Railroad News

CSX 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 scored 100 percent on the 2019 Disability Equality Index (DEI), which serves as the nation's most comprehensive annual benchmarking tool on disability inclusion efforts in the areas of culture, leadership, enterprise-wide access, employment practices and community engagement, according to the Disability:IN website.

CSX's second-quarter revenue fell 1 percent to $3.06 billion compared with the previous year's quarter, as merchandise growth was offset by intermodal weakness, the Class I announced yesterday.

The railroad posted Q2 net earnings of $870 million, or $1.08 per share, versus $877 million, or $1.01 per share, in the same quarter last year, CSX officials said in a press release.

Effective June 1, CSX will increase the authorized speed of freight trains by 15 mph at multiple locations on its line from Montgomery, Alabama, to Waygross, Georgia. 

The increase from 25 mph to a maximum 40 mph will help reduce wait times for motorists at highway-rail intersections and improve the efficiency of rail operations, CSX officials said in a press release. 

CSX Corp. has appointed Farrukh Bezar senior vice president and chief strategy officer as of May 29.

Bezar joins CSX with more than 25 years of strategic leadership in transportation and logistics. Most recently, he served as founder and managing partner of Lynwood Partners, a transportation and logistics advisory firm.

CSX yesterday posted record results for the first quarter, including an operating ratio (OR) that fell below 60 percent.

Net income during the quarter soared 20 percent to $834 million, or $1.02 per share, versus $695 million, or 78 cents per share a year ago.

[Editor's note: This story has been updated to include a statement from CSX.]

New York Gov. Andrew Cuomo is threatening legal action against CSX if the Whitesboro rail bridge in Oneida County is not rebuilt.

By This email address is being protected from spambots. You need JavaScript enabled to view it., Managing Editor

In the fourth quarter, CSX registered an operating ratio of 60.3, a 4.8 point improvement compared with its fourth-quarter 2017 ratio of 65.1 and a Q4 record, the Class I announced yesterday.

CSX has reversed an earlier decision and determined the Class I will participate in a project to upgrade the Howard Street Tunnel in Baltimore, Maryland federal and local officials announced late last week.

Railroad officials appeared to "walk away" from the proposal about a year ago, and are now willing to commit $91 million toward the tunnel project's cost, Maryland's congressional delegation said in a press release.

CSX is selling 373 miles of rail lines to Florida Gulf & Atlantic Railroad LLC (FGAR), according to a Nov. 6 filing with the Surface Transportation Board (STB).

The notice of intent to acquire the rail lines did not mention a sale price.

CSX last week unveiled its new Pride in Service community investment program to honor and improve the lives of military veterans, active duty military and first responders.

The multimillion-dollar commitment and "collaborative approach" will affect more than 100,000 people over the next two years, CSX officials said in a press release.

CSX will operate its 76th annual Santa Train on Nov. 17, as part of the Class I's efforts to deliver toys, food, winter clothing and other gifts to residents in need along the 110-mile route.

The train will travel through the Appalachia region and stop in 14 locations in Kentucky, Virginia and Tennessee. More than 15 tons of toys and other items will be delivered to families, CSX officials said in a press release.

CSX Corp. has eliminated 2,700 jobs so far this year, as the Class I works through its transition to a more efficient operating plan, Chief Financial Officer Frank Lonegro told investors at a conference last week.

In addition to the 2,700 employees, CSX has eliminated 1,000 contractor and consultant positions, Lonegro said during a presentation at the Cowen & Co. Global Transportation Conference held in Boston.

The National Hurricane Center's latest projected track of Hurricane Irma has prompted the Surface Transportation Board (STB) to postpone its Sept. 12 listening session concerning CSX's rail service issues, the board announced yesterday.

The center has projected landfall in southern Florida early on Sept. 11. CSX's headquarters are based in Jacksonville, Fla.

CSX Corp. late last week released its seventh annual corporate social responsibility report documenting the Class I's performance in environmental, social and governance areas.

Titled "Moving Forward," the report highlights the company's 2016 business practices aimed at creating customer value, increasing shareholder returns, improving the environment and enhancing the communities that the railroad serves, CSX officials said in a press release.

3/31/2017    

Rail News: CSX Transportation