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CSX reports higher revenue, earnings in Q2

Rail News Home CSX Transportation 7/21/2022 Rail News: CSX Transportation
image CSX yesterday reported it achieved higher operating revenue and net income in second-quarter 2022 compared with the same period in 2021. Net income in Q2 2022 rose to $1.178 billion, or 54 cents per share, compared to $1.173 billion, or 52 cents per share, a year ago. Operating income inched up 1% to $1.7 billion. Revenue climbed 28% to $3.82 billion in the quarter, due to higher revenue in nearly all markets driven by pricing gains, fuel surcharge and the addition of Quality Carriers, a North American provider of bulk liquid chemicals truck transportation.  CSX posted an operating ratio (OR) of 55.4%, up from 43.4% a year ago. The higher OR included the effects of lower real estate gains, the acquisition of Quality Carriers and higher fuel prices. Also, the Q2 results included $18 million of expense related to the acquisition of Pan Am Railways and a $122 million gain (4 cents per share after tax) from property sales recognized from the 2021 agreement with Virginia. Second-quarter 2021 results included a $349 million gain (12 cents per share after tax) from the same agreement. "I am very proud of CSX’s entire team of employees, which now includes Pan Am railroaders, for their hard work and dedication over this quarter,” said CSX President and CEO James Foote in a press release.  "Though volatile commodity prices and persistent inflation have added uncertainty to the economy, our efforts remain focused on adding the resources needed to deliver improvements in our network performance, lift customer satisfaction and develop new rail service solutions to drive meaningful growth over the long term," Foote added.
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CSX issues 2021 ESG report

Rail News Home CSX Transportation 7/12/2022 Rail News: CSX Transportation
image The 2021 ESG report includes information on CSX's progress toward 2030 environmental goals. Photo – csx.com

CSX yesterday released its 2021 environmental, social and governance (ESG) report on the company’s economic, workforce, environmental, social and governance performance.

The report details progress made against CSX's 2030 environmental goals, including achieving a 15.6% reduction in Scope 1 and 2 emissions intensity since 2014 and piloting alternative fuels and engine enhancements to reduce fuel burn and overall emissions from locomotives.

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CSX kicks off Chicago intermodal yard expansion project

Rail News Home CSX Transportation 6/23/2022 Rail News: CSX Transportation
image Construction on the new intermodal facility began in April. Photo – csx.com

CSX and Chicago officials earlier this week held a groundbreaking ceremony for an expansion of the 63rd Street intermodal container storage yard.

The more than $25 million facility, expected to begin operations in December, will provide additional options for manufacturers and distributors throughout the region, CSX officials said in a press release.

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CREATE Program wraps up Argo Connections project

Rail News Home CSX Transportation 6/21/2022 Rail News: CSX Transportation
image The Argo Connections (B9) project is the 32nd to be completed under the CREATE Program. Photo – createprogram.org

CSX, Chicago, Illinois state and federal officials last week gathered to mark the completion of the Argo Connections, the 32nd project to be completed of the 70 that are part of the Chicago Region Environmental and Transportation Efficiency (CREATE) Program.

Known as CREATE project B9, the Argo work involved the construction of a new double-track connection and crossovers — switches that allow trains to pass one another, rather than waiting behind one another — between the Belt Railway Co. of Chicago (BRC) and Indiana Harbor Belt Railroad (IHB)/CSX line at Archer Avenue and 63rd Street.

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CSX inducted into Climate Leadership Hall of Fame

Rail News Home CSX Transportation 5/31/2022 Rail News: CSX Transportation
image CSX announced last week its induction into the Climate Leadership Awards Hall of Fame for its commitment to increasing sustainability and lowering carbon emissions. The Class I is part of the first-ever class of 29 companies and organizations to be inducted into the CLA Hall of Fame. To earn the honor, inductees needed to receive at least two Climate Leadership Awards across multiple categories over the past decade, CSX officials said in a press release. CSX is the only railroad recognized as an honoree. The induction ceremony celebrated the Class I and other inductees at the Climate Leadership Conference in Washington, D.C., May 24-26. The Class I most recently earned a 2021 CLA for greenhouse gas (GHG) emissions reduction goal-setting. The Center for Climate and Energy Solutions (C2ES) and The Climate Registry, which presented the awards, cited CSX's goal to reduce Scope 1 and 2 emissions intensity by 37.3% from 2014 to 2029 — an absolute emissions reduction of 2.5% annually — as part of the reason for the award. CSX also earned a CLA in 2013 recognizing its 8% voluntary reduction of GHG emissions intensity since 2007. "In the past decade, these companies, organizations and individuals have helped raise the bar time and again — betting on themselves to succeed," said C2ES President Nathaniel Keohane in a press release regarding the honorees.
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CSX included on 'Best Corporate Citizens' list

Rail News Home CSX Transportation 5/19/2022 Rail News: CSX Transportation
image CSX was named to 3BL Media's annual 100 Best Corporate Citizens ranking, which recognizes outstanding environmental, social and governance (ESG) transparency and performance among the 1,000 largest U.S. public companies. The ranking is based on 155 ESG factors across eight pillars: climate change, employee relations, environment, finance, governance, human rights, stakeholders and society and ESG performance. Using a methodology developed by 3BL Media, all Russell 1000 Index companies are researched by ISS ESG, the responsible investment research arm of Institutional Shareholder Services. There is no fee for companies to be included in 100 Best Corporate Citizens. CSX ranked 64th on the list. "Having earned top 100 scores in the categories of climate change, ESG performance, governance and more, our team of transportation experts takes pride in providing excellent service to our customers while being a good neighbor by operating responsibly, generating economic opportunities and giving back to communities along CSX's network," said CSX spokesperson Sheriee Bowman in an email. The full list of 100 companies can be viewed here.
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CSX recognizes 65 companies for hazmat safety in 2021

Rail News Home CSX Transportation 5/13/2022 Rail News: CSX Transportation
image CSX has presented its Chemical Safety Excellence Award to 65 customers for their "outstanding contribution" to the safe transportation of hazardous materials in 2021. The awards were presented to companies that shipped at least 600 carloads of hazardous materials with CSX during the year without a hazmat release due to controllable factors. Representing a wide range of industry segments, the winning companies shipped over 185,000 carloads of hazardous materials on the Class I's network in 2021. CSX gave special recognition to global chemical company Kemira, which led all hazard materials shippers with 21 consecutive years as a CSX award winner. Also receiving special recognition were ExxonMobil Chemical Co. and Messer North America, which reached their 10-consecutive-year milestone as award winners; and Americas Styrenics, Ascend Performance Materials and Shintech, which reached five consecutive years without a nonaccidental release. The full list of award winners can be read here.
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CSX to serve Novelis aluminum recycling plant in Alabama

Rail News Home CSX Transportation 5/12/2022 Rail News: CSX Transportation
image A rendering of the future Novelis plant, which will be served by CSX. Photo – novelis.com

CSX will provide rail transportation to Novelis Inc.’s future $2.5 billion aluminum recycling and rolling plant in Bay Minette, Alabama, the Class I announced yesterday.

The low-carbon facility will be the first fully integrated aluminum mill built in the United States in 40 years, CSX officials said in a press release.

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CSX posts 'strong' first quarter

Rail News Home CSX Transportation 4/21/2022 Rail News: CSX Transportation
image as we moved into March, operating conditions began to gradually improve and we do see indications that this momentum is continuing," said President and CEO James Foote. Photo – csx.com

CSX yesterday announced first-quarter 2022 net earnings of $859 million, or 39 cents per share, compared to $706 million, or 31 cents per share, in the same period last year.

First-quarter operating income totaled $1.28 billion compared to $1.1 billion in the prior year. Revenue rose 21% to $3.41 billion, as an overall revenue-per-unit increase of 24% more than offset a 2% decline in volume, CSX officials said in a press release.

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STB approves CSX plan to acquire Pan Am Railways

Rail News Home CSX Transportation 4/18/2022 Rail News: CSX Transportation
image CSX officials expect to close on the acquisition on June 1. Photo – panamrailways.com/Ted Krug

The Surface Transportation Board late last week approved CSX's application to acquire Pan Am Systems and its short-line subsidiaries, including Pan Am Railways Inc.

CSX officials expect to close on the acquisition on June 1. Pan Am owns rail lines and provides rail service on a freight-rail network in New England, from Maine in the north to the Boston region in the south, and west to near Albany, New York.

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CSX to shareholders: Reject mini-tender offer by TRC

Rail News Home CSX Transportation 3/24/2022 Rail News: CSX Transportation
image CSX Corp. yesterday recommended that shareholders reject an unsolicited "mini-tender" offer by TRC Capital Investment Corp. to purchase up to 4 million shares of CSX common stock at $34.75 per share in cash. Shareholders should reject the offer because the price is 4.43% below the $36.34 closing price of CSX common stock on March 18, the last trading day before the mini-tender began, CSX officials said in a press release. The Class I is not affiliated with TRC and does not endorse its unsolicited offer, CSX officials said. The offer is also subject to a number of conditions, including TRC’s ability to secure sufficient financing to consummate the offer. CSX officials recommend that any shareholders who have tendered shares to TRC withdraw those shares by providing the written notice described in the offering documentation before the offer expires April 20. "[We] urge shareholders to obtain current market quotes for their shares, to review the conditions to TRC’s mini-tender offer, to consult with their brokers or financial advisors and to exercise caution with respect to TRC’s mini-tender offer," CSX officials said.
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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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CSX listed as 'best' place to work in IT

Rail News Home CSX Transportation 7/19/2021 Rail News: CSX Transportation
image CSX has been named to IDG's 2021 Insider Pro and Computerworld "Best Places to Work in IT" list. The newly released report lists the top 100 work environments for technology professionals. CSX is the only railroad and one of only four transportation and logistics businesses ranked among large companies on the annual listing, CSX officials said in news release. The Insider Pro and Computerworld list is compiled based on a questionnaire regarding company offerings in categories such as benefits, career development, training and retention. In addition, IDG surveys IT workers. The list honors companies that foster nimble and flexible work environments, and a spirit of diversity, social responsibility, training and innovation. “Our technology employees work closely with all departments, engaging directly with teams across the states to deliver innovative customer solutions and find the best resolutions to real-world challenges," said Diana Sorfleet, CSX's executive vice president and chief administrative officer. "Our corporate culture is transforming the image of a modern railroad, and our technology professionals are at the forefront."
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CSX recognized as a 'Best Place to Work for Disability Inclusion'

Rail News Home CSX Transportation 7/16/2021 Rail News: CSX Transportation
image CSX, for the third consecutive year, has been recognized as a "Best Place to Work for Disability Inclusion" by Disability:IN and the American Association of People with Disabilities (AAPD). The Class I received a top score on the Disability Equality Index (DEI), CSX officials said in a news release. CSX is the only Class I on the 2021 DEI, which is the nation's most comprehensive annual benchmarking tool on disability inclusion efforts in the areas of culture, leadership, enterprise-wide access, employment practices, supplier diversity and community engagement, they said.  Developed by Disability:IN and the AAPD, the index enables America's leading corporations to self-report their disability policies and practices, and to be scored objectively by an independent panel.
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CSX reports ESG progress made in 2020

Rail News Home CSX Transportation 7/9/2021 Rail News: CSX Transportation
image CSX Corp. yesterday released its 2020 environmental, social and governance (ESG) report, highlighting the company’s sustainability performance in the areas of safety, people and communities, environment and governance. The report showcases the company’s progress toward its ESG goals over the past year, said President and Chief Executive Officer James Foote in a press release. “This year’s report demonstrates how, through the adoption of new technologies and operating practices, we continued to deliver strong safety and environmental performance, increasing our sustainability advantage, setting records for fuel efficiency and exceeding our emissions reduction targets,” he said. In addition, the report highlights the company’s efforts to increase social justice awareness, education and communication; and advance a commitment to professional development and workforce diversity, equity and inclusion, Foote said. The report was prepared in accordance with leading sustainability reporting frameworks, including the Global Reporting Initiative Standards, the Sustainability Accounting Standards Board and the Task Force on Climate-related Financial Disclosures. The full report can be downloaded from the CSX website.
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CSX completes acquisition of Quality Carriers

Rail News Home CSX Transportation 7/1/2021 Rail News: CSX Transportation
image The acquisition enables CSX to gain access to new products, markets and regions, CSX officials said. Photo – csx.com

CSX Corp. today announced it has completed its previously announced acquisition of Quality Carriers Inc., a North American provider of bulk liquid chemicals truck transportation, from Quality Distribution Inc.

Financial terms of the transaction were not disclosed.

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