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CSX posts lower earnings, steady operating ratio in Q3

CSX Corp. yesterday reported third-quarter 2020 net earnings declined 14% to $736 million, or 96 cents per share, compared with $856 million, or $1.08 per share, in the same period a year ago.

Revenue for the quarter fell 11% to $2.65 billion, as intermodal volume growth was more than offset by declines in coal and merchandise volumes, as well as lower fuel surcharge revenue.

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CSX train derails in Georgia after Delta-related rains

Rail News Home CSX Transportation 10/12/2020 Rail News: CSX Transportation
image Firefighters responded at to a 911 call indicating the train had derailed, was on its side and was taking on water.Photo – Gwinnett County Fire and Emergency Services, Facebook

Following heavy rains stemming from Hurricane Delta, a CSX train derailed yesterday, causing a fire and hazmat situation outside Atlanta.

Two CSX employees were transported to a local hospital with minor injuries, according to a statement from Gwinnett County Fire and Emergency Services. 

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CSX issues annual sustainability report

Rail News Home CSX Transportation 8/3/2020 Rail News: CSX Transportation
image The report highlights the railroad's sustainability actions on safety, environment, people, communities and governance.Photo – CSX 2019 ESG report

CSX last week published its 2019 Environmental, Social and Governance (ESG) report, which highlights the railroad's sustainability actions on safety, environment, people, communities and governance.

The report addresses CSX's "record-setting" safety performance, achieving 2020 emissions reduction targets ahead of schedule, and CSX becoming the first Class I to operate at a fuel efficiency rate of less than one gallon of fuel per 1,000 gross ton miles for a quarter.

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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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CSX, Conservation Fund issue grants to expand access to food

Rail News Home CSX Transportation 5/7/2020 Rail News: CSX Transportation
image CSX and The Conservation Fund yesterday announced nine charities in seven states will receive grants ranging from $5,000 to $10,000 to improve their capacity to store and safely deliver food in their communities. Over the past six years, the Grant Program for Transporting Healthy Food, sponsored by CSX, has provided funding to 74 local food producers and distributors. The funding has supported their operations to purchase and expand vital infrastructure — such as mobile markets, cold storage units and packaging material — to better store, pack, transport and ultimately improve community access to fresh produce, dairy, meat or seafood. Overall, the grant program is projected to enable local food distribution organizations to collectively serve an additional 377,987 families with nearly 50 million pounds of food and increase the number of meals provided by more than 40 million. The grants will go to organizations in Connecticut, Indiana, Maryland, Michigan, New York, North Carolina and Virginia. "CSX is proud to partner with The Conservation Fund on this important initiative to promote the distribution of fresh, healthy food to those in underserved communities," said John Kitchens, CSX's director of community investment, in a press release. The fund's grant program has provided nourishment to thousands of families and strengthened local food producers in some of the nation's most vulnerable communities, he said. This year's funding will enable the nine recipient organizations to collectively serve an additional 92,000 families with nearly 6 million meals.  

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CSX to end McKees Rocks intermodal operations

Rail News Home CSX Transportation 5/6/2020 Rail News: CSX Transportation
image CSX opened the McKees Rocks intermodal terminal in 2017.Photo – mckeesrocks.com

CSX will discontinue intermodal operations at its McKees Rocks facility near Pittsburgh, and has reached an agreement with Shell to lease the 70-acre property.

Shell will use the site for a storage-in-transit (SIT) rail facility, CSX spokeswoman Sheriee Bowman said yesterday in an email.

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CSX reports lower Q1 earnings, withdraws 2020 outlook

CSX Corp. yesterday announced first-quarter 2020 net earnings fell 8 percent to $770 million, or $1 per share, compared to $834 million, or $1.02 per share, in the same quarter last year. The Class I withdrew its outlook for the year because of ongoing economic uncertainty over the COVID-19 pandemic.

Operating revenue fell 5 percent to $2.86 billion during the quarter, as growth in merchandise revenue was more than offset by declines in coal and other revenue. Expenses dropped 7 percent year over year to $1.68 billion, driven by efficiency gains, CSX officials said in a press release.

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Mantle Ridge sells most of its stake in CSX

Rail News Home CSX Transportation 10/22/2019 Rail News: CSX Transportation
image The activist that shook up CSX Corp. three years ago has wound down most of its investment in the Class I, The Wall Street Journal reported yesterday.Mantle Ridge LP, the investment vehicle of Paul Hilal, has sold off nearly all of its $1 billion position in CSX, the newspaper reported based on filings with the U.S. Securities and Exchange Commission. CSX bought back about 4.7 million shares.Hilal retains ownership of about 3.4 million shares of CSX, and will continue to serve as a director and vice chair of the railroad's board.Hilal launched the bid to recruit and install veteran railroader E. Hunter Harrison as CSX's chief executive officer after Harrison turned around operations at CN and Canadian Pacific. At the Canadian Class Is, Harrison successfully implemented precision scheduled railroading (PSR) to wring out waste and inefficiencies.Harrison was in the process of launching a PSR system at CSX when he unexpectedly died Dec. 17, 2017.

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CSX posts higher earnings, record-low operating ratio in Q3

Despite lower revenue, CSX posted a 3 percent increase in net earnings and a company record low operating ratio (OR) for third-quarter 2019 compared to the same period a year ago, the Class I reported yesterday.

Third-quarter revenue fell 5 percent to $2.98 billion, as merchandise revenue growth was more than offset by coal and intermodal declines. CSX decreased expenses by 8 percent year over year to $1.69 billion, driven by continued efficiency gains and volume related savings, CSX officials said in a press release.

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Class I focus: Operational and efficiency gains can create a virtuous cycle for CSX

The Class I strives to continuously develop its own electronic tools, as well as tap existing and emerging technologies, to help meet strategic objectives.Photo – CSX

By Jeff Stagl, Managing Editor

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CSX appoints Bezar, Adams to senior VP roles

Rail News Home CSX Transportation 10/8/2019 Rail News: CSX Transportation
image Farrukh Bezar (left) and Arthur AdamsPhoto – CSX

CSX yesterday announced two senior appointments: Farrukh Bezar as senior vice president of marketing, and Arthur Adams as VP of merchandise sales.

The appointments were made to underscore the company's focus on leveraging its operating model and service product to increase growth in the merchandise segment, CSX officials said in a press release.

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CSX appoints Boone, Boychuk to executive roles

Rail News Home CSX Transportation 10/3/2019 Rail News: CSX Transportation
image Kevin Boone (left) and Jamie BoychukPhoto – CSX

CSX yesterday announced the appointments of Kevin Boone as executive vice president and chief financial officer, and Jamie Boychuk as EVP of operations.

Boone was named interim CFO in May. He joined CSX in 2017 as VP of corporate affairs and chief investor relations officer, then was appointed VP of marketing and strategy to lead research and data analysis to advance growth strategies. He has more than 18 years of experience in finance, mergers and acquisitions, and accounting, primarily focused on the transportation and industrial sectors.

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CSX named to sustainability index for ninth year

Rail News Home CSX Transportation 9/20/2019 Rail News: CSX Transportation
image CSX was named to the Dow Jones Sustainability Index for North America for the ninth consecutive year, recognizing the company’s leadership in sustainable and responsible business practices, the Class I announced yesterday.CSX was the only U.S.-based railroad included on the North American index in 2019, railroad officials said in a press release.CSX was recognized for performance in corporate citizenship and philanthropy, environmental policy and management systems, and human capital development.“CSX is achieving unprecedented goals — in safety, fuel efficiency, operating performance, and sustainability,” said CSX President and Chief Executive Officer James Foote. “CSX is also partnering with customers to find new ways to convert more freight from highway to rail, so together we can reduce our carbon footprint, minimize impacts on the environment and help create a more efficient supply chain.”The DJSI North America index is a partnership between the Dow Jones Indices and RobecoSAM Sustainability Assessments, which tracks the leading sustainability-driven companies based on an analysis of financially material economic, environmental and governance criteria.

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CSX unveils latest 'Pride in Service' locomotive

Rail News Home CSX Transportation 8/23/2019 Rail News: CSX Transportation
image The CSXT 3194 was renamed to honor the nation's police officers.Photo – CSX

CSX yesterday unveiled its Spirit of our Law Enforcement commemorative locomotive at the Class I's locomotive shop in Huntington, West Virginia.

The CSXT 3194 was renamed to honor the nation's police officers. The unit joins the railroad's collection of Pride In Service locomotives launched this spring: the Spirit of Our Armed Forces and the Spirit of our First Responders.

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CSX rail spur to be built at South Alabama Mega Site

Rail News Home CSX Transportation 8/9/2019 Rail News: CSX Transportation
image The Mega Site is bordered by Interstate 65 to the north and the CSX line to the south.Photo – southalabamamegasite.com

CSX and Alabama Power are contributing $5 million toward improvements to the South Alabama Mega Site for industrial development.

The contribution will help pay for a new CSX rail spur off the rail line that runs along the site's southern border, according to a report by the Alabama NewsCenter, a website operated by Alabama Power.

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Federal grant will help CSX, Maryland start Howard Street Tunnel project

Rail News Home CSX Transportation 7/23/2019 Rail News: CSX Transportation
image The tunnel's height restrictions prevent double-stack trains from serving the Port of Baltimore.Photo – baltimoresun.com

Maryland Gov. Larry Hogan yesterday announced the state will receive a $125 million Infrastructure For Rebuilding America Program grant from the U.S. Department of Transportation that will enable the long-planned Howard Street Tunnel project to start soon in Baltimore.

To be conducted in partnership with CSX, the more than $450 million project calls for eliminating height restrictions in the 121-year-old tunnel to allow double-stack trains to move to and from the Port of Baltimore. The work will create double-stack clearance in the tunnel and under 22 bridges between Baltimore and Philadelphia.

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