OMAHA, Neb. — Union Pacific CEO Jim Vena says shipper associations and other railroads have whipped up some whoppers about UP’s proposed acquisition of Norfolk Southern — even before their merger application has been filed with federal regulators. “It’s truly amazing that they know already what we’re putting in the merger application,” Vena quipped during […]
OMAHA, Neb. — Union Pacific was firing on all cylinders during the third quarter, as pricing gains and record workforce productivity and fuel consumption led to higher profits despite flat volume. “We are focused on driving continued improvements in our pursuit of what’s possible … Core pricing gains and continued operational efficiencies drove the strong […]
JACKSONVILLE, Fla. — Pinsly Railroad Co. CEO Ryan Ratledge has been appointed to a three-year term on the Surface Transportation Board’s Railroad-Shipper Transportation Advisory Council. “I am honored to represent Pinsly Railroad Company and small railroads across the country on the RSTAC committee,” Ratledge said in a statement released on Wednesday. “I look forward to […]
CHICAGO — Rail equipment lessor GATX Corp. on Tuesday reported lower North American profits as expenses grew faster than revenue during the third quarter. The North American rail segment profit declined 31%, to $70.7 million, as revenue increased 6.4%, to $296.5 million. The company said the decline in the segment’s profit was due to lower […]
PITTSBURGH — Wabtec on Wednesday reported stronger earnings as the equipment manufacturer’s revenue and profits grew in both its freight and transit segments. “We delivered a very strong quarter evidenced by continued growth in our backlog, sales, margin, and earnings,” CEO Rafael Santana said on the company’s earnings call. The company’s operating income increased 17%, […]
Oculus Rail, a startup company based in Norfolk, Va., wants to cure a railroad headache: Frequently blocked grade crossings that frustrate motorists and communities alike. The company aims to build a grade-crossing sensor network that can help reroute traffic and emergency vehicles around blocked crossings. Oculus Rail — which launched a smartphone app last week […]
MONTREAL — Canadian National today announced changes to its senior leadership, naming Patrick Whitehead as its chief operating officer and Janet Drysdale as chief commercial officer. Whitehead’s appointment as COO ends CN’s unique approach to developing the operating plan, planning the network of the future, and managing day-to-day operations. Traditionally railroads have a lone chief […]
JACKSONVILLE, Fla. — CSX’s profits declined in the third quarter as intermodal growth could not offset an 11% decline in coal revenue. But the railroad’s key operating metrics all improved, even amid detours related to a pair of major construction projects, the Howard Street Tunnel clearance project in Baltimore and the rebuilding of the hurricane-damaged […]
JACKSONVILLE, Fla. — New CSX CEO Steve Angel says his focus will be keeping the railroad running well every day while waiting for the right merger deal to come along. Angel, who replaced Joe Hinrichs on Sept. 29, was peppered with merger-related questions during the railroad’s third-quarter earnings call on Thursday afternoon. One Wall Street […]
WASHINGTON — The CEOs of 40 chemical manufacturers warned President Donald Trump today that the proposed Union Pacific-Norfolk Southern merger will reduce rail competition, drive up rates, and make their companies less competitive in global markets. “You have committed to restoring American manufacturing, strengthening domestic supply chains, and outcompeting global rivals and we … fully […]
ALBANY, N.Y. — Norfolk Southern is suing Voorheesville, N.Y., which has blocked the railroad’s construction of a crew-change facility that will support the shift of its New England intermodal trains to trackage rights over CSX. In a lawsuit filed last week in U.S. District Court in Albany, N.Y., NS argued that Voorheesville’s stop-work order on […]
Union Pacific and Norfolk Southern will hold Nov. 14 shareholder votes seeking investor approval of their proposed $85 billion transcontinental railroad merger. The railroads will each hold separate but simultaneous virtual shareholder meetings, with UP’s scheduled for 8 a.m. Central and NS’s scheduled for 9 a.m. Eastern on Nov. 14, the railroads said in proxy […]
