4/20/2017
Rail News: Canadian Pacific
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Railroad News
Apr
20
Apr
20
4/20/2017
Rail News: Canadian Pacific
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Apr
20
Rail News Home Canadian Pacific 4/20/2017 Rail News: Canadian Pacific
Canadian Pacific yesterday announced first-quarter 2017 revenue rose 1 percent to 1.6 billion Canadian dollars from CA$1.59 billion a year ago. The revenue growth was the first in six quarters, company officials said."We turned a corner in March and are now seeing positive volumes, which makes us cautiously optimistic that the demand environment is improving," President and Chief Executive Officer Keith Creel said in a press release and in an earnings conference call.CP's net income declined to CA$431 million in Q1 2017 from CA$540 million in the same period a year ago. The Class I reported earnings per share (EPS) fell 17 percent to CA$2.93 from CA$3.51 a year ago, while adjusted diluted EPS remained flat year-over-year at CA$2.50.CP's reported operating ratio fell by 80 basis points to 58.1 percent from 58.9 percent. However, the OR in the quarter includes a CA$51 million recovery associated with the early departure of E. Hunter Harrison, who left CP as CEO earlier this year to become head of CSX Corp. Excluding that adjustment, the operating ratio increased by 240 basis points to 61.3 percent."CP's strong focus on developing its bench strength resulted in a seamless leadership transition and a seasoned executive team that is focused on leveraging CP's proven operating model," Creel said. "Our talented and engaged workforce together with disciplined cost control gives us a great deal of confidence that we'll be able to deliver high single-digit adjusted diluted EPS growth in 2017 and create long-term value for shareholders."Meanwhile, Creel also announced that CP and the United Steelworkers Local 1976 have reached a five-year agreement that will cover 600 administrative support and intermodal employees. The agreement was reached and ratified early, as the existing contract doesn't expire until the end of 2017, Creel said.The agreement calls for wage increases of 2 percent each year over the term of the contract. Also, the contract provides the opportunity for additional increases of 0.5 percent to 1 percent in the fourth and fifth years depending on gains in revenue ton miles. "CP's support staff personnel and intermodal employees are integral to our company's best-in-class service and our future success," said Creel. "This innovative agreement is an example of the positive results that can be achieved when people work together in good faith." Contact Progressive Railroading editorial staff. More News from 4/20/2017
Canadian Pacific yesterday announced first-quarter 2017 revenue rose 1 percent to 1.6 billion Canadian dollars from CA$1.59 billion a year ago. The revenue growth was the first in six quarters, company officials said."We turned a corner in March and are now seeing positive volumes, which makes us cautiously optimistic that the demand environment is improving," President and Chief Executive Officer Keith Creel said in a press release and in an earnings conference call.CP's net income declined to CA$431 million in Q1 2017 from CA$540 million in the same period a year ago. The Class I reported earnings per share (EPS) fell 17 percent to CA$2.93 from CA$3.51 a year ago, while adjusted diluted EPS remained flat year-over-year at CA$2.50.CP's reported operating ratio fell by 80 basis points to 58.1 percent from 58.9 percent. However, the OR in the quarter includes a CA$51 million recovery associated with the early departure of E. Hunter Harrison, who left CP as CEO earlier this year to become head of CSX Corp. Excluding that adjustment, the operating ratio increased by 240 basis points to 61.3 percent."CP's strong focus on developing its bench strength resulted in a seamless leadership transition and a seasoned executive team that is focused on leveraging CP's proven operating model," Creel said. "Our talented and engaged workforce together with disciplined cost control gives us a great deal of confidence that we'll be able to deliver high single-digit adjusted diluted EPS growth in 2017 and create long-term value for shareholders."Meanwhile, Creel also announced that CP and the United Steelworkers Local 1976 have reached a five-year agreement that will cover 600 administrative support and intermodal employees. The agreement was reached and ratified early, as the existing contract doesn't expire until the end of 2017, Creel said.The agreement calls for wage increases of 2 percent each year over the term of the contract. Also, the contract provides the opportunity for additional increases of 0.5 percent to 1 percent in the fourth and fifth years depending on gains in revenue ton miles. "CP's support staff personnel and intermodal employees are integral to our company's best-in-class service and our future success," said Creel. "This innovative agreement is an example of the positive results that can be achieved when people work together in good faith." Contact Progressive Railroading editorial staff. More News from 4/20/2017
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Apr
20
Construction and renovation began yesterday at the Bay Area Rapid Transit (BART) Concord Station plaza.
BART says the renovations will revitalize the station with a major makeover, including improved pedestrian access, an added bike lane, energy-efficient lighting and an improved "kiss 'n ride" for passenger drop offs.
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Apr
20
4/20/2017
Rail News: CSX Transportation
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Apr
20
4/20/2017
Rail News: CSX Transportation
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Apr
20
Rail News Home CSX Transportation 4/20/2017 Rail News: CSX Transportation
CSX Corp. announced first-quarter net income rose 2 percent to $362 million, or 39 cents per share, from $356 million, or 37 cents per share, in the same period a year ago.Excluding a $173 million restructuring charge in this year's first-quarter results, adjusted earnings were 51 cents per share, according to a CSX press release.Revenue for the quarter climbed 10 percent to $2.87 billion compared with $2.6 billion in second-quarter 2016. The revenue growth was attributed to volume growth across most markets, overall core pricing gains, increased fuel recovery and favorable mix, CSX officials said.Although the $173 million restructuring charge drove a 13 percent year-over-year increase in expenses for the quarter, the railroad posted $123 million in efficiency savings. Looking ahead, the railroad will continue to focus on improving asset utilization to achieve operations efficiency and reducing cost structuring, company officials said.Today's earnings call with investors was the first time E. Hunter Harrison discussed quarterly results as CSX president and chief executive officer. Harrison left Canadian Pacific earlier this year to lead CSX."I am pleased to join the CSX team and working together we are going to make this company the best North American railroad, capable of consistently meeting and exceeding the expectations of our customers and our shareholders," said Harrison in the press release. "As the business environment continues to improve and we implement Precision Scheduled Railroading, CSX will realize these objectives while driving volume growth and achieving a new level of financial performance."CSX's second-quarter volume outlook is favorable due to anticipated growth in most markets. The company maintains a favorable outlook in the second quarter for agriculture and food, export coal, fertilizers, forest products, intermodal and minerals; a neutral outlook for automotive, chemicals, metals and equipment; and an unfavorable outlook for domestic coal. Contact Progressive Railroading editorial staff. More News from 4/20/2017
CSX Corp. announced first-quarter net income rose 2 percent to $362 million, or 39 cents per share, from $356 million, or 37 cents per share, in the same period a year ago.Excluding a $173 million restructuring charge in this year's first-quarter results, adjusted earnings were 51 cents per share, according to a CSX press release.Revenue for the quarter climbed 10 percent to $2.87 billion compared with $2.6 billion in second-quarter 2016. The revenue growth was attributed to volume growth across most markets, overall core pricing gains, increased fuel recovery and favorable mix, CSX officials said.Although the $173 million restructuring charge drove a 13 percent year-over-year increase in expenses for the quarter, the railroad posted $123 million in efficiency savings. Looking ahead, the railroad will continue to focus on improving asset utilization to achieve operations efficiency and reducing cost structuring, company officials said.Today's earnings call with investors was the first time E. Hunter Harrison discussed quarterly results as CSX president and chief executive officer. Harrison left Canadian Pacific earlier this year to lead CSX."I am pleased to join the CSX team and working together we are going to make this company the best North American railroad, capable of consistently meeting and exceeding the expectations of our customers and our shareholders," said Harrison in the press release. "As the business environment continues to improve and we implement Precision Scheduled Railroading, CSX will realize these objectives while driving volume growth and achieving a new level of financial performance."CSX's second-quarter volume outlook is favorable due to anticipated growth in most markets. The company maintains a favorable outlook in the second quarter for agriculture and food, export coal, fertilizers, forest products, intermodal and minerals; a neutral outlook for automotive, chemicals, metals and equipment; and an unfavorable outlook for domestic coal. Contact Progressive Railroading editorial staff. More News from 4/20/2017
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Apr
20
Caltrain says it will begin a two-week rail-grinding project in San Francisco on April 26. The project will result in reduced noise impacts for residents living near the right of way and smoother rides for passengers.
The commuter rail service says it will use a rail-mounted, locomotive-sized grinder to restore the shape of the rail to its original configuration. Grinding the rail will allow a better fit between the train wheel and the top of the rails' head.
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Apr
20
Union Pacific (UP) plans to invest approximately $26.8 million in Nevada infrastructure in 2017. The investment is part of UP's $3.1-billion capital plan.
The Class 1 says the investment will fund $22.7 million to maintain railroad track and $1.8 million to maintain the state's bridges. Key projects planned include:
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Apr
19
4/19/2017
Rail News: Passenger Rail
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Apr
19
4/19/2017
Rail News: Rail Industry Trends
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Apr
19
4/19/2017
Rail News: Intermodal
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Apr
19
4/19/2017
Rail News: Passenger Rail
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Apr
19
4/19/2017
Rail News: Intermodal
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Apr
19
The Association of American Railroads (AAR) today reported U.S. rail traffic for the week ending April 15, 2017.
For this week, total U.S. weekly rail traffic was 519,318 carloads and intermodal units, up 3.9 percent compared with the same week last year.
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Apr
19
4/19/2017
Rail News: Rail Industry Trends
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Apr
19
U.S. Congressman Mike Bost (R-IL-12) joined representatives from R. J. Corman Railroad Services, LLC, to tour their Caseyville Emergency Services facility, and discuss pressing rail and manufacturing issues with various rail stakeholders.
The National Railroad Construction and Maintenance Association (NRC) and the Railway Engineering-Maintenance Suppliers Association (REMSA) jointly coordinated the event. The tour was led by R. J. Corman President Nathan Henderson. The Caseyville, Ill. division has over 40 employees and 50 pieces of heavy machinery. The division provides an array of services to one of the most dense rail network regions in the United States, including emergency response re-rail services, maintenance of way services and small scale rail construction jobs.
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Apr
19
4/19/2017
Rail News: Short Lines & Regionals
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Apr
19
Investigator Joseph O'Keefe is the 2016 Amtrak Police Department Officer of the Year.
Amtrak Chief of Police Neil Trugman presented the award to O'Keefe for his significant contributions to the Amtrak community, including the discovery of a large-scale auto theft ring in Pennsylvania and Delaware.
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Apr
19
Preparation for a long-anticipated second bridge across Lake Pend Oreille at Sandpoint, Idaho, has been given the go-ahead by BNSF Railway.
Stretching roughly 3/4-mile in length, the new bridge will stand parallel to an existing single-track bridge built in 1904. By double-tracking its crossing of the lake, BNSF will alleviate a chokepoint where BNSF and Montana Rail Link main lines converge at the east end of what's often referred to as the Spokane-Sandpoint "Funnel." It's a vital component in BNSF's Northern Corridor connecting Chicago, Texas, and the Midwest with cities and seaports in the Pacific Northwest.
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