Railroad News

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.

CSX 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 scored 100 percent on the 2019 Disability Equality Index (DEI), which serves as the nation's most comprehensive annual benchmarking tool on disability inclusion efforts in the areas of culture, leadership, enterprise-wide access, employment practices and community engagement, according to the Disability:IN website.

CSX's second-quarter revenue fell 1 percent to $3.06 billion compared with the previous year's quarter, as merchandise growth was offset by intermodal weakness, the Class I announced yesterday.

The railroad posted Q2 net earnings of $870 million, or $1.08 per share, versus $877 million, or $1.01 per share, in the same quarter last year, CSX officials said in a press release.

Effective June 1, CSX will increase the authorized speed of freight trains by 15 mph at multiple locations on its line from Montgomery, Alabama, to Waygross, Georgia. 

The increase from 25 mph to a maximum 40 mph will help reduce wait times for motorists at highway-rail intersections and improve the efficiency of rail operations, CSX officials said in a press release. 

CSX Corp. has appointed Farrukh Bezar senior vice president and chief strategy officer as of May 29.

Bezar joins CSX with more than 25 years of strategic leadership in transportation and logistics. Most recently, he served as founder and managing partner of Lynwood Partners, a transportation and logistics advisory firm.

CSX yesterday posted record results for the first quarter, including an operating ratio (OR) that fell below 60 percent.

Net income during the quarter soared 20 percent to $834 million, or $1.02 per share, versus $695 million, or 78 cents per share a year ago.

CSX has created a new marketing team focused on research and analytics and has expanded its sales team in order to drive “sustainable, profitable growth," company officials announced yesterday.

As part of the restructuring of sales and marketing, CSX will add two new vice presidents and increase its focus on port and short-line development, CSX officials said in a press release.

Maryland state officials applied for a federal Infrastructure for Rebuilding America (INFRA) grant to help fund the rebuilding of the Howard Street rail tunnel in Baltimore, Gov. Larry Hogan announced yesterday.

The governor's announcement and grant application to the U.S. Department of Transportation follows his administration's year-long negotiations with CSX to restore the state and CSX partnership to rebuild the tunnel, state officials said in a press release.

[Editor's note: This story has been updated to include a statement from CSX.]

New York Gov. Andrew Cuomo is threatening legal action against CSX if the Whitesboro rail bridge in Oneida County is not rebuilt.

By This email address is being protected from spambots. You need JavaScript enabled to view it., Managing Editor

In the fourth quarter, CSX registered an operating ratio of 60.3, a 4.8 point improvement compared with its fourth-quarter 2017 ratio of 65.1 and a Q4 record, the Class I announced yesterday.

CSX has reversed an earlier decision and determined the Class I will participate in a project to upgrade the Howard Street Tunnel in Baltimore, Maryland federal and local officials announced late last week.

Railroad officials appeared to "walk away" from the proposal about a year ago, and are now willing to commit $91 million toward the tunnel project's cost, Maryland's congressional delegation said in a press release.

CSX is selling 373 miles of rail lines to Florida Gulf & Atlantic Railroad LLC (FGAR), according to a Nov. 6 filing with the Surface Transportation Board (STB).

The notice of intent to acquire the rail lines did not mention a sale price.

CSX last week unveiled its new Pride in Service community investment program to honor and improve the lives of military veterans, active duty military and first responders.

The multimillion-dollar commitment and "collaborative approach" will affect more than 100,000 people over the next two years, CSX officials said in a press release.

CSX will operate its 76th annual Santa Train on Nov. 17, as part of the Class I's efforts to deliver toys, food, winter clothing and other gifts to residents in need along the 110-mile route.

The train will travel through the Appalachia region and stop in 14 locations in Kentucky, Virginia and Tennessee. More than 15 tons of toys and other items will be delivered to families, CSX officials said in a press release.

CSX Corp. yesterday reported third-quarter net earnings jumped 95 percent to $894 million, or $1.05 per share, from $459 million, or 51 cents per share, in the same period a year ago. The per-share earnings beat analysts' estimates for the quarter.

CSX's operating ratio of 58.7 percent set a company third-quarter record. A year ago, CSX posted a third-quarter operating ratio of 68.4 percent.