Railroad News

CSX Corp. yesterday announced first-quarter 2018 earnings that surpassed analysts' estimates and a profit that nearly doubled compared with a year ago, as the Class I continued to cut costs and advance its scheduled railroading model.

CSX reported record Q1 2018 net earnings of $695 million, or 78 cents per share, compared with $362 million, or 39 cents per share in the same quarter last year.

The South Carolina Ports Authority (SCPA) yesterday officially opened the new Inland Port Dillon, the authority's second inland facility to handle intermodal rail cargo.

Inland Port Dillon uses an existing CSX intermodal train service to handle container movements to and from the Port of Charleston's seaport facilities, authority officials said in a press release.

CSX execs accomplished the most important thing they set out to do March 1 at the railroad's long-anticipated Investor & Analyst Conference in New York City. Having already scooped themselves by unveiling their big buyback program and unveiling their 60 percent — down over 600 basis points (bps) — operating ratio (OR) target for 2020,  the CSX team revealed its management depth and competence, as well as its commitment to Precision Scheduled Railroading (PSR). 

CSX will aim for a 60 percent operating ratio by 2020 and revenue growth at a compound annual rate of 4 percent by 2019-20, the company announced today at its annual investor and analyst conference in New York City.

At the conference, CSX officials were expected to outline plans to build on the scheduled railroading model, increase efficiency, control costs and grow the business.

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CSX Corp. yesterday reported fourth-quarter 2017 revenue declined 6 percent to $2.86 billion compared with a year ago, as the Class I hauled less freight during the period.

The company posted net earnings of $4.1 billion, or $4.62 earnings per share, compared with $458 million, or 49 cents per share in Q4 2016. The 2017 earnings include a $3.6 billion net tax reform benefit under the recently passed Tax Cuts and Jobs Act of 2017, as well as a $10 million net restructuring charge.

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After spending 10 years as a human resources executive with H.J. Heinz & Co., Les Dakens joined CN in 2001 as senior vice president of people. During his interviews with the railroad’s leadership team, Dakens met Hunter Harrison, then CN’s executive vice president and chief operating officer.

CSX Corp. announced yesterday that it will host its investor and analyst conference March 1 at the InterContinental New York Barclay in New New York City.

CSX President and Chief Executive Officer Jim Foote and members of the senior management team will outline how the precision scheduled railroading model will "positively transform CSX's operations, improve customer service and drive long-term value creation for shareholders," company officials said in a press release.

CSX Corp. yesterday announced Edmond Harris has been named executive vice president of operations.

Harris has more than 40 years of experience in the railroad industry in an operating capacity, including nearly two decades at the Illinois Central and CN railroads, where he helped E. Hunter Harrison transform their operating models to one based on precision scheduled railroading.

CSX has completed the first phase of its new operating plan, which has produced performance metrics that show a "remarkable rate of positive change," President and Chief Executive Officer James Foote said in a Jan. 3 letter to the Surface Transportation Board.

The letter was sent to the board in response to its Dec. 14 request for information on the Class I's progress in restructuring its operations by implementing the precision scheduled railroading (PSR) concept. The board asked for an update on the company's progress in five areas: car order fulfillment, local service performance, car trip plan performance, communication with customers and service in the Chicago area.

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A little more than a month after dropping plans to help develop and fund an expansion to the Howard Street Tunnel in Baltimore, CSX has reentered discussions about the project with state and local partners.

CSX this afternoon announced that its board unanimously appointed James Foote president and chief executive officer, effective immediately.

He succeeds E. Hunter Harrison, who died Dec. 16 shortly after taking medical leave. Harrison had led the Class I since March. Foote — who joined CSX in October as executive vice president and chief operating officer — served as acting CEO in Harrison’s absence.

[Editor's note: Story was updated at 3:16 p.m. to include a statement from the Association of American Railroads.]

CSX Corp. today issued the following statement announcing the death of E. Hunter Harrison:

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CSX President and Chief Executive Officer E. Hunter Harrison has taken medical leave due to unexpected complications from a recent illness, the Class I announced last night.

American Resources Corp., through its subsidiary Quest Energy Inc. and Deane Mining LLC, has shipped its first unit train of thermal coal from a previously idled Mill Creek coal preparation plant in Letcher County, Kentucky, the company announced late last week.

The plant's operation is made possible in part through the start of the Access Energy underground mine, which belts directly to the plant's raw coal stockyard, according to a press release issued by American Resources.

CSX has been selected as a recipient of the National Defense Transportation Association's (NDTA) 2017 Distinguished Service Award in recognition of the railroad's "invaluable support of the organization's goals and aims."

The NDTA is a nonpolitical, nonprofit educational association that works to benefit national security and defense by sharing information about logistics, transportation and passenger travel services.