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UP 1Q24: ‘Strong’ Financial Results Despite ‘Challenging’ Freight Market (Updated, Interview with Jim Vena)

“Our team delivered strong financial results in the first quarter as we navigated a challenging freight market and normal winter conditions,” Union Pacific (UP) CEO Jim Vena said during the Class I’s financial report on April 25. “These results build on the momentum we established as we exited 2023 and provide further proof of what’s possible as we strive to be the best in safety, service and operational excellence. This is a great start to the year, but we understand there’s work to be done to achieve our goals and meet our stakeholders’ expectations.”

(Innovative Construction Group, LLC Photograph)
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NCRR Injecting $200K in Innovative Construction Group Plant

Innovative Construction Group, LLC is receiving a $250,000 grant from NCRR Invests, the North Carolina Railroad Company’s (NCRR) economic development arm, to help develop a new manufacturing facility in Siler City, N.C., to be served by Norfolk Southern (NS).

Donald M. Payne Jr.
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Donald M. Payne Jr., 1958-2024

U.S. Rep. Donald M. Payne Jr. of New Jersey, who served as Senior Democrat on the House Transportation and Infrastructure Committee’s Rail Subcommittee, died April 24. He was 65.

(SEPTA image)

Transit Briefs: CTA, SEPTA, NYMTA/LIRR

The Chicago Transit Authority (CTA) officially launches a new chatbot to improve customer interaction. Also, the Southeastern Pennsylvania Transportation Authority (SEPTA) begins the installation phase of its new wayfinding system; and the New York Metropolitan Transportation Authority (MTA) celebrates the 190th anniversary of the founding of the Long Island Rail Road (LIRR).

(Carolina Worrell)

Wabtec: ‘Strong’ Start to 2024 ‘Continues Momentum’ From 2023 (UPDATED, 4/25)

“The Wabtec team delivered a strong start to 2024, continuing the momentum experienced in 2023. This was evidenced by higher sales, margin expansion, and increased earnings in the quarter,” President and CEO Rafael Santana said in an April 24 earnings announcement. Sales were up 13.8% year-over-year, driven by sales growth in both the Freight and Transit segments.

NJT celebrates “Earth Week” by unveiling its first-ever sustainability plan.

Transit Briefs: Amtrak Virginia, LACMTA, NJT, MWAA

Amtrak Virginia and Los Angeles County Metropolitan Transportation Authority (LACMTA) experience double-digit ridership growth in March. Also, New Jersey Transit (NJT) releases its first sustainability plan; and Brookville Equipment Corporation receives a Notice to Proceed on a $16.4 million contract from the Metropolitan Washington Airports Authority (MWAA).

Union Pacific transported Vestas V163-4.5 MW wind turbine blades, the largest wind blade moved across U.S. rail networks. (UP photo)

Class I Briefs: UP, CSX, NS

Union Pacific (UP) collaborates with Vestas to ship the largest wine turbine blades across the country by rail. Also, CSX Assistant Controller Thomas McDuffie is named a Rising Star by the Florida Institute of CFOs (fiCFO); and the National Association of Manufacturers (NAM) commends Norfolk Southern’s (NS) role in supply chain continuity amid Baltimore disruptions.

(Union Pacific Photograph)

AAR: Total Carload, Intermodal Volume Flat for Week 16

U.S. rail traffic for the week ending April 20, 2024 (Week 16), came in at 474,544 carloads and intermodal units, up 0.8%—virtually flat—compared with the same week last year, based on 216,945 carloads—down 6.7% from 2023—and intermodal volume of 257,599 containers and trailers—up 8.2%, the Association of American Railroads (AAR) reported April 24.

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RailPros Acquires Omega Rail Management

Irving, Tex.-based RailPros on April 24 reported acquiring Nashville, Tenn.-based Omega Rail Management, a TerraPact company that provides right-of-way management services on more than 70 corridors across 20-plus states. “The services offered

(Steve Halama, Unsplash)

Industry Groups Urge EPA to Deny CARB Rule

Industry groups are calling on the U.S. Environmental Protection Agency (EPA) to reject an authorization request from the California Air Resources Board (CARB) to implement a regulation that was finalized last year,

CPKC photo

CPKC 1Q24: ‘Well Positioned to Deliver on 2024 Guidance’

“We exited last year with strong momentum and our performance in the first quarter, combined with an improving demand environment, has us well positioned to deliver on our 2024 guidance,” Canadian Pacific Kansas City (CPKC) President and CEO Keith Creel said in an April 24 earnings announcement. “As we enter the second year of our forever story, we are focused on safely executing on the unique and undeniable opportunities this franchise creates and delivering long-term value for our employees, customers and shareholders.”

“Looking forward, we are confident for 2024," said CN President and CEO Tracy Robinson. (CN photo)

CN’s Robinson: ‘Our Team of Railroaders Delivered to Plan’

“Our team of railroaders delivered to plan in the first quarter and our scheduled operating model continued to enhance our service to customers,” CN President and CEO Tracy Robinson said during the Class I’s first-quarter 2024 financial and operating announcement on April 23. “Looking forward, we are confident for 2024. We are seeing the expected improvements in the economy, and our CN-specific growth opportunities are materializing. We remain committed to delivering on our growth agenda and powering the economy.”

Pictured: Use of SpikeFast® shortly after its 1999 market introduction. (WVCO Railroad Solutions Photograph)
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WVCO Railroad Solutions Turns 25

WVCO Railroad Solutions is celebrating 25 years of service. Based in Eugene, Ore., it supplies crosstie remediation, dispensing, railcar coating, pavement and bearing pad repair, and bridge-deck waterproofing products. “As we reach

(CSX Image)

Class I Briefs: CSX, NS, UP

CSX recognizes six shippers for their “commitment to sustainability” by converting a portion of their freight from truck to rail. Also, Norfolk Southern (NS) offers customers a Rail Emissions Report tool and introduces the “Safety Up” mobile app; and Union Pacific (UP) kick starts a plastics collection pilot.

Beginning May 5, RTD-PD will move to a 24/7 staffing model. (Denver RTD photo)

Transit Briefs: Metra, Denver RTD, Amtrak OIG

Metra schedules 47 safety blitzes in 2024. Also, Denver Regional Transportation District’s (RTD) Transit Police will implement 24/7 patrols beginning May 5; and the Amtrak Office of Inspector General (OIG) identifies opportunities for Amtrak to better use its customer service data to improve the customer experience.

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