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CSX reports lower Q2 revenue across all markets

Rail News Home CSX Transportation 7/23/2020 Rail News: CSX Transportation
image CSX Corp. yesterday announced second-quarter net earnings and revenue declines, as the Class I faced lower economic activity due to the COVID-19 pandemic. The company posted net earnings of $499 million, or 65 cents per share, versus $870 million, or $1.08 per share, for the same period in 2019. Second-quarter revenue tumbled 26 percent year over year to $2.26 billion due to volume declines, an unfavorable mix, decreases in fuel recovery, declines in coal pricing and lower other revenue, CSX reported in its financial statement. Those decreases were partially offset by pricing gains in merchandising and intermodal. Operating income plummeted 37 percent to $828 million compared to $1.31 billion in the same quarter in 2019. Expenses fell 19 percent to $1.43 billion, impacted by volume-related reductions, lower fuel costs and continued efficiency gains. "I want to extend my gratitude to all of the CSX employees who kept the railroad running well during the most disruptive operating period I have seen in my career," said President and Chief Executive Officer James Foote in a press release. CSX's operating ratio for the second quarter was 63.3 percent, up from 57.4 percent a year ago. In their presentation to analysts, CSX officials said all markets were negatively impacted by the economic effects of the pandemic. By market, quarterly revenue declined year over year by 10 percent in chemicals, 13 percent in agricultural and food products, 9 percent in minerals, 11 percent in forest products, 8 percent in fertilizers, 24 percent in metals and equipment, 72 percent in automotive, 48 percent in coal, 18 percent in intermodal and 19 percent in "other."    

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CSX named 'best place to work' for disability inclusion

Rail News Home CSX Transportation 7/20/2020 Rail News: CSX Transportation
image CSX has been recognized as one of the nation's best places to work by Disability:IN and the American Association of People with Disabilities (AAPD), the Class I announced last week. Receiving the award for the second consecutive year from those organizations is a testament to CSX's corporate values and commitment to diversity and inclusion, said CSX spokeswoman Sheriee Bowman in an email. First launched in 2015, the Disability Equality Index (DEI) is a comprehensive disability inclusion assessment tool designed and embraced by business leaders and disability advocates.
Developed by Disability:IN and the AAPD, the DEI enables the nation's leading corporations to self-report their disability policies and practices to be scored objectively by an independent panel.

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CSX awards contract for railroad car dumper system

Rail News Home CSX Transportation 7/2/2020 Rail News: CSX Transportation
image CSX will use the system for the rotary dumping of loaded rail cars and for the unloading of bottom dump cars.Photo – metso.com

CSX has awarded a contract to Metso for the design, supply and installation of a rail-car dumper system that will be used to unload coal at the Curtis Bay Export Terminal in Baltimore.

The Metso Twin Cage Tandem Rotary Car Dumper System will include two complete dumper barrel assemblies, a complete hopper system with grizzlies, a unit train positioner operation and installation. The system is expected to be operational in October 2021, Metso officials said in a press release.

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Toyota honors CSX with logistics excellence award

Rail News Home CSX Transportation 6/25/2020 Rail News: CSX Transportation
image Toyota Logistics Services has awarded CSX the motor vehicle maker's President's Award for Rail Logistics Excellence in 2019. The award — the automaker's highest supplier honor — recognizes a Toyota service partner that best demonstrates combined excellence in quality, customer service, continuous improvement and on-time performance, CSX officials said in an announcement posted on social media. In addition to the President's Award, CSX received the On Time Performance Award, Environmental Award and Kaizen Award. In 2019, CSX handled more than 300,000 vehicles for Toyota. Over their 30-year business relationship, CSX and Toyota have shared a mutual dedication to continuous improvement and collaboration. "Working together, we ensure that the cars Toyota builds are transported across the country in a safe and reliable manner, while meeting Toyota's transit standards," said John Ahrens, director of automotive sales at CSX. "Our performance with Toyota is a great example of CSX's commitment to a positive customer experience and the positive impact on our auto industry customers."

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CSX recognized for 'Pride in Service' program

Rail News Home CSX Transportation 5/29/2020 Rail News: CSX Transportation
image CSX has received a 2020 Halo Award for the Class I's "Pride in Service" initiative. Presented by the Engage for Good organization, the awards honor corporate social initiatives and cause marketing. CSX launched Pride in Service in 2018 to support and recognize military, veterans and first responder service members and their families. From connecting with families to bridge the civilian-military divide, to raising funds and participating in events, to writing letters of gratitude and packing care pouches, CSX employees have contributed nearly 5,000 hours to the cause and reached 85,000 individuals in the initiative's first full year, CSX officials said in a press release. "At CSX, service is an integral part of our culture and we are so proud that one in five of our employees have served our country and communities, either in the military or as a first responder," said Nathan Goldman, CSX's executive vice president and chief legal officer. This is the 18th year that Engage for Good will honor businesses and nonprofits with Halo Awards.

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