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Canadian Pacific earned first-quarter net income of C$100 million, an increase of 74% from first-quarter 2009. Earnings per share were C$0.59, up from C$0.36 and ahead of the Wall Street consensus estimate of C$C0.51.

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“We put in a solid performance this quarter, and our results reflect both improvements in the economy and CP’s proven ability to rapidly adjust to changes in our customers' demands,” said Fred Green, president and CEO.

Other highlights of CP’s first-quarter report:

* Total revenue was C$1.2 billion, up 5% from C$1.1billion.

* Operating expenses were C$962 million, down 2% from C$977 million.

* Operating income increased to C$205 million from C$132 million, or 55%.

* Operating ratio improved 570 basis points to 82.45%.

--> Canadian Pacific earned first-quarter net income of C$100 million, an increase of 74% from first-quarter 2009. Earnings per share were C$0.59, up from C$0.36 and ahead of the Wall Street consensus estimate of C$C0.51. ...

Prudent and persistent capital investment has positioned Union Pacific for a robust recovery.

Although the Railroad Safety Improvement Act of 2008 was written primarily for the Class I’s, many of the short line and regional railroads that touch roughly one out of every five carloads the Class I’s handle will have to deal with this mostly unfunded mandate.

The Class I’s are, and the technical cooperation, says one key participant, “is truly remarkable.”

The Seattle City Council's Transportation Committee Wednesday unanimously approved a proposed First Hill modern streetcar project, and even seeks to extend the proposed route with surplus funds if construction comes in below budget.

The proposed streetcar route would run along Broadway, an alignment supported by both the Seattle Department of Transportation and Seattle Mayor Mike McGinn.

Funding for the project remains in doubt, however, in light of budget constraints facing Sound Transit. In addition, Sound Transit’s Board of Directors has expressed reluctance to expand the scope of the plan beyond what’s been approved by voters.

The route, if established, would not be Seattle's first; the 1.3-mile South Lake Union Streetcar debuted in December 2007, linking its namesake neighborhood with downtown.

Many supporters of the First Hill streetcar plan anticipate acquiring equipment from Clackamas, Ore.-based United Streetcar, LLC, a subsidiary of Oregon Iron Works attempting to establish itself as a long-term U.S. supplier of streetcars to meet anticipated domestic demand. United Streetcar currently has orders from Portland, Ore., and from Tucson, Ariz. 

--> The Seattle City Council's Transportation Committee Wednesday unanimously approved a proposed First Hill modern streetcar project, and even seeks to extend the proposed route with surplus funds if construction comes in below budget. ...

The railroad industry has a safety record that’s the envy of many other industries, yet when railroads think safety, they think continuous improvement. The most important element is a strong safety culture, supported by training and technology.

Whether it’s wheat or wind energy components, the 2010 Regional Railroad of the Year seeks an ever-growing customer base, come heck or (literal) high water. Perhaps more than some portions of the U.S., prairie residents must know their environment. Fordville, N.D.-based Northern Plains ...

Now that BNSF is no longer a public company and is a wholly owned subsidiary of Berkshire Hathaway, what can BNSF’s short lines expect? There are two indicators, both of which are in Warren Buffett’s 2009 Shareholder Letter (available at www.berkshirehathaway.com).

In the key category of transportation (train and engine)—train operating crews—employment rose to 57,807 in March, a 2.58% increase over February.

This was about double the rate of increase for all employment. That figure increased 1.13% to 147,966 in March, according to a report posted Tuesday on the Surface Transportation Board's website.

All categories of railroad employment ran below last year's levels in March:

* Executives, officials, and staff assistants—8,966, down 10.16%.

* Professional and administrative—13,243, down 2.05%.

* Maintenance of way and structures—33,466, down 3.49%.

* Maintenanxce of equipment and shores—28,036, down 5.75%.

*Transportation (other than train and engine)—6,418, down 9.68%.

*Transportation (train and engine)—57,807, down 3.50%.

 

The employment index, based on 1967 as 100, was 24.3 in March compared with 24 in February and 23.7 in January.

--> In the key category of transportation (train and engine)—train operating crews—employment rose to 57,807 in March, a 2.58% increase over February.This was about double the rate of increase for all employ ...

Norfolk Southern Tuesday reported first-quarter net income of $257 million, or $0.68 per diluted share, up 45% from the $177 million, or $0.47 per diluted share, it recorded in the first quarter of 2009, and beating Wall Street consensus earnings estimates by a penny per share. Revenue rose 15% to $2.2 billion compared with the year-ago period.

NS’s operating ratio improved by 5.1 percentage points  to 75.2%.

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Traffic volume rose 9%. General merchandise revenue was $1.2 billion, 23% higher compared with the same period last year. Coal revenue rose 4% to $629 million compared to a year ago. Intermodal revenue of $410 million was up 12% compared with the first quarter of last year.

The company noted first-quarter 2010 results were impacted by a $27 million, or $0.07 per diluted share, deferred tax charge resulting from the enactment of recent healthcare legislation, which, effective in 2013, eliminates the tax deduction available for prescription drug expenses reimbursed under the Medicare Part D retiree drug subsidy program.
 
“Norfolk Southern delivered strong financial performance during the first quarter, reflecting positive trends in the economy,” said CEO Wick Moorman. “Demand for rail transportation continues to grow in most sectors of our business. We remain confident that many of the cost efficiencies we have achieved will remain in place as we continue to invest in key projects and new business opportunities.”

Shares of Norfolk Southern closed down 2.36% Tuesday prior to the company's earnings announcement. In after-hours trading Tuesday, shares were up 1.39%. 

--> Norfolk Southern Tuesday reported first-quarter net income of $257 million, or $0.68 per diluted share, up 45% from the $177 million, or $0.47 per diluted share, it recorded in the first quarter of 2009, and beating Wall Street consensus earnings estimates b ...
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