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Mar
24

CSX to shareholders: Reject mini-tender offer by TRC

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Mar
24

CSX to shareholders: Reject mini-tender offer by TRC

Rail News Home CSX Transportation 3/24/2022 Rail News: CSX Transportation
CSX Corp. yesterday recommended that shareholders reject an unsolicited "mini-tender" offer by TRC Capital Investment Corp. to purchase up to 4 million shares of CSX common stock at $34.75 per share in cash.Shareholders should reject the offer because the price is 4.43% below the $36.34 closing price of CSX common stock on March 18, the last trading day before the mini-tender began, CSX officials said in a press release.The Class I is not affiliated with TRC and does not endorse its unsolicited offer, CSX officials said.The offer is also subject to a number of conditions, including TRC’s ability to secure sufficient financing to consummate the offer.CSX officials recommend that any shareholders who have tendered shares to TRC withdraw those shares by providing the written notice described in the offering documentation before the offer expires April 20."[We] urge shareholders to obtain current market quotes for their shares, to review the conditions to TRC’s mini-tender offer, to consult with their brokers or financial advisors and to exercise caution with respect to TRC’s mini-tender offer," CSX officials said.

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Jan
21

CSX posts higher Q4 revenue, cites growth in key business lines

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Jan
21

CSX posts higher Q4 revenue, cites growth in key business lines

Rail News Home CSX Transportation 1/21/2022 Rail News: CSX Transportation
CSX Corp. yesterday reported fourth-quarter 2021 net earnings of $934 million, or 42 cents per share, compared with $760 million, or 33 cents per share, in Q4 2020.The Class I posted an operating ratio for Q4 2021 of 60.1% compared to 57% a year earlier. Prior year results include a pre-tax charge of $48 million within other expenses, or 2 cents per share after-tax, related to the early retirement of debt, CSX officials said in a press release.Fourth-quarter revenue increased 21% to $3.43 billion, which CSX attributed to growth across all major lines of business, increases in other revenue and the inclusion of Quality Carriers Inc.’s results. CSX completed its acquisition of the bulk liquid chemicals truck transportation provider in Q2 2021.The railroad’s quarterly operating income rose 12% to $1.37 billion."As we enter 2022, we remain committed to providing our customers high quality service and creating additional capacity to help them address current supply chain challenges through the increased use of rail," said CSX President and CEO James Foote.

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Jan
05

CSX cites 'strong support' for Pan-Am merger

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Jan
05

CSX cites 'strong support' for Pan-Am merger

Rail News Home CSX Transportation 1/5/2022 Rail News: CSX Transportation
"This transaction will provide tremendous benefits for New England and enjoys widespread support from shippers in the region," said James Foote, CSX president and CEO. Photo – csx.com

CSX yesterday acknowledged "strong support" for its proposed acquisition of Pan Am Railways Inc., as indicated by comments from businesses, elected officials and stakeholders in five New England states.

The remarks — which came from officials in the states of New York, New Hampshire, Massachusetts, Connecticut and Maine —  are part of nearly 120 comments filed with the Surface Transportation Board (STB) in support of the merger, CSX officials said in a press release.

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Jan
03

CSX coal terminal explosion under investigation

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Jan
03

CSX coal terminal explosion under investigation

Rail News Home CSX Transportation 1/3/2022 Rail News: CSX Transportation
An explosion occurred on Dec. 30 at CSX’s Curtis Bay coal facility in Baltimore.The incident resulted in a failure of a coal transfer tower, CSX spokeswoman Sheriee Bowman said in an email.The cause of the incident remains under investigation, she said. All employees are accounted for and there were no injuries."Operations at CSX Curtis Bay Coal Piers have been temporarily suspended while engineering teams assess the extent of the damage," said Bowman. "In the meantime, coal shipments to Curtis Bay are being rerouted and we are working closely with impacted customers."

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Dec
08

CSX named to CDP's 'A' list for environmental actions

Rail News Home CSX Transportation 12/8/2021 Rail News: CSX Transportation
CSX announced yesterday that for the ninth consecutive year it has been named to global environmental nonprofit CDP’s "A List,” which recognizes companies for leadership in taking actions to address climate change.CDP evaluates companies based on their actions to cut emissions, mitigate climate risks and develop a low-carbon economy.CSX was the top U.S.-based Class I to achieve the recognition, CSX officials said in a press release. CSX and CN are the only two North American railroads to receive the ranking.The CDP assessment examines issues such as leadership on corporate environmental ambition, action and transparency as well as management of environmental risks and demonstration of best practices. Officials said the recognition is considered the “gold standard of corporate environmental transparency.”“Railroads are three-to-four times more fuel efficient that trucks, on average, and CSX is continually developing innovative solutions for further reducing emissions by converting freight from highway to rail,” said Executive Vice President and Chief Legal Officer Nathan Goldman.

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Nov
30

In memoriam: CSX senior executive and change agent Mark Wallace

Rail News Home CSX Transportation 11/30/2021 Rail News: CSX Transportation
Mark Wallace Photo – CSX

CSX Executive Vice President Mark Wallace died Nov. 28 following a battle with cancer. He was 52.

Wallace had moved into a strategic advisory role in June while he underwent cancer treatment. He joined CSX in spring 2017 as EVP of corporate affairs and chief of staff, and later was named EVP of sales and marketing in July 2018. He also served a stint as EVP and chief administrative officer.

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Nov
19

CSX, NCDOT open Carolina Connector intermodal terminal

Rail News Home CSX Transportation 11/19/2021 Rail News: CSX Transportation
At a grand opening ceremony held yesterday, officials with CSX and NCDOT, which shared construction costs, hailed the terminal opening as a positive development for both the regional economy and the nation's supply chain. Photo – NCDOT/CSX

The Carolina Connector (CCX) intermodal terminal has officially opened for business northeast of Raleigh, North Carolina.

The facility, which is considered one of the most technologically advanced facilities on the CSX network, will help relieve port and highway congestion by adding rail-to-truck transfer capacity for domestic and international container shipments, CSX officials said in a press release.

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Nov
16

CSX named to Dow Jones Sustainability North America Index for 11th straight year

Rail News Home CSX Transportation 11/16/2021 Rail News: CSX Transportation
CSX yesterday announced it’s been named to the Dow Jones Sustainability North America Index (DJSI North America) for 2021, the Class I’s 11th consecutive year on the list.CSX is the only U.S.-based railroad included in the index and the second Class I to announce its inclusion, the first being Canadian Pacific. The index represents the top 20% of North America’s 600 largest companies (as evaluated by S&P Global) that demonstrate sustainability initiatives. Dow Jones' corporate sustainability assessment evaluated the economic, environmental and social criteria for meeting index designation.CSX’s sustainability goals include reducing greenhouse gas emissions by 37.3% between 2014 and 2030, according to its website. CSX has already accomplished its goal of reducing emissions intensity by 6% to 8% in 2020, achieving 8.1% emissions intensity reduction and reaching the goal two years ahead of time."Our efforts have improved upon the emissions advantage rail provides as the most fuel-efficient mode of land-based transportation," said CSX President and CEO James Foote in a press release. "We continue taking action to further reduce emissions for the freight already moving on CSX and are committed to driving additional reductions through converting incremental volumes off the highway and onto CSX."

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Nov
12

CSX responds to STB letter regarding service issues

CSX has taken multiple steps to improve service while facing substantial headwinds during the pandemic, President and CEO James Foote wrote last week in response to Surface Board Transportation Chairman Martin Oberman's October letter detailing a series of service complaints.

"Our customer solutions department has not seen a recent increase in service inquiries and we were not aware of informal complaints increasing to your public affairs office," Foote wrote Nov. 2 to Oberman. "We serve more than 5,000 customer facilities and to address issues we need to know certain key facts: when, where and which customer facility."

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Oct
21

CSX in Q3: Higher net earnings, lower operating ratio

Rail News Home CSX Transportation 10/21/2021 Rail News: CSX Transportation
CSX Corp. yesterday announced third-quarter 2021 net earnings of $968 million, or 43 cents per share, compared to $736 million, or 32 cents per share in the same period last year.CSX posted an operating ratio of 56.4% in Q3 2021 compared to 56.9% in the prior year period, CSX officials said in a press release.Revenue for quarter climbed 24% from the prior year to $3.29 billion, driven by growth across all business lines, increases in other revenue and the inclusion of Quality Carriers’ results.Operating income improved 26% to $1.44 billion for the quarter."I want to thank all of CSX’s railroaders for their continued dedication to our customers amidst the combination of ongoing supply chain disruptions and challenges presented by the COVID-19 Delta variant this quarter," said President and CEO James Foote. "We are committed to helping our customers overcome current supply chain constraints and will continue to take action in order to keep our network fluid and design new solutions that enable the delivery of critical goods to millions of Americans."

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Oct
14

CSX honors 71 customers with annual Chemical Safety Excellence Award

CSX yesterday recognized 71 customers with the Class I's annual Chemical Safety Excellence Award for their commitment to the safe transportation of hazardous materials.

Representing a wide range of industry segments — including chemicals, biofuels, waste and fertilizers — the award winners shipped a combined 238,000 carloads of hazard materials on the CSX network in 2020 without a non-accidental release due to controllable factors, according to a news release

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Aug
09

CSX gains key Pan Am deal support from passenger-rail authority

Rail News Home CSX Transportation 8/9/2021 Rail News: CSX Transportation
CSX on Friday announced it reached an agreement with the Northern New England Passenger Rail Authority (NNEPRA) to support the Class I’s planned acquisition of Pan Am Railways Inc.One of New England’s largest passenger-rail trade authorities, the NNEPRA agreed to file a letter with the Surface Transportation Board (STB) requesting approval of CSX’s revised application for the transaction. On July 30, the STB accepted the railroad’s revised application.NNEPRA’s support for the transaction is significant given its role as the primary state sponsor of Amtrak’s Downeaster service between Brunswick, Maine, and Boston, CSX officials said in a press release.“This agreement demonstrates our commitment to work collaboratively with all stakeholders and to maintain or improve passenger service in the region,” said CSX President and Chief Executive Officer James Foote.Maine Gov. Janet Mills recently filed a letter of support with the STB stating the transaction has the potential to bring substantial benefits to the state, which relies heavily on rail to deliver goods.If the transaction is approved — possibly sometime in 2022 — CSX plans to upgrade track and locomotives to improve service, and extend positive train control on Amtrak's Downeaster network.Based in North Billerica, Massachusetts, Pan Am owns and operates a nearly 1,200-mile network in New England and retains a partial interest in the more-than-600-mile Pan Am Southern rail system.

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Jul
30

CSX: Maine governor, others file support for Pan Am merger

Rail News Home CSX Transportation 7/30/2021 Rail News: CSX Transportation
Maine Gov. Janet Mills Photo – usm.maine.edu

CSX announced yesterday that its proposed merger with New England’s Pan Am Railways Inc. gained additional support from Maine Gov. Janet Mills as well as four shippers, two municipalities and one member of the New York State Assembly. All filed letters with the Surface Transportation Board (STB) to express support for the deal, CSX officials said in a press release.

“This transaction has the potential to bring substantial benefits to Maine. The state of Maine relies on rail traffic to deliver goods and support our economy. If the transaction is approved, CSX has indicated that it will make upgrades to track and locomotives to provide improved service, extend positive train control on Amtrak's Downeaster, and make other improvements to the rail network,” Mills wrote, according to CSX.

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Jul
22

CSX reports growth across all business lines in Q2

Rail News Home CSX Transportation 7/22/2021 Rail News: CSX Transportation
CSX Corp. announced second-quarter 2021 net earnings of $1.2 billion, or 52 cents per share, compared to $499 million, or 22 cents per share in the same period last year.The results include benefits from the sale of certain property rights in CSX-owned line segments to Virginia for passenger-rail operations. The transaction favorably impacted operating income by $349 million, operating ratio by 11.7 percentage points, and earnings per share by 12 cents, CSX officials said in a press release.Revenue for the quarter rose 33% to $2.99 billion, driven by growth across all lines of business. Expenses fell 9% year over year to $1.30 billion and operating income improved to $1.69 billion.CSX posted a Q2 operating ratio of 43.4% compared to 63.3% in the previous year’s same quarter.The quarterly results also reflect strong rebound from the pandemic’s impact  during the same quarter in 2020.Specifically, CSX reported:
• Chemicals increased due to higher shipments of plastics, waste and other core chemicals, partially offset by lower shipments of crude oil;
• Agricultural and food products increased as a result of higher shipments of ethanol, food and consumer products, and domestic grain;
• Minerals increased primarily as a result of higher shipments of cement, lime and limestone;
• Automotive increased due to higher North American vehicle production, which was unfavorably impacted in Q2 2020 by COVID-19 plant closures;
• Forest products increased primarily due to higher shipments of building products and pulpboard;
• Metals and equipment increased due to higher shipments across the metals market, partially offset by reduced equipment shipments;
• Fertilizers increased due to higher long-haul fertilizer shipments, partially offset by lower short-haul phosphate shipments;
• Intermodal increased due to tightening truck capacity, inventory replenishments and growth in rail volumes from east coast ports; and
• Coal increased due to higher shipments across international export, domestic utility, and steel and industrial coal.

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Jul
19

CSX listed as 'best' place to work in IT

Rail News Home CSX Transportation 7/19/2021 Rail News: CSX Transportation
CSX has been named to IDG's 2021 Insider Pro and Computerworld "Best Places to Work in IT" list.The newly released report lists the top 100 work environments for technology professionals. CSX is the only railroad and one of only four transportation and logistics businesses ranked among large companies on the annual listing, CSX officials said in news release.The Insider Pro and Computerworld list is compiled based on a questionnaire regarding company offerings in categories such as benefits, career development, training and retention. In addition, IDG surveys IT workers.The list honors companies that foster nimble and flexible work environments, and a spirit of diversity, social responsibility, training and innovation.“Our technology employees work closely with all departments, engaging directly with teams across the states to deliver innovative customer solutions and find the best resolutions to real-world challenges," said Diana Sorfleet, CSX's executive vice president and chief administrative officer. "Our corporate culture is transforming the image of a modern railroad, and our technology professionals are at the forefront."

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Jul
16

CSX recognized as a 'Best Place to Work for Disability Inclusion'

Rail News Home CSX Transportation 7/16/2021 Rail News: CSX Transportation
CSX, for the third consecutive year, has been recognized as a "Best Place to Work for Disability Inclusion" by Disability:IN and the American Association of People with Disabilities (AAPD).The Class I received a top score on the Disability Equality Index (DEI), CSX officials said in a news release.CSX is the only Class I on the 2021 DEI, which is the nation's most comprehensive annual benchmarking tool on disability inclusion efforts in the areas of culture, leadership, enterprise-wide access, employment practices, supplier diversity and community engagement, they said. Developed by Disability:IN and the AAPD, the index enables America's leading corporations to self-report their disability policies and practices, and to be scored objectively by an independent panel.

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