in West Virginia, sending a fireball into the sky and threatening the water supply of nearby residents, authorities and residents said Tuesday. Officials evacuated hundreds of families and shut down two water [...]

Railroads reap record profits despite decline in traffic

The nation’s four major railroads are still carrying less freight than they were before the recession. But the last decade has been an exhilarating ride for them nonetheless — an era of growing profits, soaring stock prices and ambitious investments. For Jacksonville-based CSX Corp., freight volume has dropped 7 percent since 2004. Meanwhile, its shares [...]

CSX lays off 52 management workers in Jacksonville


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

Amtrak Logo

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


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


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


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


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 [...]