April 2, 2015

UP lone “revenue adequate” railroad for 2010

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WASHINGTON – The U.S. Surface Transportation Board has determined that only one major railroad – Union Pacific – was “revenue adequate” in calendar year 2010. A railroad is considered “revenue adequate” if it achieves a rate of return on net investment equal to at least the current cost of capital for the railroad industry. Revenue [...]

Wrap up: Major rails’ 3d quarter 2011 profits

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BNSF reported a 9 percent improvement in profit for the third quarter 2011 versus the third quarter 2010. The third-quarter operating ratio of 71.7 percent was slightly higher than the 70.8 percent for third-quarter 2010. Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the [...]

UTU member dies in Ohio CSX shoving accident

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BOTKINS, Ohio – CSX conductor Dennis A. Hemme, 59, became the ninth UTU member to die in an on-the-job accident in 2011 when he reportedly was crushed to death here Sept. 8 during a mainline shove of a stalled train. Botkins is some 110 miles north of Cincinnati. Hemme, with some six years of service, [...]

Wrap up: Major rails’ 2d quarter 2011 profits

Canadian National: Canadian National Railway July 25 reported an 8 percent increase in profit for the second quarter 2011 versus the second quarter 2010, citing a 10 percent increase in intermodal loadings (trailers and containers on flat cars) and a 14 percent increase in intermodal revenue. CN’s second quarter 2011 operating ratio of 62.3 percent [...]

CSX connection seen in lawmaker’s rail support

ORLANDO, Fla. — House Transportation & Infrastructure Committee Chairman John Mica (R-Fla.) wants to privatize Amtrak’s Northeast Corridor, which is seen by critics as a first step toward destroying Amtrak. In his home state, Mica opposed using state funds for a now-mothballed high-speed rail project to link Tampa and Orlando. Yet Mica is actively supporting [...]

CSX wreck claims 2; member loses limbs on BNSF

MINERAL SPRINGS, N.C. — CSX conductor Phillip E. Crawford Jr., 33, and locomotive engineer James Gregory Hadden, 36, were killed early May 24 in a rear-end collision here involving two CSX freight trains, according to news reports. Mineral Springs is some 30 miles south of Charlotte. Crawford was a member of UTU Local 970, Abbeville, [...]

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 [...]

CSX profit jumps again in first quarter

CSX profit jumped 30 percent during the first quarter 2011 versus the first quarter 2010, the railroad reported April 19. This comes on the heels of a 35 percent improvement in operating profit for calendar year 2010. The CSX employee headcount rose in March to 30,464 employees, up 3 percent from March 2010, the railroad [...]

Watco seeking NS, CSX track in Alabama

Shortline holding company Watco is seeking regulatory approval to acquire 43.6 miles of track from Norfolk Southern in Alabama between Maplesville and Autauga Creek, and 10.1 miles of track between Autauga Creek and Montgomery for creation of a new shortline railroad. The new shortline would be named Autauga Northern Railroad. Watco currently controls 22 shortline [...]

Railroads 2010: How sweet it was

How did major railroads perform in 2010? Reviewing their calendar-year and fourth-quarter profit statements, one wouldn’t know they were operating in the midst of a nationwide recession. Profits soared, stock dividends were raised and operating ratios improved. (Operating ratio — a railroad’s operating expenses expressed as a percentage of operating revenue — is considered by [...]