Nearly one year after his death at 73, the legendary Hunter Harrison’s quest to improve CSX’s performance through Precision Scheduled Railroading (PSR) appears to be in full swing. CSX’s 3Q18 net earnings of $894 million, or $1.05 per share, vs. $459 million, or $0.51 per share in the same period last year, is a 106% increase. CSX’s operating ratio set a company third-quarter record of 58.7%, compared with 68.4% in the prior year—a 970 basis point improvement.
Commodity and intermodal rail traffic continued to finished in positive territory for the latest week, but at a much slower pace than earlier in the year.
The Class 1 carriers continue to make repairs and clean up lines a week after Hurricane Michael whipsawed the South with destructive winds and torrential rain.
A South Florida industrial park to be served by CSX has competed Phase I of development and is actively seeking commercial tenants.
CSX Board Chairman Edward J. Kelly III announced his retirement retirement effective January 2019, following the release of the company’s fourth quarter earnings.
September’s change of seasons didn’t cool off the year-long rise in U.S. rail freight commodities and intermodal traffic.
BNSF and CSX will launch a container-only direct-rail domestic and international intermodal service between Los Angeles and CSX’s Northwest Ohio Intermodal Terminal in North Baltimore, Ohio, on Oct. 29, 2018. The new service will run eastbound and westbound with departure offerings five days per week in each direction.
A flood of controversy is swirling around CSX following media reports blaming the railroad for catastrophic flooding in Lumberton, N.C., during Hurricane Florence, which inundated much of the state’s low-lying coastal areas.
The state of Georgia will spend $92 million to double the Port of Savannah’s annual rail capacity to more than 1 million containers by 2020.
Union Pacific late on Sep. 17 (following Wall Street close of business) announced a new operating plan, “Unified Plan 2020,” that “implements Precision Scheduled Railroading principles” that were deployed over the past 20-odd years at, in order, Illinois Central, CN, Canadian Pacific and CSX by the late E. Hunter Harrison.