OMAHA, Neb. — Union Pacific is closely watching the battle for Kansas City Southern and how an acquisition by either Canadian Pacific or Canadian National could affect its cross-border traffic. UP CEO Lance Fritz notes that U.S. regulations require that mergers between Class I railroads must enhance competition and improve service for all shippers. “For […]
MONTREAL – Canadian National today rebutted Canadian Pacific’s criticism of its dueling bid for Kansas City Southern, saying its higher offer is superior, will enhance competition, and clear regulatory hurdles. “Rather than acknowledge the clear and substantial superiority of CN’s proposal for KCS shareholders, CP has sought to distract investors and attack CN’s proposal with a […]
OMAHA, Neb. — Union Pacific reported lower quarterly earnings on Thursday as harsh winter weather took a toll on volume and revenue. UP’s quarterly operating income declined 7%, to $1.99 billion, as revenue sank 4%, to $5 billion. Earnings per share declined 7%, to $2. UP’s operating ratio rose 1.1 points to 60.1% due to […]
CALGARY, Alberta — Canadian Pacific’s operating profit and revenue declined in the first quarter, but executives said the railway was gaining momentum as volume reached an all-time high in March. Quarterly operating income declined 6%, to $780 million, as revenue declined 4%, to %1.95 billion, CP reported on Wednesday. Earnings per share, adjusted for the impact […]
NEW YORK — Natural lighting from huge skylights, spacious concourses, and dramatic entrances are key features of a dramatically reconfigured Penn Station under reconstruction options announced by Gov. Andrew Cuomo and renderings released by the Metropolitan Transportation Authority. The plans announced Wednesday offer two options — one that would retain the current two-level boarding configuration […]
Chicago Transit Authority begins testing in-service of new railcars on Blue Line The Chicago Transit Authority announced Wednesday it has begun in-service testing for its newest railcars, the 7000-series cars being built by CRRC Sifang, an affiliate of Chinese rail equipment giant CRRC, at its Hegewisch plant on Chicago’s Far South Side. The cars are […]
WASHINGTON — U.S. rail traffic for the week ending April 17 remains far ahead of pandemic-depressed figures for the same week in 2020, and also shows a slight increase over figures for the week ending April 10 of this year. Statistics from the Association of American Railroads show U.S. railroads moved 237,607 carloads for the […]
CALGARY, Alberta — Canadian Pacific CEO Keith Creel says there’s no reason to sweeten his railroad’s $29 billion offer for Kansas City Southern because Canadian National’s dueling $33.7 billion bid is so anti-competitive that it would never make it out of the starting gate. Kansas City Southern’s board is considering CN’s unsolicited offer, which was announced […]
Canadian Pacific today finds itself in the same uncomfortable – and threatened – position that Norfolk Southern was in 25 years ago. Back in October 1996, CSX Transportation utterly shocked NS when it announced it had a deal to acquire Conrail. The $8.1 billion merger would give CSX access to the New York […]
Amtrak selects Siemens to build replacements for Amfleet I cars, other aging equipment Amtrak has selected Siemens to build a fleet of 83 intercity trainsets for use on the Northeast Corridor, Palmetto, and various state-supported services. The selection of Siemens as the “preferred bidder” — which is currently building cars for use on state-supported trains […]
WASHINGTON — If Canadian National’s rival bid to acquire Kansas City Southern succeeds, Canadian Pacific would be forced to set off the final wave of railroad consolidation by seeking a merger partner. CP provided this warning in a letter to the U.S. Surface Transportation Board on Wednesday, a day after CN announced that it, too, […]
JACKSONVILLE, Fla. — CSX Transportation’s profits and revenue fell during the first quarter as merchandise and coal traffic declines offset strong intermodal growth. But executives remained optimistic about overall traffic growth this year as the economy continues to recover from the pandemic. “We entered the year projecting volume growth in excess of GDP and still expect […]
