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CSX Corp. yesterday announced decreases in first-quarter 2021 revenue and net income compared with the same period a year ago due to difficult operating conditions during the quarter.
The Class I posted Q1 net earnings of $706 million, or $0.93 per share, compared with $770 million, or $1 per share in the same period last year. Revenue for the quarter decreased 1% to $2.81 billion, as intermodal and other revenue growth was more than offset by declines in merchandise, coal and fuel surcharge revenue.
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CN today announced that it has made what it characterizes as a superior proposal to combine with Kansas City Southern in a cash-and-stock transaction valued at $33.7 billion, or $325 per share.
"Together, CN and KCS will create the premier railway for the 21st century, seamlessly connecting ports and rails in the United States, Mexico and Canada and providing superior service, enhanced competition and new market access to move goods across North America efficiently and safely," according to a CN press release issued this morning.
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