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CSX in Q3: Higher net earnings, lower operating ratio

Rail News Home CSX Transportation 10/21/2021 Rail News: CSX Transportation
image CSX Corp. yesterday announced third-quarter 2021 net earnings of $968 million, or 43 cents per share, compared to $736 million, or 32 cents per share in the same period last year. CSX posted an operating ratio of 56.4% in Q3 2021 compared to 56.9% in the prior year period, CSX officials said in a press release. Revenue for quarter climbed 24% from the prior year to $3.29 billion, driven by growth across all business lines, increases in other revenue and the inclusion of Quality Carriers’ results. Operating income improved 26% to $1.44 billion for the quarter. "I want to thank all of CSX’s railroaders for their continued dedication to our customers amidst the combination of ongoing supply chain disruptions and challenges presented by the COVID-19 Delta variant this quarter," said President and CEO James Foote. "We are committed to helping our customers overcome current supply chain constraints and will continue to take action in order to keep our network fluid and design new solutions that enable the delivery of critical goods to millions of Americans."
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CSX honors 71 customers with annual Chemical Safety Excellence Award

CSX yesterday recognized 71 customers with the Class I's annual Chemical Safety Excellence Award for their commitment to the safe transportation of hazardous materials.

Representing a wide range of industry segments — including chemicals, biofuels, waste and fertilizers — the award winners shipped a combined 238,000 carloads of hazard materials on the CSX network in 2020 without a non-accidental release due to controllable factors, according to a news release

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CSX gains key Pan Am deal support from passenger-rail authority

Rail News Home CSX Transportation 8/9/2021 Rail News: CSX Transportation
image CSX on Friday announced it reached an agreement with the Northern New England Passenger Rail Authority (NNEPRA) to support the Class I’s planned acquisition of Pan Am Railways Inc. One of New England’s largest passenger-rail trade authorities, the NNEPRA agreed to file a letter with the Surface Transportation Board (STB) requesting approval of CSX’s revised application for the transaction. On July 30, the STB accepted the railroad’s revised application. NNEPRA’s support for the transaction is significant given its role as the primary state sponsor of Amtrak’s Downeaster service between Brunswick, Maine, and Boston, CSX officials said in a press release. “This agreement demonstrates our commitment to work collaboratively with all stakeholders and to maintain or improve passenger service in the region,” said CSX President and Chief Executive Officer James Foote. Maine Gov. Janet Mills recently filed a letter of support with the STB stating the transaction has the potential to bring substantial benefits to the state, which relies heavily on rail to deliver goods. If the transaction is approved — possibly sometime in 2022 — CSX plans to upgrade track and locomotives to improve service, and extend positive train control on Amtrak's Downeaster network. Based in North Billerica, Massachusetts, Pan Am owns and operates a nearly 1,200-mile network in New England and retains a partial interest in the more-than-600-mile Pan Am Southern rail system.
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CSX: Maine governor, others file support for Pan Am merger

Rail News Home CSX Transportation 7/30/2021 Rail News: CSX Transportation
image Maine Gov. Janet Mills Photo – usm.maine.edu

CSX announced yesterday that its proposed merger with New England’s Pan Am Railways Inc. gained additional support from Maine Gov. Janet Mills as well as four shippers, two municipalities and one member of the New York State Assembly. All filed letters with the Surface Transportation Board (STB) to express support for the deal, CSX officials said in a press release.

“This transaction has the potential to bring substantial benefits to Maine. The state of Maine relies on rail traffic to deliver goods and support our economy. If the transaction is approved, CSX has indicated that it will make upgrades to track and locomotives to provide improved service, extend positive train control on Amtrak's Downeaster, and make other improvements to the rail network,” Mills wrote, according to CSX.

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CSX reports growth across all business lines in Q2

Rail News Home CSX Transportation 7/22/2021 Rail News: CSX Transportation
image CSX Corp. announced second-quarter 2021 net earnings of $1.2 billion, or 52 cents per share, compared to $499 million, or 22 cents per share in the same period last year. The results include benefits from the sale of certain property rights in CSX-owned line segments to Virginia for passenger-rail operations. The transaction favorably impacted operating income by $349 million, operating ratio by 11.7 percentage points, and earnings per share by 12 cents, CSX officials said in a press release. Revenue for the quarter rose 33% to $2.99 billion, driven by growth across all lines of business. Expenses fell 9% year over year to $1.30 billion and operating income improved to $1.69 billion. CSX posted a Q2 operating ratio of 43.4% compared to 63.3% in the previous year’s same quarter. The quarterly results also reflect strong rebound from the pandemic’s impact  during the same quarter in 2020. Specifically, CSX reported:
• Chemicals increased due to higher shipments of plastics, waste and other core chemicals, partially offset by lower shipments of crude oil;
• Agricultural and food products increased as a result of higher shipments of ethanol, food and consumer products, and domestic grain;
• Minerals increased primarily as a result of higher shipments of cement, lime and limestone;
• Automotive increased due to higher North American vehicle production, which was unfavorably impacted in Q2 2020 by COVID-19 plant closures;
• Forest products increased primarily due to higher shipments of building products and pulpboard;
• Metals and equipment increased due to higher shipments across the metals market, partially offset by reduced equipment shipments;
• Fertilizers increased due to higher long-haul fertilizer shipments, partially offset by lower short-haul phosphate shipments;
• Intermodal increased due to tightening truck capacity, inventory replenishments and growth in rail volumes from east coast ports; and
• Coal increased due to higher shipments across international export, domestic utility, and steel and industrial coal.
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CSX listed as 'best' place to work in IT

Rail News Home CSX Transportation 7/19/2021 Rail News: CSX Transportation
image CSX has been named to IDG's 2021 Insider Pro and Computerworld "Best Places to Work in IT" list. The newly released report lists the top 100 work environments for technology professionals. CSX is the only railroad and one of only four transportation and logistics businesses ranked among large companies on the annual listing, CSX officials said in news release. The Insider Pro and Computerworld list is compiled based on a questionnaire regarding company offerings in categories such as benefits, career development, training and retention. In addition, IDG surveys IT workers. The list honors companies that foster nimble and flexible work environments, and a spirit of diversity, social responsibility, training and innovation. “Our technology employees work closely with all departments, engaging directly with teams across the states to deliver innovative customer solutions and find the best resolutions to real-world challenges," said Diana Sorfleet, CSX's executive vice president and chief administrative officer. "Our corporate culture is transforming the image of a modern railroad, and our technology professionals are at the forefront."
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CSX recognized as a 'Best Place to Work for Disability Inclusion'

Rail News Home CSX Transportation 7/16/2021 Rail News: CSX Transportation
image CSX, for the third consecutive year, 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 received a top score on the Disability Equality Index (DEI), CSX officials said in a news release. CSX is the only Class I on the 2021 DEI, which is the nation's most comprehensive annual benchmarking tool on disability inclusion efforts in the areas of culture, leadership, enterprise-wide access, employment practices, supplier diversity and community engagement, they said.  Developed by Disability:IN and the AAPD, the index enables America's leading corporations to self-report their disability policies and practices, and to be scored objectively by an independent panel.
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CSX reports ESG progress made in 2020

Rail News Home CSX Transportation 7/9/2021 Rail News: CSX Transportation
image CSX Corp. yesterday released its 2020 environmental, social and governance (ESG) report, highlighting the company’s sustainability performance in the areas of safety, people and communities, environment and governance. The report showcases the company’s progress toward its ESG goals over the past year, said President and Chief Executive Officer James Foote in a press release. “This year’s report demonstrates how, through the adoption of new technologies and operating practices, we continued to deliver strong safety and environmental performance, increasing our sustainability advantage, setting records for fuel efficiency and exceeding our emissions reduction targets,” he said. In addition, the report highlights the company’s efforts to increase social justice awareness, education and communication; and advance a commitment to professional development and workforce diversity, equity and inclusion, Foote said. The report was prepared in accordance with leading sustainability reporting frameworks, including the Global Reporting Initiative Standards, the Sustainability Accounting Standards Board and the Task Force on Climate-related Financial Disclosures. The full report can be downloaded from the CSX website.
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CSX completes acquisition of Quality Carriers

Rail News Home CSX Transportation 7/1/2021 Rail News: CSX Transportation
image The acquisition enables CSX to gain access to new products, markets and regions, CSX officials said. Photo – csx.com

CSX Corp. today announced it has completed its previously announced acquisition of Quality Carriers Inc., a North American provider of bulk liquid chemicals truck transportation, from Quality Distribution Inc.

Financial terms of the transaction were not disclosed.

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CSX to install Wabtec locomotive-modernization technologies

Rail News Home CSX Transportation 6/24/2021 Rail News: CSX Transportation
image CSX will be the first railroad to put into demonstration Wabtec’s Trip Optimizer Zero-to-Zero system. Photo – wabteccorp.com

CSX and Wabtec are partnering to modernize CSX's locomotive fleet with digital technologies designed to deliver fuel efficiency and emissions reductions.

The partnership will help CSX in the Class I's commitment to reduce greenhouse gas emissions intensity by 37% by 2030, CSX and Wabtec officials said in a press release.

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Hudson Tunnel project receives final environmental OK

Rail News Home CSX Transportation 6/24/2021 Rail News: CSX Transportation
image NEPA approval allows CSX, which owns the tunnel, to finalize engineering and obtain permits. Construction will occur in phases and is expected to begin later this year. Photo – Port of Baltimore/Twitter

The planned Howard Street Tunnel expansion project in Baltimore has received a Finding of No Significant Impact (FONSI) as part of the project review under the National Environmental Policy Act (NEPA), Maryland Gov. Larry Hogan announced yesterday.

The project will expand the 126-year-old Howard Street Tunnel to accommodate double-stacked container trains traveling to and from the Helen Delich Bentley Port of Baltimore, increasing efficiency and capacity.

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CSX to serve new Northwest Grains transload site

Rail News Home CSX Transportation 6/14/2021 Rail News: CSX Transportation
image Northwest Grains and other officials last week held a ceremony marking the start of construction on the $2.5 million transload facility. Photo – South Carolina Ports Authority

Northwest Grains International LLC last week broke ground on an agricultural transload operation in Dillon County, South Carolina.

The $2.5 million transload facility will serve agricultural producers and handle containerized soybeans, lumber, logs, peanuts, cotton, cotton seed and yellow peas for export through the Port of Charleston via the rail-served Inland Port Dillon, according to a South Carolina Ports Authority press release.

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CSX TDSI auto ramps receive 'Terminal of the Year' awards

Rail News Home CSX Transportation 6/11/2021 Rail News: CSX Transportation
image The award winners are chosen based on the results of audits at about 180 automotive origin and destination terminals across the country. Photo – CSX

Terminals operated by Total Distribution Services Inc. (TDSI), a CSX subsidiary, received the Association of American Railroads' (AAR) "Terminal of the Year" award in both the origin and destination categories.

TDSI Strawberry Yard in Louisville, Kentucky, earned the Origin Terminal of the Year award with a 99.69% audit score.

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STB rejects CSX application for review of Pan Am acquisition

Rail News Home CSX Transportation 5/27/2021 Rail News: CSX Transportation
image The board found that the application did not include all of the information necessary for purposes of a "significant" transaction. Photo – csx.com

The Surface Transportation Board (STB) yesterday announced it rejected CSX’s proposed acquisition of Pan Am Systems Inc. and its short-line subsidiaries because the Class I’s application was considered "incomplete."

The board found that the application did not include all of the information necessary for purposes of a "significant" transaction under its regulations, STB officials said in a press release.

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CSX files amended application for proposed Pan Am acquisition

Rail News Home CSX Transportation 4/29/2021 Rail News: CSX Transportation
image CSX Corp. on Monday filed with the Surface Transportation Board (STB) an amended application for its proposed acquisition of Pan Am Railways Inc. and related rail carriers. April 26 was the first weekday CSX could file the amended application in response to an STB ruling that determined the Class I’s proposed transaction was “significant,” meaning it will require closer regulatory scrutiny by the board. The STB has four categories for considering railroad merger transactions: “major,” “significant,” “minor” and “exempt.” The categories involve different levels of procedural and substantive requirements for the board’s review. Because CSX’s proposal involves Class I and II carriers, the transaction could be considered significant or minor, but not major, which applies only to transactions involving Class Is, STB officials said in a prepared statement issued after its ruling last month. In finding the CSX proposal as a significant transaction, the STB focused on the potential outcome the merger could have on shippers’ competitive access to rail.
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CSX posts earnings, revenue dip in Q1

Rail News Home CSX Transportation 4/21/2021 Rail News: CSX Transportation
image The Class I posted Q1 net earnings of $706 million, or $0.93 per share.Photo – csx.com

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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CSX posts lower earnings, steady operating ratio in Q3

CSX Corp. yesterday reported third-quarter 2020 net earnings declined 14% to $736 million, or 96 cents per share, compared with $856 million, or $1.08 per share, in the same period a year ago.

Revenue for the quarter fell 11% to $2.65 billion, as intermodal volume growth was more than offset by declines in coal and merchandise volumes, as well as lower fuel surcharge revenue.

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CSX train derails in Georgia after Delta-related rains

Rail News Home CSX Transportation 10/12/2020 Rail News: CSX Transportation
image Firefighters responded at to a 911 call indicating the train had derailed, was on its side and was taking on water.Photo – Gwinnett County Fire and Emergency Services, Facebook

Following heavy rains stemming from Hurricane Delta, a CSX train derailed yesterday, causing a fire and hazmat situation outside Atlanta.

Two CSX employees were transported to a local hospital with minor injuries, according to a statement from Gwinnett County Fire and Emergency Services. 

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CSX issues annual sustainability report

Rail News Home CSX Transportation 8/3/2020 Rail News: CSX Transportation
image The report highlights the railroad's sustainability actions on safety, environment, people, communities and governance.Photo – CSX 2019 ESG report

CSX last week published its 2019 Environmental, Social and Governance (ESG) report, which highlights the railroad's sustainability actions on safety, environment, people, communities and governance.

The report addresses CSX's "record-setting" safety performance, achieving 2020 emissions reduction targets ahead of schedule, and CSX becoming the first Class I to operate at a fuel efficiency rate of less than one gallon of fuel per 1,000 gross ton miles for a quarter.

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CSX reports lower Q2 revenue across all markets

Rail News Home CSX Transportation 7/23/2020 Rail News: CSX Transportation
image CSX Corp. yesterday announced second-quarter net earnings and revenue declines, as the Class I faced lower economic activity due to the COVID-19 pandemic. The company posted net earnings of $499 million, or 65 cents per share, versus $870 million, or $1.08 per share, for the same period in 2019. Second-quarter revenue tumbled 26 percent year over year to $2.26 billion due to volume declines, an unfavorable mix, decreases in fuel recovery, declines in coal pricing and lower other revenue, CSX reported in its financial statement. Those decreases were partially offset by pricing gains in merchandising and intermodal. Operating income plummeted 37 percent to $828 million compared to $1.31 billion in the same quarter in 2019. Expenses fell 19 percent to $1.43 billion, impacted by volume-related reductions, lower fuel costs and continued efficiency gains. "I want to extend my gratitude to all of the CSX employees who kept the railroad running well during the most disruptive operating period I have seen in my career," said President and Chief Executive Officer James Foote in a press release. CSX's operating ratio for the second quarter was 63.3 percent, up from 57.4 percent a year ago. In their presentation to analysts, CSX officials said all markets were negatively impacted by the economic effects of the pandemic. By market, quarterly revenue declined year over year by 10 percent in chemicals, 13 percent in agricultural and food products, 9 percent in minerals, 11 percent in forest products, 8 percent in fertilizers, 24 percent in metals and equipment, 72 percent in automotive, 48 percent in coal, 18 percent in intermodal and 19 percent in "other."    

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