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expects traffic to fall 25% in the second quarter due to the economic upheaval caused by the COVID-19 pandemic, has withdrawn its earnings guidance for the year, and suspended its share buyback program amid ongoing uncertainty.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 […]
An Iowa Northern intermodal train arrives in Manly, Iowa, on Monday for handoff to the Union Pacific, transporting agricultural products for export as part of a new service between Los Angeles and Iowa. Iowa Northern: Brad Sabin Iowa Northern has begun regular service for its new intermodal service — a partnership with Union Pacific, Denver-based […]
AAR President and CEO Ian Jefferies recently published a new op-ed on Fox Business’ website praising railroads and their workers during this unprecedented coronavirus challenge. “Amid the coronavirus pandemic, the flow of groceries, pharmaceuticals and other essential goods is a stark reminder that transportation networks that bring those necessities to people are as vital as […]
WASHINGTON — The Association of American Railroads today reported U.S. rail traffic this week for the week ending March 28, 2020, as well as volumes for March 2020. U.S. railroads originated 899,673 carloads in March 2020, down 6%, or 57,148 carloads, from March 2019. U.S. railroads also originated 935,380 containers and trailers in March 2020, […]
OLYMPIA, Wash. — Gov. Jay Inslee has signed into law legislation mandating a minimum of two crew members on passenger and most freight trains operating in the state. The governor did veto a provision declaring the act effective immediately. “Given the complexity of this legislation, the Utilities and Transportation Commission [which has rail-safety oversight duties […]
