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Oct
21

CSX in Q3: Higher net earnings, lower operating ratio

Rail News Home CSX Transportation 10/21/2021 Rail News: CSX Transportation
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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Oct
14

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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Aug
09

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

Rail News Home CSX Transportation 8/9/2021 Rail News: CSX Transportation
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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Jul
30

CSX: Maine governor, others file support for Pan Am merger

Rail News Home CSX Transportation 7/30/2021 Rail News: CSX Transportation
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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Jul
22

CSX reports growth across all business lines in Q2

Rail News Home CSX Transportation 7/22/2021 Rail News: CSX Transportation
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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Jul
19

CSX listed as 'best' place to work in IT

Rail News Home CSX Transportation 7/19/2021 Rail News: CSX Transportation
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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Jul
16

CSX recognized as a 'Best Place to Work for Disability Inclusion'

Rail News Home CSX Transportation 7/16/2021 Rail News: CSX Transportation
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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Jul
09

CSX reports ESG progress made in 2020

Rail News Home CSX Transportation 7/9/2021 Rail News: CSX Transportation
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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Jul
02

CSX files expanded application with STB to acquire Pan Am Railways

CSX Corp. today announced that it has submitted an amended and supplemented application to the Surface Transportation Board (STB) as part of the previously announced agreement to acquire Pan Am Railways Inc.

The amended application provides all of the additional details of the proposed transaction requested by the STB in its May 26 ruling.

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Jul
01

CSX completes acquisition of Quality Carriers

Rail News Home CSX Transportation 7/1/2021 Rail News: CSX Transportation
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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Jun
24

CSX to install Wabtec locomotive-modernization technologies

Rail News Home CSX Transportation 6/24/2021 Rail News: CSX Transportation
CSX will be the first railroad to put into demonstration Wabtec’s Trip Optimizer Zero-to-Zero system. Photo – wabteccorp.com

CSX and Wabtec are partnering to modernize CSX's locomotive fleet with digital technologies designed to deliver fuel efficiency and emissions reductions.

The partnership will help CSX in the Class I's commitment to reduce greenhouse gas emissions intensity by 37% by 2030, CSX and Wabtec officials said in a press release.

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Jun
24

Howard Street Tunnel project receives final environmental OK

Rail News Home CSX Transportation 6/24/2021 Rail News: CSX Transportation
NEPA approval allows CSX, which owns the tunnel, to finalize engineering and obtain permits. Construction will occur in phases and is expected to begin later this year. Photo – Port of Baltimore/Twitter

The planned Howard Street Tunnel expansion project in Baltimore has received a Finding of No Significant Impact (FONSI) as part of the project review under the National Environmental Policy Act (NEPA), Maryland Gov. Larry Hogan announced yesterday.

The project will expand the 126-year-old Howard Street Tunnel to accommodate double-stacked container trains traveling to and from the Helen Delich Bentley Port of Baltimore, increasing efficiency and capacity.

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Jun
24

Hudson Tunnel project receives final environmental OK

Rail News Home CSX Transportation 6/24/2021 Rail News: CSX Transportation
NEPA approval allows CSX, which owns the tunnel, to finalize engineering and obtain permits. Construction will occur in phases and is expected to begin later this year. Photo – Port of Baltimore/Twitter

The planned Howard Street Tunnel expansion project in Baltimore has received a Finding of No Significant Impact (FONSI) as part of the project review under the National Environmental Policy Act (NEPA), Maryland Gov. Larry Hogan announced yesterday.

The project will expand the 126-year-old Howard Street Tunnel to accommodate double-stacked container trains traveling to and from the Helen Delich Bentley Port of Baltimore, increasing efficiency and capacity.

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Jun
14

CSX to serve new Northwest Grains transload site

Rail News Home CSX Transportation 6/14/2021 Rail News: CSX Transportation
Northwest Grains and other officials last week held a ceremony marking the start of construction on the $2.5 million transload facility. Photo – South Carolina Ports Authority

Northwest Grains International LLC last week broke ground on an agricultural transload operation in Dillon County, South Carolina.

The $2.5 million transload facility will serve agricultural producers and handle containerized soybeans, lumber, logs, peanuts, cotton, cotton seed and yellow peas for export through the Port of Charleston via the rail-served Inland Port Dillon, according to a South Carolina Ports Authority press release.

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Jun
11

CSX TDSI auto ramps receive 'Terminal of the Year' awards

Rail News Home CSX Transportation 6/11/2021 Rail News: CSX Transportation
The award winners are chosen based on the results of audits at about 180 automotive origin and destination terminals across the country. Photo – CSX

Terminals operated by Total Distribution Services Inc. (TDSI), a CSX subsidiary, received the Association of American Railroads' (AAR) "Terminal of the Year" award in both the origin and destination categories.

TDSI Strawberry Yard in Louisville, Kentucky, earned the Origin Terminal of the Year award with a 99.69% audit score.

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May
27

STB rejects CSX application for review of Pan Am acquisition

Rail News Home CSX Transportation 5/27/2021 Rail News: CSX Transportation
The board found that the application did not include all of the information necessary for purposes of a "significant" transaction. Photo – csx.com

The Surface Transportation Board (STB) yesterday announced it rejected CSX’s proposed acquisition of Pan Am Systems Inc. and its short-line subsidiaries because the Class I’s application was considered "incomplete."

The board found that the application did not include all of the information necessary for purposes of a "significant" transaction under its regulations, STB officials said in a press release.

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May
12

CSX to acquire Quality Carriers

Rail News Home CSX Transportation 5/12/2021 Rail News: CSX Transportation
CSX Corp. today announced it has signed a definitive agreement to acquire Quality Carriers Inc., a provider of bulk liquid chemicals truck transportation, from Quality Distribution Inc.Terms of the transaction were not disclosed. The acquisition will establish the first integrated multimodal chemical transportation solution, CSX officials said in a press release.Quality Carriers operates an extensive bulk tank trucking fleet with about 2,500 drivers. Through a network of more than 100 company-owned and affiliate terminals and facilities located throughout the United States, Canada and Mexico, the company provides transportation services to many leading chemical producers and shippers.The transaction will expand the reach of both CSX and Quality Carriers, CSX officials said."Our new partnership will provide chemical producers and shippers with a first-of-its-kind multimodal solution that capitalizes on the powerful synergies between Quality Carriers’ truck transportation fleet and our cost-advantaged rail network. We believe that this new capability will create meaningful long-term value for our company," said CSX President and Chief Executive Officer James Foote.Quality Carriers’ management team, led by President Randy Strutz, will continue to lead the business as part of CSX.

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Apr
29

CSX files amended application for proposed Pan Am acquisition

Rail News Home CSX Transportation 4/29/2021 Rail News: CSX Transportation
CSX Corp. on Monday filed with the Surface Transportation Board (STB) an amended application for its proposed acquisition of Pan Am Railways Inc. and related rail carriers.April 26 was the first weekday CSX could file the amended application in response to an STB ruling that determined the Class I’s proposed transaction was “significant,” meaning it will require closer regulatory scrutiny by the board.The STB has four categories for considering railroad merger transactions: “major,” “significant,” “minor” and “exempt.” The categories involve different levels of procedural and substantive requirements for the board’s review. Because CSX’s proposal involves Class I and II carriers, the transaction could be considered significant or minor, but not major, which applies only to transactions involving Class Is, STB officials said in a prepared statement issued after its ruling last month.In finding the CSX proposal as a significant transaction, the STB focused on the potential outcome the merger could have on shippers’ competitive access to rail.

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Apr
21

CSX posts earnings, revenue dip in Q1

Rail News Home CSX Transportation 4/21/2021 Rail News: CSX Transportation
The Class I posted Q1 net earnings of $706 million, or $0.93 per share.Photo – csx.com

CSX Corp. yesterday announced decreases in first-quarter 2021 revenue and net income compared with the same period a year ago due to difficult operating conditions during the quarter.

The Class I posted Q1 net earnings of $706 million, or $0.93 per share, compared with $770 million, or $1 per share in the same period last year. Revenue for the quarter decreased 1% to $2.81 billion, as intermodal and other revenue growth was more than offset by declines in merchandise, coal and fuel surcharge revenue.

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Apr
16

CSX closes sale on first phase of Virginia rail deal

Rail News Home CSX Transportation 4/16/2021 Rail News: CSX Transportation
"This transaction highlights our ability to find creative ways to generate meaningful value from our assets while enhancing the safety and efficiency of passenger and freight rail service in a vital transportation corridor," said CSX President and Chief Executive Officer James Foote.Photo – csx.com

CSX Corp. announced yesterday it has closed the first phase of a comprehensive $525 million rail agreement with the commonwealth of Virginia.

The transaction is part of Virginia’s previously announced multibillion dollar rail-transportation initiative to improve service and infrastructure in the state.

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