Railroad News

CN has met all Dec. 31 milestone deadlines in its positive train control (PTC) implementation plan, the Class I announced last week.

Last month, CN applied to the Federal Railroad Administration (FRA) for a two-year extension to complete deployment and interoperability of its PTC system, according to a press release.

CN today announced it reached an agreement to acquire The TransX Group of Cos., one of Canada’s largest and oldest transportation companies.

TransX provides various transportation and logistics services, including intermodal, truckload, less than truckload and specialized services. The 55-year-old company will continue to be based in Winnipeg, Manitoba, and operate independently, CN officials said in a press release.

CN reported yesterday its third-quarter net income rose 18.4 percent to CA$1.1 million from CA$958 million in the same period a year ago.

Diluted earnings per share (EPS) in the quarter increased 21 percent to CA$1.54 over the Q3 2017 total. Adjusted net income climbed 11 percent to CA$1.1 million, while adjusted diluted EPS climbed 15 percent to CA$1.50, CN officials said in a press release.

CN has begun to roll out the first of its new centerbeam rail cars ordered earlier this year from National Steel Car Ltd.

CN received the first of 350 new centerbeams in August. The new builds are 73-foot riserless centerbeams with a maximum load capacity of 286,000 pounds, CN officials said in a website post.

CN has become the first transportation company in Canada to receive the Progressive Aboriginal Relations (PAR) Bronze Level certification from the Canadian Council for Aboriginal Business (CCAB).

Established in 2001, the certification signals to Aboriginal communities that designated companies are "good business partners, great places to work and committed to the prosperity of Aboriginal communities," according to a CN press release.

CN has been placed on the Dow Jones Sustainability World Index (DJSI) for the seventh consecutive year and the North American index for the 10th consecutive year, the Class I announced yesterday.

The DJSI World Index recognizes the top 10 percent of the 2,500 largest companies in the S&P Global Broad Market Index from each sector based on their sustainability scores.

CN will purchase another 60 GE Transportation locomotives, expanding the Class I's 200-unit order placed in December 2017, the Class I and GE announced today.

All the CN locomotives will be produced at GE's plant in Fort Worth, Texas. The new purchase includes a multiyear service agreement.

CN President and Chief Executive Officer JJ Ruest today announced he has appointed railroaders experienced in precision-scheduled railroading to serve in senior management positions.

Doug MacDonald and Keith Reardon will head CN's sales and marketing initiatives and all non-rail supply chain operations, such as intermodal container terminals and transload facilities.

CN has posted on its website a plan for servicing the 2018-19 grain crop.

The report is what the Class I is calling a first annual public Grain Plan, developed after "extensive consultation with key stakeholders," according to the website.

CN yesterday raised its financial outlook for the second half of the year after reporting  strong second-quarter results.

Net income for the quarter rose 27 percent to CA$1.31 billion, or CA$1.77 per share, from CA$1.03 billion, or CA$1.36 per share, a year ago. Adjusted diluted earnings per share were CA$1.51, up from CA$1.34 last year.

Jean-Jacques Ruest has been appointed president and chief executive officer of CN, the Class I announced today.

Ruest, who has been serving as interim president and CEO since March, also has been appointed to CN's board.

CN will spend CA$315 million on projects to expand and strengthen its network across Ontario this year, the Class I announced yesterday.

Planned expansion projects will include investments in a satellite intermodal facility near the railroad's Brampton Intermodal Terminal to provide temporary capacity; intermodal equipment and infrastructure at CN's Brampton Intermodal Terminal to serve growing cold supply chain business; and construction of a new train passing siding east of Sioux Lookout.