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Mantle Ridge sells most of its stake in CSX

Rail News Home CSX Transportation 10/22/2019 Rail News: CSX Transportation
image The activist that shook up CSX Corp. three years ago has wound down most of its investment in the Class I, The Wall Street Journal reported yesterday.Mantle Ridge LP, the investment vehicle of Paul Hilal, has sold off nearly all of its $1 billion position in CSX, the newspaper reported based on filings with the U.S. Securities and Exchange Commission. CSX bought back about 4.7 million shares.Hilal retains ownership of about 3.4 million shares of CSX, and will continue to serve as a director and vice chair of the railroad's board.Hilal launched the bid to recruit and install veteran railroader E. Hunter Harrison as CSX's chief executive officer after Harrison turned around operations at CN and Canadian Pacific. At the Canadian Class Is, Harrison successfully implemented precision scheduled railroading (PSR) to wring out waste and inefficiencies.Harrison was in the process of launching a PSR system at CSX when he unexpectedly died Dec. 17, 2017.

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CSX posts higher earnings, record-low operating ratio in Q3

Despite lower revenue, CSX posted a 3 percent increase in net earnings and a company record low operating ratio (OR) for third-quarter 2019 compared to the same period a year ago, the Class I reported yesterday.

Third-quarter revenue fell 5 percent to $2.98 billion, as merchandise revenue growth was more than offset by coal and intermodal declines. CSX decreased expenses by 8 percent year over year to $1.69 billion, driven by continued efficiency gains and volume related savings, CSX officials said in a press release.

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Class I focus: Operational and efficiency gains can create a virtuous cycle for CSX

The Class I strives to continuously develop its own electronic tools, as well as tap existing and emerging technologies, to help meet strategic objectives.Photo – CSX

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CSX appoints Bezar, Adams to senior VP roles

Rail News Home CSX Transportation 10/8/2019 Rail News: CSX Transportation
image Farrukh Bezar (left) and Arthur AdamsPhoto – CSX

CSX yesterday announced two senior appointments: Farrukh Bezar as senior vice president of marketing, and Arthur Adams as VP of merchandise sales.

The appointments were made to underscore the company's focus on leveraging its operating model and service product to increase growth in the merchandise segment, CSX officials said in a press release.

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CSX appoints Boone, Boychuk to executive roles

Rail News Home CSX Transportation 10/3/2019 Rail News: CSX Transportation
image Kevin Boone (left) and Jamie BoychukPhoto – CSX

CSX yesterday announced the appointments of Kevin Boone as executive vice president and chief financial officer, and Jamie Boychuk as EVP of operations.

Boone was named interim CFO in May. He joined CSX in 2017 as VP of corporate affairs and chief investor relations officer, then was appointed VP of marketing and strategy to lead research and data analysis to advance growth strategies. He has more than 18 years of experience in finance, mergers and acquisitions, and accounting, primarily focused on the transportation and industrial sectors.

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CSX named to sustainability index for ninth year

Rail News Home CSX Transportation 9/20/2019 Rail News: CSX Transportation
image CSX was named to the Dow Jones Sustainability Index for North America for the ninth consecutive year, recognizing the company’s leadership in sustainable and responsible business practices, the Class I announced yesterday.CSX was the only U.S.-based railroad included on the North American index in 2019, railroad officials said in a press release.CSX was recognized for performance in corporate citizenship and philanthropy, environmental policy and management systems, and human capital development.“CSX is achieving unprecedented goals — in safety, fuel efficiency, operating performance, and sustainability,” said CSX President and Chief Executive Officer James Foote. “CSX is also partnering with customers to find new ways to convert more freight from highway to rail, so together we can reduce our carbon footprint, minimize impacts on the environment and help create a more efficient supply chain.”The DJSI North America index is a partnership between the Dow Jones Indices and RobecoSAM Sustainability Assessments, which tracks the leading sustainability-driven companies based on an analysis of financially material economic, environmental and governance criteria.

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CSX unveils latest 'Pride in Service' locomotive

Rail News Home CSX Transportation 8/23/2019 Rail News: CSX Transportation
image The CSXT 3194 was renamed to honor the nation's police officers.Photo – CSX

CSX yesterday unveiled its Spirit of our Law Enforcement commemorative locomotive at the Class I's locomotive shop in Huntington, West Virginia.

The CSXT 3194 was renamed to honor the nation's police officers. The unit joins the railroad's collection of Pride In Service locomotives launched this spring: the Spirit of Our Armed Forces and the Spirit of our First Responders.

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CSX rail spur to be built at South Alabama Mega Site

Rail News Home CSX Transportation 8/9/2019 Rail News: CSX Transportation
image The Mega Site is bordered by Interstate 65 to the north and the CSX line to the south.Photo – southalabamamegasite.com

CSX and Alabama Power are contributing $5 million toward improvements to the South Alabama Mega Site for industrial development.

The contribution will help pay for a new CSX rail spur off the rail line that runs along the site's southern border, according to a report by the Alabama NewsCenter, a website operated by Alabama Power.

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Federal grant will help CSX, Maryland start Howard Street Tunnel project

Rail News Home CSX Transportation 7/23/2019 Rail News: CSX Transportation
image The tunnel's height restrictions prevent double-stack trains from serving the Port of Baltimore.Photo – baltimoresun.com

Maryland Gov. Larry Hogan yesterday announced the state will receive a $125 million Infrastructure For Rebuilding America Program grant from the U.S. Department of Transportation that will enable the long-planned Howard Street Tunnel project to start soon in Baltimore.

To be conducted in partnership with CSX, the more than $450 million project calls for eliminating height restrictions in the 121-year-old tunnel to allow double-stack trains to move to and from the Port of Baltimore. The work will create double-stack clearance in the tunnel and under 22 bridges between Baltimore and Philadelphia.

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CSX named best place to work for disability inclusion

Rail News Home CSX Transportation 7/19/2019 Rail News: CSX Transportation
image The Class I scored 100 percent on the 2019 Disability Equality Index.Photo – CSX Facebook

CSX has been recognized as a "Best Place to Work for Disability Inclusion" by Disability:IN and the American Association of People with Disabilities (AAPD).

The Class I scored 100 percent on the 2019 Disability Equality Index (DEI), which serves as the nation's most comprehensive annual benchmarking tool on disability inclusion efforts in the areas of culture, leadership, enterprise-wide access, employment practices and community engagement, according to the Disability:IN website.

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CSX posts Q2 revenue decline, adjusts 2019 outlook

CSX's second-quarter revenue fell 1 percent to $3.06 billion compared with the previous year's quarter, as merchandise growth was offset by intermodal weakness, the Class I announced yesterday.

The railroad posted Q2 net earnings of $870 million, or $1.08 per share, versus $877 million, or $1.01 per share, in the same quarter last year, CSX officials said in a press release.

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CSX recognized for 'Responsible Care' protocols

Rail News Home CSX Transportation 7/9/2019 Rail News: CSX Transportation
image CSX has received the American Chemistry Council's Responsible Care Management certification, the Class I announced last week.The certification was granted to recognize the railroad's health, safety, security and environmental policies and protocols, CSX officials said in a press release.To qualify for certification, independent auditors examine CSX's public safety, health and environment management system to ensure its effectiveness and compliance with the American Chemistry Council's responsible care standards.CSX first received the chemistry council's certification more than 20 years ago, said Raghu Chatrathi, senior director of public safety, health and environment for CSX."It is a testament to CSX’s longstanding commitment to health, safety, security, environmental sustainability and process excellence in the responsible management of company facilities and shipment of hazardous materials across our network," Chatrathi said.

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CSX to speed up trains on Alabama-Georgia line

Rail News Home CSX Transportation 5/30/2019 Rail News: CSX Transportation
image Effective June 1, CSX will increase the authorized freight train speed from 25 mph to 40 mph at multiple locations on its line from Alabama to Georgia.Photo – CSX Facebook

Effective June 1, CSX will increase the authorized speed of freight trains by 15 mph at multiple locations on its line from Montgomery, Alabama, to Waygross, Georgia. 

The increase from 25 mph to a maximum 40 mph will help reduce wait times for motorists at highway-rail intersections and improve the efficiency of rail operations, CSX officials said in a press release. 

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Lonegro departs CSX; Boone named interim CFO

Rail News Home CSX Transportation 5/29/2019 Rail News: CSX Transportation
image CSX Corp. announced yesterday that Executive Vice President and Chief Financial Officer Frank Lonegro has left the company. Vice President of Marketing and Strategy Kevin Boone will serve as interim CFO, company officials said in a press release.CSX President and Chief Executive Officer Jim Foote thanked Lonegro for his leadership and contributions to the Class I for 19 years. Since joining CSX in 1999, Lonegro served stints as president of CSX Technology, vice president of mechanical, VP of internal audit and associate general counsel."Over the last few years, Frank has played a key role in helping create significant value for CSX shareholders," Foote said.Lonegro stated: "It has been a distinct privilege to work alongside the great professionals at CSX, especially through the recent transformation, which has set the company on an unparalleled path to success.”CSX has initiated a search for Lonegro's replacement, with Boone serving in the role until a permanent CFO is named.Boone joined CSX in September 2017 as VP of corporate and chief investor relations officer. Most recently as VP of marketing and strategy, Boone led a new marketing team focused on fundamental market research and data analysis to identify and advance high-priority growth strategies, CSX officials said.

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CSX taps Bezar to serve as senior VP, chief of strategy

Rail News Home CSX Transportation 5/22/2019 Rail News: CSX Transportation
image Farrukh BezarPhoto – csx.com

CSX Corp. has appointed Farrukh Bezar senior vice president and chief strategy officer as of May 29.

Bezar joins CSX with more than 25 years of strategic leadership in transportation and logistics. Most recently, he served as founder and managing partner of Lynwood Partners, a transportation and logistics advisory firm.

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CSX recognizes 70 shippers for hazmat safety

Rail News Home CSX Transportation 5/15/2019 Rail News: CSX Transportation
image CSX Corp. recently honored 70 customers with the company's Chemical Safety Excellence Award for being committed to the safe transportation of hazardous materials.Each year, the award honors customers who safely ship more than 600 carloads of hazardous materials during the prior year without a release due to controllable factors. Now in its 25th year, the program recognizes customers committed to safe procedures, such as securing valves and closures properly, and safe loading."We work with our customers to make rail the safest choice to move freight over land," said Dean Piacente, CSX vice president industrial products, in a press release.For 2018, CSX recognized five shippers that successfully achieved 10 or more consecutive years of safety excellence: Aux Sable Liquid Products Inc.; Cargill; Kemira; Nouryon Chemicals LLC; and SABIC Americas Inc.To read the names of the other honorees, click on this link.

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CSX reports record Q1 results, OR falls below 60

CSX yesterday posted record results for the first quarter, including an operating ratio (OR) that fell below 60 percent.

Net income during the quarter soared 20 percent to $834 million, or $1.02 per share, versus $695 million, or 78 cents per share a year ago.

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CSX set to break ground on Carolina Connector project

Rail News Home CSX Transportation 4/15/2019 Rail News: CSX Transportation
imageCSX and the North Carolina Department of Transportation (NCDOT) plan to hold an April 24 groundbreaking ceremony for the Carolina Connector (CCX) intermodal facility that will be built near Rocky Mount, North Carolina, the Class I confirmed late last week.The ceremony is scheduled to take place at Gateway Technology Center at North Carolina Wesleyan College, Rocky Mount.Last year, CSX and NCDOT agreed to pursue a revised plan for a $160 million, 330-acre intermodal center in Edgecombe County. NCDOT will provide up to $118.1 million for site development and roadway construction.The CCX facility is slated for completion in 2020. CSX originally aimed to build a larger hub-and-spoke intermodal facility at the site, but those plans were reassessed in 2017.

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CSX, North Carolina DOT eye April groundbreaking for intermodal terminal

Rail News Home CSX Transportation 3/20/2019 Rail News: CSX Transportation
imageCSX and the North Carolina Department of Transportation (NCDOT) plan to hold a groundbreaking sometime next month for the Carolina Connector (CCX) intermodal facility that will be built near Rocky Mount, North Carolina.However, no date has been confirmed yet or will be confirmed until final permits are received, said CSX spokeswoman Sheriee Bowman in an email.CSX and NCDOT reached an agreement last year on a revised plan for a $160 million, 330-acre intermodal facility in Edgecombe County. NCDOT will provide up to $118.1 million for site development and roadway construction.The CCX facility is slated for completion in 2020. CSX originally aimed to build a larger hub-and-spoke intermodal facility at the site, but those plans were reassessed in 2017.

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Cuomo threatens legal action against CSX over Whitesboro bridge concerns

[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.

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