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Canadian National reported strong first-quarter earnings Monday, but has made a series of cost-cutting moves in the wake of the coronavirus pandemic, including furloughs for 2,500 workers and storage of 500 locomotives. TRAINS: David Lassen MONTREAL — Canadian National reported stronger first-quarter earnings on Monday despite the impact of a month of blockades on key […]
A southbound Canadian National container train passes through Sussex, Wis., in 2015. TRAINS: Brian Schmidt MONTREAL – Canadian National executives don’t expect the coronavirus pandemic to alter global supply chains and return manufacturing to North America from China and elsewhere in Asia. CSX Transportation and Union Pacific executives last week said they expected the global […]
CSX says it is “carefully developing plans” to allow employees to return to its headquarters in Jacksonville, Fla. TRAINS: Jim Wrinn As some states move toward lifting business restrictions related to the COVID-19 pandemic, Class I railroads are in no rush to have their employees return to headquarters. Texas, Florida, and Georgia — home to […]
Association of American Railroads WASHINGTON — The Association of American Railroads this week reported U.S. rail traffic for the week ending April 18, 2020. For this week, total U.S. weekly rail traffic was 403,283 carloads and intermodal units, down 23.3% compared with the same week last year. Total carloads for the week ending April 18 […]
OMAHA, Neb. – Union Pacific expects traffic to fall 25% in the second quarter due to the economic upheaval caused by the COVID-19 pandemic, has withdrawn its earnings guidance for the year, and suspended its share buyback program amid ongoing uncertainty. The railroad, which announced improved first quarter financial results on Thursday despite a 7% […]
Canadian Pacific’s earnings presentation included a photo of this sign Ontario residents placed along the railway’s right of way during the pandemic. Canadian Pacific CALGARY, Alberta — Strong traffic growth propelled Canadian Pacific to record revenue and its lowest first-quarter operating ratio ever. But CP lowered its outlook for the year due to the economic […]
CSX GP40-2 No. 6498 leads a train eastbound at Vale on the Union Pacific in River Forest, Ill., in November 2019. CSX has cut its locomotive fleet in half in the last three years. TRAINS: David Lassen JACKSONVILLE, Fla. — CSX Transportation on Wednesday reported lower quarterly revenue and earnings as coal volume sank and […]
An empty Canadian Pacific oil train arrives at Bensenville Yard in suburban Chicago on March 8, 2020. CP could see crude by rail traffic drop to zero in light of the crash in oil prices. TRAINS: David Lassen CALGARY, Alberta — Canadian Pacific is bracing for the possibility that crude by rail volumes could drop to […]
KANSAS CITY, Mo. – Kansas City Southern reported higher-first quarter volume, revenue, and profits today but withdrew its outlook for the year in light of ongoing uncertainty related to the economic impact of the COVID-19 pandemic. KCS also scaled back this year’s capital spending plans by at least 10% due to anticipated volume declines, which are […]
WASHINGTON — The Railway Supply Institute announced today that it is soliciting individual nominations for three new members of its board of directors to begin in January 2021. The typical office term for board members is three years with an opportunity to extend that term if elected to the board’s executive committee. “For decades, RSI […]
J.B. Hunt containers head east on a BNSF intermodal train at Brookfield, Ill., in November 2019. A J.B. Hunt executive says the company is experiencing its best rail service ever. TRAINS: David Lassen Railroads’ intermodal service is the best it’s ever been, J.B. Hunt executives said during the company’s first-quarter earnings call on Tuesday. Darren […]
The publicly traded Class I railroads will begin to report first-quarter earnings this week, with Kansas City Southern kicking off results on Friday. Investors may be more interested in learning how railroad management teams expect their systems to weather the economic storm caused by the coronavirus pandemic, which week by week has accelerated already-declining North […]
