Rail Industry News
CN suspends Hunter Harrison’s pension payments
(Source: Globe and Mail, January 24, 2012) TORONTO — Canadian National Railway Co. has suspended Hunter Harrison’s pension payments, alleging that the former chief executive officer has breached provisions of his retirement deal and poses a serious threat to CN if he...
LIRR no longer largest commuter railroad
(Source: Associated Press, January 23, 2012) NEW YORK — The Long Island Rail Road has steadily been losing riders and is no longer the nation's largest commuter railway. That distinction now goes to Metro-North Railroad. In 2011, LIRR's ridership dropped to 81 million...
CN Rail beats estimates, hikes dividend
(Source: Financial Post, January 24, 2012) OTTAWA — Canadian National Railway Co. hiked its dividend Tuesday after its fourth quarter earnings blew past expectations and it presented a rosy outlook for the year ahead. Canada' largest railway reported adjusted net...
CN announces 15 per cent increase in quarterly cash dividend
(Source: CN press release, January 24, 2012) MONTREAL — CN announced today that its Board of Directors has approved a 15 per cent increase in the Company's quarterly cash dividend. A quarterly dividend of thirty-seven-and-one-half cents (C$0.375) per common share will...
KCS Board of Directors declares quarterly preferred dividend, establishes annual meeting date
(Source: Kansas City Southern press release, January 23, 2012) KANSAS CITY, Mo. — Kansas City Southern’s Board of Directors declared a regular quarterly dividend of 25 cents per share on the outstanding KCS 4% non-cumulative preferred stock. The dividend is payable on...
Kansas City Southern says 4Q profit up 85 percent
(Source: Associated Press, January 23, 2012) KANSAS CITY, Mo. — Kansas City Southern railroad said Monday that its fourth-quarter profit rose 85 percent to $95.6 million as increases in automotive and intermodal shipments offset rising fuel and executive compensation...
CSX names new Chief Operating Officer and Chief Financial Officer
(Source: CSX press release, January 23, 2012) JACKSONVILLE, Fla. — CSX Corporation today announced the appointments of Oscar Munoz as executive vice president and chief operating officer and Fredrik J. Eliasson as executive vice president and chief financial officer,...
CSX posts increase in 4Q profit on higher freight prices
(Source: Associated Press, January 23, 2012) JACKSONVILLE, Fla. — Freight railroad operator CSX Corp. said Monday that fourth-quarter profit rose 6 percent as higher rates offset a decline in the volume of goods it shipped. Full story: Washington Post
Extension of Norfolk Southern Heartland Corridor finally complete
(Source: Norfolk Southern press release, January 19, 2012) NORFOLK, Va. — Norfolk Southern has cleared the way for more double-stack intermodal trains to use its Heartland Corridor with the opening this week of a newly improved double-stack rail line between Columbus...
Earnings preview: Norfolk Southern to release results January 24
(Source: Forbes, January 19, 2012) NEW YORK — Analysts expect higher profit for Norfolk Southern when the company reports its fourth quarter results on Tuesday, January 24, 2012. The consensus estimate is calling for profit of $1.39 a share, reflecting a rise from $1...
Earnings preview: CSX fourth quarter 2011 results due today
(Source: Forbes, January 18, 2012) JACKSONVILLE, Fla. — Optimism surrounds CSX as it gets ready to report its fourth quarter results on Monday, January 23, 2012. Analysts are expecting the company to book a profit of 44 cents a share, up from 38 cents a year ago. Full...
Maglev may be gone, but high-speed rail remains
(Source: Press Enterprise, January 23, 2012) RIVERSIDE, Calif. — Transportation planners once dreamed that super-fast trains would whisk Southern Californians at more than 300 mph across the Mojave Desert to Las Vegas. But the idea of a magnetic levitation train...
Profit skyrockets at GE’s rail equipment division
(Source: Journal of Commerce, January 20, 2012) WASHINGTON, D.C. — Locomotive maker GE Transportation, part of General Electric, increased revenue 45 percent in 2011on rising demand for equipment and services, the Journal of Commerce reported. Full story: Journal of...
Canadian Pacific cites shareholder support amid Ackman demands
(Source: Bloomberg News, January 20, 2012) NEW YORK — In spite of pressure from activist investor William Ackman to hire a new chief executive officer, Canadian Pacific Railway Ltd. said some customers and shareholders support its current CEO, Fred Green. Full story:...
Canadian Pacific announces long-term potash agreement
(Source: Canadian Pacific Railway press release, January 23, 2012) CALGARY, Alberta — Canadian Pacific Railway Limited announced today a 10-year agreement with Canpotex Limited. Under the agreement, CP will be Canpotex’s principal Canadian railway, transporting a...
Union Pacific announce $1 billion investment In Nebraska
(Source: Union Pacific press release, January 20, 2012) OMAHA, Neb. — Gov. Dave Heineman today joined Union Pacific Chairman and CEO Jim Young in announcing the company's planned $1 billion investment in Nebraska over the next several years as part of its capital...
Fallen trees shut down passenger rail service between Portland and Seattle
(Source: The Columbian, January 19, 2012) COLUMBIA, Wash. — Fallen trees and debris have temporarily shut down passenger rail service between Portland and Seattle, BNSF Railway announced. Full story: The Columbian
KCS CEO named Railroader of the Year by Railway Age
(Source: Railway Age press release, January 19, 2012) KANSAS CITY, Mo. — David L. Starling, president and chief executive officer of Kansas City Southern, has been named 2012 Railroader of the Year by railroad industry trade journal Railway Age.
States may be able to pay for say in Amtrak services
(Source: Albany Times Union, January 20, 2012) ALBANY, N.Y. — A federal requirement that states begin to cover operating losses on short-haul trains also is expected to give those states far more say in what service Amtrak provides. For example, food service may...
Canada may sell part of VIA Rail, cut routes as costs mount
(Source: Bloomberg News, January 20, 2012) NEW YORK — Canada may sell part of VIA Rail or cut service provided by the money-losing passenger-rail company as the government looks to pare spending, documents show. Full story: Bloomberg News
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