As part of Cowen and Company’s “Energy Transition Series,” analysts spoke with The Hydrogen Council Executive Director Daryl Wilson to explore the adoption of hydrogen and fuel cell technologies—from stationary to mobility applications. Also addressed were use-cases relating to complementary battery technology and costs of hydrogen as a fuel source. Cowen analysts discussed, too, how Cummins and Wabtec are operating in this market.
The rail unions comprising the Coordinated Bargaining Coalition (CBC) involved in the current round of national negotiations on Jan. 22 issued a statement that the carriers “have not made any proposals worthy of consideration by [our] membership” as COVID-19-impacted meetings continue.
Kansas City Southern reported Jan. 22 that fourth-quarter 2020 revenue fell 5% to $693.4 million vs. $729.5 million in the comparable 2019 quarter. This was based on lower volumes (3% decline) related to a 59-day service disruption at Lazaro Cardenas due to teachers’ protests; lower fuel surcharge; and fluctuations in foreign currency.
Theresa McClure has been promoted to Strategic Communications Director of the HDR Transportation Practice.
Martin J. Oberman was designated Chairman of the Surface Transportation Board (STB) on Jan. 21 by President Joe Biden. He was sworn in as an STB member on Jan. 22, 2019, and has held the Vice Chairman position since Jan. 6, 2020.
Denver-based OmniTRAX has presented awards to 35 short line railroad customers that shipped or received “qualifying loaded cars with no accidental releases in the previous year.”
CSX, the second Class I railroad to report fourth-quarter 2020 financial results, earned $760 million, or $0.99 per share—virtually flat with the 2019 period’s $771 million, or $0.99 per share. The earnings include a $48 million charge, or $0.05 per share after-tax, related to early retirement of debt.
The Biden Administration has appointed 39 key members of the U.S. Department of Transportation, with more to come. Among them are Amit Bose, Deputy Administrator of the Federal Railroad Administration (FRA), and Nuria Fernandez, Deputy Administrator of the Federal Transit Administration (FTA). Both have held the positions previously.
Union Pacific (UP) reported Jan. 21 that it earned $1.38 billion, or $2.05 per diluted share, in fourth-quarter 2020—comparable to fourth-quarter 2019’s $1.4 billion, or $2.02 per diluted share. Excluding a previously announced $278 million pre-tax, non-cash impairment charge related to its Brazos yard investment, adjusted fourth-quarter 2020 income was $1.6 billion, or $2.36 per diluted share.
Kansas City Southern (KCS) and NorthPoint Development will develop the Wylie Logistics Park—adjacent to the Class I railroad’s David L. Starling Wylie Intermodal Terminal—in the Dallas metropolitan area.