October 30, 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 [...]

Deadly Arkansas train crash cleanup ongoing

An important highway in northeast Arkansas could stay closed into next week as crews clean up the wreckage left from a head-on train collision, a highway official said Wednesday. Two railroad workers were killed and two others were injured when the Union Pacific freight trains crashed. Read the complete story at ClaimsJournal.com.

UP seeks refunds of overpaid pension tax

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Union Pacific Corp. says in a court filing that it and employees overpaid federal railroad retirement taxes by $74.8 million, and that refunds are in order for both the company and workers. The Omaha-based freight railroad made its case in a civil complaint filed this week in U.S. District Court in Omaha. The complaint names [...]

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 [...]

UP begins work at N.M. facility

ALBUQUERQUE, N.M. – Union Pacific Corp. has begun operations at a massive new railroad facility in southern New Mexico near both the U.S.-Mexico border and El Paso, Texas. The Omaha, Neb.,-based railroad will use its newly constructed hub facility in Santa Teresa to transfer cargo between trains and trucks, as well as for refueling engines [...]

UP Chairman Jim Young dies

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James R. Young, who advanced to become Union Pacific Corp. (UNP) chairman, president and chief executive officer after starting with the railroad company in an entry-level finance position, died today. He was 61 years old. He died after a two-year battle with pancreatic cancer, the company said in a statement distributed by PR Newswire. Read [...]

UP names new railroad president, COO

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Union Pacific Corp. named Lance M. Fritz as president and chief operating officer of its Omaha-based railroad Thursday and said Jim Young has retired from his executive duties. Young took a leave of absence in March 2012 to undergo treatments for pancreatic cancer. Union Pacific said he retired Jan. 31 but will continue as non-executive [...]

$400M N.M. railroad project may open in 2014

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SANTA TERESA, N.M. — A $400 million Union Pacific railroad facility near a young New Mexico border town could open next year, according to the company. Union Pacific spokesman Aaron Hunt said Tuesday that construction near Santa Teresa is ahead of schedule and the facility could be operational in 2014. It had been slated to [...]

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 [...]