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The Crescent. The Heartland. The MidAmerica. The Patriot. Norfolk Southern Corp. has developed a number of corridors over the past few decades, either on its own or with other railroads. But the aptly named and recently introduced Premier Corridor might be its pre-eminent one.
BNSF Railway Co.'s net income fell 20 percent to $772 million and total revenue declined 15 percent to $4.6 billion in the second quarter compared with year-ago results, according to Berkshire Hathaway, the Class I's parent company.
BNSF's operating income in the quarter dropped 16 percent to nearly $1.5 billion, while operating expenses declined 14 percent to about $3 billion compared with second-quarter 2015 results.
Pershing Square Capital Management L.P. on Wednesday announced the sale of its interest in Canadian Pacific Railway.
The capital management firm sold its 9.8 million shares in CP with JPMorgan Chase, Credit Suisse and Bank of America Merrill Lynch acting as underwriters for the offering, according to a CP press release.
Union Pacific Railroad this week began construction on a new bridge over Bayou Lafourche in Donaldsonville, La.
The new bridge is an important part of Louisiana's effort to reintroduce freshwater from the Mississippi River into Bayou Lafourche, UP and state officials said in a press release.
BNSF Railway Co. is appealing a judge's ruling against the Class I's proposal to build the Southern California International Gateway (SCIG) rail yard near the ports of Long Beach and Los Angeles.
In March, a California judge determined that an environmental review of the SCIG was insufficient, and ordered the city of Los Angeles and the Board of Harbor Commissioners to set aside their approvals of the project.
Union Pacific Railroad yesterday announced four appointments to leadership roles in marketing and sales.
The personnel changes, which take effect Sept. 1, involve John Kaiser, Jason Hess, Brad Thrasher and Kenny Rocker, according to a UP press release.
Union Pacific Railroad achieved an employee reportable injury rate of 0.70 from January through June, marking the lowest rate in the railroad's 154-year history, the Class I announced yesterday.
Reportable employee injury rates are measured by employee injuries reported to the Federal Railroad Administration for every 200,000 employee-hours worked. UP became the safest U.S. Class I railroad based on its 2015 employee reportable injury rate of 0.87, UP officials said in a press release.
Watco Transloading LLC has obtained a definitive licensed agreement with Norfolk Southern Corp. to operate a new NS Thoroughbred Bulk Terminal (TBT) in Sandusky, Ohio.
NS is leveraging existing infrastructure of the former Triple Crown Services facility to enable Watco and NS to drive new incremental transload business, Watco officials said in a press release issued yesterday.
Norfolk Southern Corp.'s second-quarter 2016 net income declined to $405 million, or $1.36 diluted earnings per share, from $433 million, or $1.41 earnings per share, a year ago, the Class I announced this morning.
Railway operating revenue fell 10 percent to $2.5 billion compared with Q2 2015's revenue as a result of reduced volumes and lower fuel surcharge revenue. Overall, volume dropped 7 percent to 1.8 million units for the quarter, NS officials said in a press release.
The Canadian Environmental Assessment Agency (CEAA) is seeking public comments to help determine whether a federal environmental assessment is required for Pembina NGL Corp.'s proposed rail yard project near Redwater, Alberta.
The company proposes to construct and operate about 22 miles of track and realign 5.5 miles of track at its fractionation and storage facility near Redwater. Pembina NGL would use the yard to accept empty rail cars and organize filled cars onto trains operated by CN, which would deliver the cars to their respective destinations. The project would increase the facility's daily loading capacity from 184 cars to 260 cars.
Kansas City Southern de Mexico, S.A. de C.V., a subsidiary of Kansas City Southern, has experienced service interruptions due to civil protests near its rail network in Mexico, railroad officials announced yesterday.
Led by teachers, the civil disobedience protests that have blocked freight trains are directed at the Mexican government over education reforms, according to news reports.
CN's second-quarter 2016 net income declined slightly to $858 million, or $1.10 in diluted earnings per share, from $886 million, or $1.10, a year ago due to lower traffic volumes, the Class I announced yesterday. (All monetary figures are reported in Canadian dollars.)
Operating income fell 5 percent to $1.3 billion and revenue slipped 9 percent to $2.8 billion, as carloads plunged 12 percent during the quarter compared with Q2 in 2015.
North Carolina Gov. Pat McCrory last week announced CSX plans build the Carolina Connector (CCX) intermodal terminal in Rocky Mount. The Class I previously had planned to construct a terminal in another part of the state.
Initially, the CCX is expected to process more than 260,000 containers per year. CSX plans to provide $160 million for the more than $200 million terminal. The North Carolina Department of Transportation will contribute $100 million for track improvements and terminal infrastructure through the state’s new transportation funding formula.
The CCX is expected to open in 2020, with related track improvements projected to take two years to complete after all necessary environmental permits are obtained. Carolinas Gateway Partnership, a local economic development organization, controls nearly all of the land needed for the facility, which is located along CSX’s mainline in a primarily industrial area.
The CCX will provide cheaper, faster and more environmentally friendly connections for North Carolina’s businesses and ports to domestic and international markets, said CSX Chairman and Chief Executive Officer Michael Ward in a press release.
Union Pacific Corp. reported today its second-quarter 2016 profit fell to $979 million, or $1.17 per diluted share, compared with $1.2 billion, or $1.38 per diluted share, in second-quarter 2015.
Operating revenue declined 12 percent to $4.8 billion, while operating income fell 15 percent to $1.7 billion compared with last year's Q2 performance, UP officials said in a press release.
A new intermodal rail service will serve the Port of Wilmington and CSX's intermodal terminal in Charlotte, N.C., Gov. Pat McCrory and the North Carolina Department of Transportation announced yesterday.
The "Queen City Express" will be the only direct freight-rail service into the greater Charlotte area from a Southeast port, McCrory said in a press release.
Canadian Pacific's second-quarter 2016 revenue fell 12 percent to $1.45 billion, operating income dropped 15 percent to $551 million and net income decreased 16 percent to $328 million (all in Canadian dollars) compared with the same period last year, the Class I announced this morning.
Reported diluted earnings per share declined 9 percent to $2.15 from $2.36 and adjusted diluted earnings per share decreased 16 percent to $2.05 from $2.45 due in large part to the 12 percent drop in revenue, CP officials said in a press release.
CSX has been determined a "best place to work" according to the 2016 Disability Equality Index (DEI), the Class I announced yesterday.
The railroad received a company-record score of 90 percent on the index, which tracks indicators of corporate disability inclusion, such as access, employment practices, culture and leadership, and community engagement and support services, CSX officials said in a press release.
Kansas City Southern's second-quarter 2016 revenue declined 3 percent to $569 million, but operating income jumped 18 percent to $220 million compared with the same period a year ago, the Class I announced this morning.
Excluding the estimated impact of Mexican peso depreciation and lower U.S. fuel prices, KCS' revenue rose 2 percent compared with the previous year's quarter, company officials said in a press release.