On June 20, Dr. William Huneke, the former Director of the Office of Economics at the Surface Transportation Board (STB), offered his observations in Railway Age regarding the recently released Rate Reform Task Force Report. This article offers a view from the shippers’ perspective.
FINANCIAL EDGE, JULY 2019: The longstanding and well-regarded Editor-in-Chief of Railway Age, William C. Vantuono, recently had the dubious honor of rescuing the Leasing and Equipment Finance panel at the Rail Insights Conference, held last month at the Union League Club of Chicago.
WATCHING WASHINGTON, JULY 2019: If paper smothers rock, scissors cut paper and rock smashes scissors, short line railroads, controlling neither the paper nor rock, face a grim outcome in a quest to “cut up” so-called paper barriers erected by Class I railroads and sanctioned by the Surface Transportation Board (STB).
Kansas City Southern (KCS) posted record revenues of $714 million, a 5% yearly increase, for 2Q19 despite “flat volumes,” the company reported on July 19.
Louisville, Ky.-based Road & Rail Services, Inc. was honored, for the third consecutive year, with The Automotive Quality Excellence Award from the Association of American Railroads (AAR).
Union Pacific, in the midst of implementing Unified Plan 2020, its version of PSR (Precision Scheduled Railroading), posted a quarterly record-low operating ratio for this year’s second quarter, along with increases in net income, operating income and diluted earnings per share, compared to the prior-year quarter. These improvements came despite decreases in volume and revenue.
The Association of American Railroads (AAR) recently reported U.S. rail traffic for the week ended July 13, 2019, and it appears that it’s still “in the doldrums.”
CSX Corp. (CSX) today announced a 2Q19 earnings per share increase of 7% on net earnings of $870 million, or $1.08 per share, versus $877 million, or $1.01 per share, in the same period last year. In addition, CSX’s operating ratio set a company second-quarter record of 57.4%, improved from 58.6% the prior year.
As Amtrak, the National Railroad Passenger Corporation, approaches its golden anniversary in 2021, it is quite apparent that it has squandered opportunities to mature into a stable and useful transportation entity, given the plethora of internal issues that have historically crippled Amtrak operating under the federal umbrella as a state-owned enterprise. Adding to this position is the impact from a shortage of experienced senior management.
Canadian Pacific Railway (CP) recently announced that Edward R. Hamberger and Andrea Robertson have been appointed to its Board of Directors.