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May
07

CSX, Conservation Fund issue grants to expand access to food

Rail News Home CSX Transportation 5/7/2020 Rail News: CSX Transportation
CSX and The Conservation Fund yesterday announced nine charities in seven states will receive grants ranging from $5,000 to $10,000 to improve their capacity to store and safely deliver food in their communities.Over the past six years, the Grant Program for Transporting Healthy Food, sponsored by CSX, has provided funding to 74 local food producers and distributors. The funding has supported their operations to purchase and expand vital infrastructure — such as mobile markets, cold storage units and packaging material — to better store, pack, transport and ultimately improve community access to fresh produce, dairy, meat or seafood.Overall, the grant program is projected to enable local food distribution organizations to collectively serve an additional 377,987 families with nearly 50 million pounds of food and increase the number of meals provided by more than 40 million.The grants will go to organizations in Connecticut, Indiana, Maryland, Michigan, New York, North Carolina and Virginia."CSX is proud to partner with The Conservation Fund on this important initiative to promote the distribution of fresh, healthy food to those in underserved communities," said John Kitchens, CSX's director of community investment, in a press release.The fund's grant program has provided nourishment to thousands of families and strengthened local food producers in some of the nation's most vulnerable communities, he said.This year's funding will enable the nine recipient organizations to collectively serve an additional 92,000 families with nearly 6 million meals. 

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May
06

CSX to end McKees Rocks intermodal operations

Rail News Home CSX Transportation 5/6/2020 Rail News: CSX Transportation
CSX opened the McKees Rocks intermodal terminal in 2017.Photo – mckeesrocks.com

CSX will discontinue intermodal operations at its McKees Rocks facility near Pittsburgh, and has reached an agreement with Shell to lease the 70-acre property.

Shell will use the site for a storage-in-transit (SIT) rail facility, CSX spokeswoman Sheriee Bowman said yesterday in an email.

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Apr
23

CSX reports lower Q1 earnings, withdraws 2020 outlook

CSX Corp. yesterday announced first-quarter 2020 net earnings fell 8 percent to $770 million, or $1 per share, compared to $834 million, or $1.02 per share, in the same quarter last year. The Class I withdrew its outlook for the year because of ongoing economic uncertainty over the COVID-19 pandemic.

Operating revenue fell 5 percent to $2.86 billion during the quarter, as growth in merchandise revenue was more than offset by declines in coal and other revenue. Expenses dropped 7 percent year over year to $1.68 billion, driven by efficiency gains, CSX officials said in a press release.

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Mar
20

CSX emissions intensity reductions goal approved by SBTi

Rail News Home CSX Transportation 3/20/2020 Rail News: CSX Transportation
CSX has become the first North American railroad to have its new greenhouse gas emissions intensity goals set and approved by the Science Based Target Initiative (SBTi), the Class I announced yesterday.The SBTi independently assesses corporate emissions reduction targets in line with what climate scientists say is necessary to meet the goal of limiting global warming to well below 2 degrees Celsius.CSX will reduce greenhouse gas emissions intensity by 37.3 percent between 2014 and 2030. The company expects future transformational technology to facilitate this next level of reductions and is extensively investing in technologies and operational practices that drive maximum achievable efficiencies, CSX officials said in a press release.In 2018, CSX achieved its goal to reduce emissions intensity by 6 percent to 8 percent by 2020, achieving an 8.1 percent emissions intensity reduction and reaching the goal set in 2012 two years ahead of plan.Reducing emissions is important to CSX and its customers. The railroad is the only U.S. Class I to have crossed the threshold of operating below one gallon of fuel-per-thousand gross ton miles, CSX officials said.CSX is pursuing opportunities for additional improvement as part of its commitment to sustainable business practices, they added.

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Feb
11

Indiana panel awards grant to connect industrial park to CSX line

Rail News Home CSX Transportation 2/11/2020 Rail News: CSX Transportation
The Indiana Economic Development Corp. (IEDC) will award up to $1 million to LaPorte County, Indiana, to help pay for a $6 million project to build a rail spur that will connect Kingsbury Industrial Park (KIP) to a CSX mainline.County officials announced the grant after reaching an agreement with state officials, according to a press release posted yesterday on BuildingIndiana.com. CSX has designated the industrial park a "Select Site" for prospective developers. Once the rail spur is completed, the industrial park will be one of the few to offer connections to two Class Is, said Redevelopment Commission President Randy Novak."Getting this connection to CSX in place is key to opening up KIP to the entire CSX logistics chain,” Novak said. "By now having the north/south rail spur at KIP connected on the south edge of the park to CSX, we’re also working hard at the getting the north end of the spur connected directly with the CN railroad that runs along the north side of the park."The grant will come from the Industrial Development Grant Fund, which provides assistance to communities making infrastructure investments in support of economic development. The incentives are performance-based, which means the county must meet certain milestones and deliverables to collect the funding.

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Jan
17

CSX posts lower Q4 earnings on lower volume

Rail News Home CSX Transportation 1/17/2020 Rail News: CSX Transportation
CSX net earnings and revenue declined in fourth-quarter 2019 versus the previous year's quarter due to lower volumes and a negative mix from coal market headwinds. The Class I also set a company fourth-quarter record with its operating ratio (OR).Net earnings in the quarter tumbled 9 percent to $771 million, or 99 cents per share, from $843 million, or $1.01 per share, in the previous year. Revenue fell 8 percent to $2.9 billion from $3.1 billion.Fourth-quarter expenses were down 9 percent year over year to $1.73 billion, driven by continued efficiency gains and volume-related savings. Operating income declined 8 percent to $1.15 billion compared to the same period last year.CSX's record operating ratio of 60 percent in the quarter compared with 60.3 percent a year ago.For full-year 2019, the Class I generated net earnings of $3.33 billion, or $4.17 per share, versus 3.31 billion, or $3.84 per share, in 2018, an increase of 1 percent and 9 percent, respectively. The company's full-year 2019 operating ratio of 58.4 percent represents a new U.S. Class I record, improving from last year's record result of 60.3 percent."The railroad has never run better and we are delivering great service to our customers," said President and Chief Executive Officer James Foote in a press release. "What is really amazing is how our employees stepped up to produce efficiencies during tough economic conditions."By business group, CSX reported the following fourth-quarter 2019 results:
• Coal volume: Domestic coal declined mostly because of fewer shipments of utility coal due to greater competition from natural gas. Export coal fell due to reduced international shipments of both thermal and metallurgical coal as global benchmark prices fell.
• Intermodal volume: Domestic and international intermodal fell primarily because of rationalization of low-density lanes.
• Merchandise volume: Chemicals were down due to reduced natural gas liquids, fly ash and sand shipments; ag and food products increased due to gains in ethanol, sweeteners and oils; automotive declined due to a reduction in North American production; minerals increased due to higher shipments for highway projects; forest products declined due to fewer pulpboard shipments; fertilizer gains on short-haul phosphate shipments were offset by declines in long-haul fertilizer shipments; and metals and equipment were down due to reduced steel, construction and scrap shipments.

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Dec
11

CSX CEO Foote: Next year affords an opportunity to leverage improved service to drive above-market growth

In November, Progressive Railroading asked each Class I chief executive officer to address questions pertaining to their 2020 outlook. CSX President and CEO James Foote in early December provided the following responses in an email.

What's your take on the potential for volume growth in 2020 after a difficult year for rail traffic in 2019? Are there certain commodities/business groups you feel pretty good about heading into next year? Which ones are you concerned about, and why? What, predominantly, do you believe will drive business growth in 2020?

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Dec
09

CSX, Maryland find extra funding for Howard Street Tunnel project

Rail News Home CSX Transportation 12/9/2019 Rail News: CSX Transportation
CSX and the state of Maryland have agreed to $100 million in additional funding needed to advance the expansion of the long-planned Howard Street Tunnel in Baltimore.In July, Maryland won a $125 million federal grant for the project, which will be conducted in partnership with CSX. The 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.However, the grant that Maryland obtained in July was $103 million less than the state had requested for the $466 million project. Maryland Gov. Larry Hogan pledged to work with the railroad, which owns the tunnel, and other unnamed stakeholders to come up with the remaining amount. Now, the state and railroad have "identified a variety of state, private and federal formula sources to close the funding gap,” Maryland Transportation Secretary Pete Rahn wrote in a Nov. 25 letter to U.S. Transportation Secretary Elaine Chao, the Baltimore Sun reported last week.Previously, Maryland had proposed providing $147 million for the work, with CSX committing $91 million. Rahn's letter did not break down how much each entity or other stakeholders will contribute, according to the newspaper.“I am pleased to report that our efforts have paid off,” Rahn wrote. “At this point, the $466 million project is fully funded.”A CSX spokeswoman declined to say how much the Class I will pay toward the project until the state makes a public announcement, the newspaper reported.

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Dec
06

CSX picks Kentucky rail bypass as latest ‘Select Site’

Rail News Home CSX Transportation 12/6/2019 Rail News: CSX Transportation
CSX joined local officials this week in announcing that the Henderson Bypass Rail Site in Henderson, Kentucky, has been designated a CSX Select Site.Photo – CSX Facebook

CSX has designated the Henderson bypass rail site in Henderson, Kentucky, as a CSX Select Site.

Select Sites are development-ready properties along the CSX network where standard land use considerations and comprehensive due diligence issues have been addressed. The properties are able to meet the needs of a variety of manufacturers, reducing the time required to build facilities and ultimately bring products to market, CSX officials said in a press release.

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Nov
07

CSX joins TradeLens shipping information platform

Rail News Home CSX Transportation 11/7/2019 Rail News: CSX Transportation
CSX has become the first North American railroad to join TradeLens, a global shipping information platform that provides customers with improved supply-chain transparency and shipment-status visibility.Developed by IBM and Maersk, TradeLens is an open, neutral platform that currently includes data on half of the world's ocean container cargo.The platform uses secure blockchain technology to support collaboration across the supply chain and provide customers with timely updates on their shipments.By leading North American railroads onto the platform, CSX is expanding its commitment to greater transparency that enables shippers to manage their supply chains more efficiently, CSX officials said in a press release.“Railroads are vital links in the global supply chain, and CSX wants to support all of the ways our customers are seeking greater efficiency and flexibility," said Mark Wallace, CSX's executive vice president of sales and marketing.As CSX customers move onto TradeLens, the Class I "will be helping provide them with better end-to-end shipment tracking capability," Wallace said.To learn more about the potential use of blockchain technology in the rail realm, read this feature in Progressive Railroading's July issue.

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Oct
22

Mantle Ridge sells most of its stake in CSX

Rail News Home CSX Transportation 10/22/2019 Rail News: CSX Transportation
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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Oct
17

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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Oct
14

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

By This email address is being protected from spambots. You need JavaScript enabled to view it., Managing Editor

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Oct
08

CSX appoints Bezar, Adams to senior VP roles

Rail News Home CSX Transportation 10/8/2019 Rail News: CSX Transportation
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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Oct
03

CSX appoints Boone, Boychuk to executive roles

Rail News Home CSX Transportation 10/3/2019 Rail News: CSX Transportation
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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Sep
20

CSX named to sustainability index for ninth year

Rail News Home CSX Transportation 9/20/2019 Rail News: CSX Transportation
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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Aug
23

CSX unveils latest 'Pride in Service' locomotive

Rail News Home CSX Transportation 8/23/2019 Rail News: CSX Transportation
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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Aug
09

CSX rail spur to be built at South Alabama Mega Site

Rail News Home CSX Transportation 8/9/2019 Rail News: CSX Transportation
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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Jul
23

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

Rail News Home CSX Transportation 7/23/2019 Rail News: CSX Transportation
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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Jul
19

CSX named best place to work for disability inclusion

Rail News Home CSX Transportation 7/19/2019 Rail News: CSX Transportation
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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