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CSX in Q3: Higher net earnings, lower operating ratio

Rail News Home CSX Transportation 10/21/2021 Rail News: CSX Transportation
image CSX Corp. yesterday announced third-quarter 2021 net earnings of $968 million, or 43 cents per share, compared to $736 million, or 32 cents per share in the same period last year. CSX posted an operating ratio of 56.4% in Q3 2021 compared to 56.9% in the prior year period, CSX officials said in a press release. Revenue for quarter climbed 24% from the prior year to $3.29 billion, driven by growth across all business lines, increases in other revenue and the inclusion of Quality Carriers’ results. Operating income improved 26% to $1.44 billion for the quarter. "I want to thank all of CSX’s railroaders for their continued dedication to our customers amidst the combination of ongoing supply chain disruptions and challenges presented by the COVID-19 Delta variant this quarter," said President and CEO James Foote. "We are committed to helping our customers overcome current supply chain constraints and will continue to take action in order to keep our network fluid and design new solutions that enable the delivery of critical goods to millions of Americans."
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CSX honors 71 customers with annual Chemical Safety Excellence Award

CSX yesterday recognized 71 customers with the Class I's annual Chemical Safety Excellence Award for their commitment to the safe transportation of hazardous materials.

Representing a wide range of industry segments — including chemicals, biofuels, waste and fertilizers — the award winners shipped a combined 238,000 carloads of hazard materials on the CSX network in 2020 without a non-accidental release due to controllable factors, according to a news release

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CSX gains key Pan Am deal support from passenger-rail authority

Rail News Home CSX Transportation 8/9/2021 Rail News: CSX Transportation
image CSX on Friday announced it reached an agreement with the Northern New England Passenger Rail Authority (NNEPRA) to support the Class I’s planned acquisition of Pan Am Railways Inc. One of New England’s largest passenger-rail trade authorities, the NNEPRA agreed to file a letter with the Surface Transportation Board (STB) requesting approval of CSX’s revised application for the transaction. On July 30, the STB accepted the railroad’s revised application. NNEPRA’s support for the transaction is significant given its role as the primary state sponsor of Amtrak’s Downeaster service between Brunswick, Maine, and Boston, CSX officials said in a press release. “This agreement demonstrates our commitment to work collaboratively with all stakeholders and to maintain or improve passenger service in the region,” said CSX President and Chief Executive Officer James Foote. Maine Gov. Janet Mills recently filed a letter of support with the STB stating the transaction has the potential to bring substantial benefits to the state, which relies heavily on rail to deliver goods. If the transaction is approved — possibly sometime in 2022 — CSX plans to upgrade track and locomotives to improve service, and extend positive train control on Amtrak's Downeaster network. Based in North Billerica, Massachusetts, Pan Am owns and operates a nearly 1,200-mile network in New England and retains a partial interest in the more-than-600-mile Pan Am Southern rail system.
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CSX: Maine governor, others file support for Pan Am merger

Rail News Home CSX Transportation 7/30/2021 Rail News: CSX Transportation
image Maine Gov. Janet Mills Photo – usm.maine.edu

CSX announced yesterday that its proposed merger with New England’s Pan Am Railways Inc. gained additional support from Maine Gov. Janet Mills as well as four shippers, two municipalities and one member of the New York State Assembly. All filed letters with the Surface Transportation Board (STB) to express support for the deal, CSX officials said in a press release.

“This transaction has the potential to bring substantial benefits to Maine. The state of Maine relies on rail traffic to deliver goods and support our economy. If the transaction is approved, CSX has indicated that it will make upgrades to track and locomotives to provide improved service, extend positive train control on Amtrak's Downeaster, and make other improvements to the rail network,” Mills wrote, according to CSX.

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CSX reports growth across all business lines in Q2

Rail News Home CSX Transportation 7/22/2021 Rail News: CSX Transportation
image CSX Corp. announced second-quarter 2021 net earnings of $1.2 billion, or 52 cents per share, compared to $499 million, or 22 cents per share in the same period last year. The results include benefits from the sale of certain property rights in CSX-owned line segments to Virginia for passenger-rail operations. The transaction favorably impacted operating income by $349 million, operating ratio by 11.7 percentage points, and earnings per share by 12 cents, CSX officials said in a press release. Revenue for the quarter rose 33% to $2.99 billion, driven by growth across all lines of business. Expenses fell 9% year over year to $1.30 billion and operating income improved to $1.69 billion. CSX posted a Q2 operating ratio of 43.4% compared to 63.3% in the previous year’s same quarter. The quarterly results also reflect strong rebound from the pandemic’s impact  during the same quarter in 2020. Specifically, CSX reported:
• Chemicals increased due to higher shipments of plastics, waste and other core chemicals, partially offset by lower shipments of crude oil;
• Agricultural and food products increased as a result of higher shipments of ethanol, food and consumer products, and domestic grain;
• Minerals increased primarily as a result of higher shipments of cement, lime and limestone;
• Automotive increased due to higher North American vehicle production, which was unfavorably impacted in Q2 2020 by COVID-19 plant closures;
• Forest products increased primarily due to higher shipments of building products and pulpboard;
• Metals and equipment increased due to higher shipments across the metals market, partially offset by reduced equipment shipments;
• Fertilizers increased due to higher long-haul fertilizer shipments, partially offset by lower short-haul phosphate shipments;
• Intermodal increased due to tightening truck capacity, inventory replenishments and growth in rail volumes from east coast ports; and
• Coal increased due to higher shipments across international export, domestic utility, and steel and industrial coal.
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