Railroad News

CN yesterday reported fourth-quarter revenue of CA$3.8 billion, up 16 percent compared with fourth-quarter 2017 results.

Operating income climbed 19 percent to CA$1.4 billion and adjusted diluted earnings per share jumped 24 percent to CA$1.49. Diluted earnings in fourth-quarter 2017 included a deferred income tax recovery of CA$2.35 per share resulting from the enactment of a lower U.S. corporate income tax rate, CN 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.

Norfolk Southern Corp. yesterday reported record fourth-quarter income from operations of $1.1 billion, up 27 percent compared with fourth-quarter 2017 and up 9 percent on an adjusted basis.

Net income shot up 44 percent to $702 million, earnings per share jumped 52 percent to $2.57, revenue rose 9 percent to $2.9 billion, volume increased 3 percent to 1.98 million units, railway operating expenses climbed 9 percent to $1.8 billion and the operating ratio improved 5.5 points to 62.8.

Norfolk Southern Corp. has named Michael Cox vice president of taxation, effective March 1. He will succeed Robert Kesler, who is retiring.

Cox has held positions of increasing responsibility since he joined NS as assistant tax counsel in 2000. Prior to joining the company, he spent more than a decade in private industry and with the federal government, including serving as a trial attorney in the U.S. Department of Justice's tax division.

Canadian Pacific yesterday announced record operating income of CA$874 million for the fourth quarter, a 28 percent increase compared with the same period in 2017.

CP's revenue for the quarter climbed 17 percent to CA$2 billion from CA$1.7 billion a year ago. Q4 diluted earnings per share (EPS) fell 43 percent to $3.83 from $6.77 a year ago, however adjusted diluted EPS rose 41 percent to a new quarterly record of $4.55 from $3.22 in 2017, according to a CP press release.

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

Union Pacific Corp. today reported record fourth-quarter net income of $1.6 billion and diluted earnings per share of $2.12, up 29 percent and 39 percent, respectively, compared with adjusted results for fourth-quarter 2017.

Norfolk Southern Corp. has elected Thomas Kelleher as a board member, effective yesterday. He will serve as an independent director and join the board's finance and risk management committee.

Kelleher, 61, is president of global financial services and investment management firm Morgan Stanley. He also is chairman and chief executive officer of Morgan Stanley Bank N.A. Kelleher is responsible for Morgan Stanley's institutional securities business and wealth management.

Late last month, Amtrak awarded an $850 million contract to Siemens Mobility for 75 diesel locomotives as part of the railroad’s plan to replace its aging national network fleet.

nVent:
ERIFLEX

nVent offers an array of products, including nVent ERICO Cadweld, which is used for making exothermic welded connections on track. The company also offers the nVent ERIFLEX product line for electrical conduction and low voltage power distribution (AC/DC power conversion). Used across a range of industries, ERIFLEX products provide "unique advantages that are ideal for railways electrical systems, both onboard and trackside," the company said in an email.

BNSF Railway Co. has awarded its "Certified Sites" designation to two new industrial locations in Galesburg, Illinois, and Clovis, New Mexico.

The program identifies optimal rail-served sites for customer development along the Class I's network. To be considered for the designation, sites must undergo a thorough analysis that includes an evaluation of environmental and geotechnical standards, available utilities and site availability.

Today, Kansas City Southern reported record fourth-quarter revenue of $694 million, up 5 percent compared with the total in fourth-quarter 2017.

The Class I also registered record adjusted operating income of $248 million, up 4 percent, and record adjusted earnings per share of $1.56, up 13 percent  year over year. In addition, KCS’ operating ratio improved 0.9 points to 63.1, although the adjusted ratio inched up 0.3 points to 64.3.

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

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.

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

In our January 2018 issue, I wrote a column about E. Hunter Harrison’s passing — a big news story at the time since he had died Dec. 16, 2017. But by doing so, I didn’t get to share what had been the top news stories of 2017, at least according to our Daily News readers. So, I’ll get back to what I hope will become an annual tradition by relaying what I’ll call the Top 18 from ’18. These are the 18 Daily News stories that our ProgressiveRailroading.com readers clicked on the most often last year, ranked in order of total page views. It shouldn’t be surprising that items on Amtrak, CSX, Union Pacific Railroad, precision scheduled railroading (PSR) — or even Canadian Pacific’s holiday train — proved to be popular. Without further ado, here are the Top 18 from ’18, including the dates they ran:

Canadian Pacific executives are taking issue with a Canadian Transportation Agency (CTA) plan to include the Class I in a far-reaching investigation into possible freight-rail service problems in the Vancouver, British Columbia, area.

The CTA announced yesterday in a press release that such an investigation "would be appropriate based on information received from shipper associations and other parties." The agency plans to hold a public hearing in Vancouver in late January to provide railroads and shipper groups an opportunity to provide evidence in response to the CTA's concerns.

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

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