BNSF’s Q3 net income drops 15% on lower revenues
A 13% decline in total revenues dented BNSF’s net profit for the third quarter.
Railroads continue to play a significant role in North America’s economic infrastructure. According to the U.S. Department of Transportation Federal Railroad Administration, the U.S. rail freight network covers almost 140,000 route miles and is generally considered the largest, safest, and most cost-efficient freight system in the world. In addition, says the FRA, the almost $80 billion rail freight industry creates more than 167,000 jobs across the country.
In essence, rail freight companies charge businesses to carry cargo across their network of rails. Their rates are overseen by the Surface Transportation Board, a federal agency that regulates financial aspects of surface transportation. Major railroads in North America include Union Pacific Railroad, BNSF Railway, CSX, Norfolk Southern, Canadian Pacific Kansas City and Canadian National Railway.
Keep up with the latest news, trends and reports concerning rail freight transport here!
A 13% decline in total revenues dented BNSF’s net profit for the third quarter.
Total employed in the sector now more than 30,000 fewer than at May peak
A look at U.S. Class I rail employment data shows that head count for train and engine crews grew when comparing averages in 2023 with 2020 — but employment totals for those maintaining equipment and stores appeared to fall.
Rail electrification and locomotives powered by green hydrogen are two goals that the rail industry and federal and state leaders should adopt, according to the Sierra Club’s revised statement on how to encourage clean transportation for the railroads.
FreightWaves CEO Fuller talks Convoy collapse and why things aren’t improving for carriers.
The Greenbrier Companies, GATX and Wabtec all reported quarterly earnings this week. Among the themes expressed during earnings calls was pervading market uncertainty domestically but an abundance of international opportunities.
Norfolk Southern is asking the Surface Transportation Board to compel Canadian Pacific Kansas City and CSX to consolidate their applications on plans to create a Mexico-Southeast U.S. corridor. Doing so would provide greater insight on freight and passenger rail impacts, NS argues.
Hub Group reported $1 billion in revenue and earnings per share of 97 cents during the third quarter.
Members of the Brotherhood of Railroad Signalmen who work on CSX’s L&N property have ratified their sick leave agreement, CSX said.
Uncertainties over consumer demand and inflation rates are causing Canadian Pacific Kansas City to adopt a more cautious stance as 2024 approaches.
CPKC reported a 12% decline in net profit in the third quarter despite higher combined revenues.
Short-term pain will lead to long-term gain for Norfolk Southern, the railway’s CEO said when asked about his company’s higher margins amid plans to continue improvements to rail service.
NS’ third-quarter net income fell 50% amid a $163 million incident charge related to the East Palestine, Ohio, train derailment in February.
Partnerships with other Class I railroads will help the freight rail industry gain market share, CN executives said during the Canadian railway’s third-quarter 2023 earnings call Tuesday.
The Prince Rupert Port Authority is starting construction on a project that will increase rail-to-container transloading at the Canadian port, particularly for agricultural, forestry and plastic resin products.
Soy Transportation Coalition director says farmers diverting product from weak export market.
The Brotherhood of Railroad Signalmen and Norfolk Southern, with technical input from the Federal Railroad Administration, will conduct a one-year pilot program to identify best safety practices.
Enabling information sharing between departments will help CSX not only cut costs but discover new business opportunities, COO Mike Cory said on the railway’s third-quarter earnings call.
Eastern U.S. Class I railroad said its third-quarter net profit fell 24% amid lower operating revenues.
On his first earnings call as Union Pacific’s CEO, Jim Vena said his goal for the railway is to “win and be the best in the industry.”
Lower revenues dented Union Pacific’s earnings for the third quarter of 2023.
Officials from Nexxiot and Deloitte talk with FreightWaves in this Q&A about how combining data on container movements and a container’s financial streams can help ward off illicit trade.
Patrick Whitehead and Derek Taylor will lead different aspects of CN’s operations as the Canadian railway seeks to make its operations more “innovative” and “modern.”
J.B. Hunt’s overall financial performance in the third quarter was weak, but slight strengthening in intermodal volumes was celebrated.
The Brotherhood of Locomotive Engineers and Trainmen wants the Federal Railroad Administration to issue an emergency order prohibiting freight train lengths greater than 7,500 feet.
Canadian Pacific Kansas City and CSX are seeking approval from the Surface Transportation Board to acquire some of the assets of short line Meridian & Bigbee Railroad. They plan to beef up an Alabama interchange as part of an effort to create a Mexico-Southeast corridor.
A BNSF coal train derailed at a bridge north of Pueblo, Colorado, spilling coal and rail cars onto Interstate 25 beneath. The highway remains closed for now.
National Transportation Safety Board Chair Jennifer Homendy said a new rule calling for passenger trains to have inward- and outward-facing image recording devices should also have applied to freight trains.
The Port of Montreal has received funding from Canada’s National Trade Corridors Fund to build a new terminal aimed at boosting the port’s container handling capacity.
Add Kansas to the list of states that require more than one person in the locomotive cab of a freight train.
CN has released its operational plans for the 2023-2024 winter season. But the Canadian railway says new regulations create some uncertainty.
Chicago commuter rail system Metra filed a lawsuit against the Surface Transportation Board over its decision to approve the merger between Canadian Pacific and Kansas City Southern.
Union Pacific will be offering intermodal service between two cities in Mexico and the U.S. Southeast.
In addition to financial benefits, rail offers shippers a simple, well-established way to ramp up their focus on sustainability and reduce their greenhouse gas emissions.
Higher labor expenses, reduced volumes and regulatory uncertainty were among the third quarter’s headwinds for railroads, according to Susquehanna transportation analyst Bascome Majors.
U.S. intermodal volumes actually grew in September, according to the Association of American Railroads. And with the harvest season in full swing in the fourth quarter, expect rising grain volumes.
The National Transportation Safety Board will focus on CSX’s safety training of railway carmen as the agency continues investigating the death of a carman at a CSX yard in Ohio.
An internal system update caused internet connectivity issues at CN on Tuesday, affecting the Canadian railway’s customer service portal.
Wisconsin Democratic Sen. Tammy Baldwin and West Virginia Republican Sen. Shelley Moore Capito want the Surface Transportation Board to “move swiftly” on reciprocal switching.
The Equal Employment Opportunity Commission has filed a lawsuit against Union Pacific in federal court over the dismissal of 21 conductors and locomotive engineers who had failed the railroad’s vision test.
NS is examining the root cause of the Friday evening to early Saturday morning outage, which the railroad says was not a result of hacking or related to a previous system outage that occurred in late August.
BNSF and SMART-TD have reached a tentative agreement addressing how BNSF handles work schedules for train conductors and other related union members.
Sixteen environmental groups have filed a rulemaking petition with the EPA asking for the federal agency to require coal train operators to have Clean Water Act permits when moving coal.
This AskWaves article looks at how a U.S. federal government shutdown would affect freight rail operations and proposed rail safety and economic rulemakings.
Declaring East Palestine, the town impacted by a Norfolk Southern train derailment, as the site of a public health emergency would allow area residents to have long-term access to Medicare, Ohio’s senators said in a letter to the EPA.
Two Florida East Coast Railway terminals will gain access to Norfolk Southern’s network, and NS and FEC will use a steel wheel interchange in Jacksonville, Florida, which will bolster access to Midwest markets.
The Georgia Ports Authority reported a dip in August volumes at the Port of Savannah. But volume increases for rail traffic and roll-on/roll-off cargo were bright sports for GPA last month.
Cincinnati voters will determine on Nov. 7 who should own the Cincinnati Southern Railway, which is currently owned by a group affiliated with the city. The city wants to sell it to Norfolk Southern for $1.62 billion.
The Federal Railroad Administration’s CRISI program for rail infrastructure projects awarded a record $1.4 billion to 70 projects across the U.S.
DOE’s Office of Nuclear Energy says Atlas rail car system has undergone final testing, while Minneapolis-based Thermo King introduced its next-generation temperature-controlled slimline rail unit.
Although U.S. rail volumes may still be sluggish, Greenbrier received orders for 15,300 new rail cars in its latest fiscal quarter. The orders have an aggregate value of $1.9 billion.
President Joe Biden wants Norfolk Southern and federal agencies to stay involved in recovery efforts in East Palestine, Ohio, where an NS train carrying hazardous materials derailed on Feb. 3.
Progress Rail is asking a federal court to order Wabtec to divest of its GE Transportation unit, hold up its end of two agreements and correct statements it made about Progress Rail and its locomotive manufacturing program.
Mexican railway operator Ferromex has halted key northbound freight trains due to migrants hopping aboard and being injured or killed.
Although container volumes were down at the Port of Charleston year over year, South Carolina Ports’ Inland Port Greer saw record volumes in August.
BNSF and the Brotherhood of Maintenance of Way – Employes Division have struck a sick leave deal for union members.
Although the U.S. supply chain may no longer be imperiled by the pandemic-era chassis shortage, companies should still act in response to expectations that e-commerce and global trade will only continue to grow, according to the president and CEO of Trac Intermodal.
BNSF is a multibillion dollar freight railroad. Northern Pacific Airways is a tiny airline that has been in business for less than three months. BNSF says the airline is infringing on a trademark it owns.
Rail union leaders want the industry to examine safety practices involving remote-controlled locomotives following the Sunday death of a railway carman at a CSX rail yard in Ohio.
Atkins Nuclear Secured released its initial findings on how Norfolk Southern can bolster its safety culture.
Rail shippers largely welcome a reciprocal switching rule proposed last week by the Surface Transportation Board, but some wish it did more to incentivize rail competition.
Regulatory policy expert Rosyln Layton says it’s dangerous to have the Surface Transportation Board lay the grounds for defining how rail service should look under the common carrier obligation.
Expanded service offerings, such as a reduction in transit time for the Falcon Premium intermodal service, should help support Union Pacific in the third and fourth quarters, UP leaders said at an investor conference this week.
Parallel Systems unveiled Tuesday another second-generation, battery-powered autonomous rail vehicle, which is slated for use in pilot projects both in the U.S. and abroad. Through this iteration of the autonomous […]
Union Pacific is asking the Federal Railroad Administration for more details on the safety defects that federal inspectors reportedly found during focused inspections this summer.
Canadian railway CN and Norfolk Southern are partnering to create a domestic intermodal service that will connect Canadian customers with markets in the U.S. Southeast.
Union Pacific plans to respond this week to concerns of Federal Railroad Administration Administrator Amit Bose that the railroad is being cavalier in ensuring its locomotives are safe.
Mike Cory, CN’s former chief operating officer, will be CSX’s new COO.
The new service will provide a direct connection from the Port of Savannah to CSX’s intermodal terminal in Rocky Mount, North Carolina.
After years of wrangling over the issue, the Surface Transportation Board has issued a notice of proposed rulemaking on reciprocal switching that will seek to define the service parameters where a switching action could take place.
House Oversight Committee Republicans are accusing U.S. Transportation Secretary Pete Buttigieg of not acting on the DOT inspector general’s recommendations for improving aviation and rail safety.
Norfolk Southern and DrayNow will further develop technology for intermodal that provides real-time information on first- and last-mile movements.
Rail service for the 2023-2024 crop year in Canada is expected to be smooth — provided that weather conditions and unforeseen global events cooperate.
The Pipeline and Hazardous Materials Safety Administration is temporarily suspending a 2020 rule that allows the transport of liquefied natural gas in specialized cryogenic tank cars.
A defect with the data storage system that Norfolk Southern uses may have caused NS’ primary and recovery data systems to become unresponsive, NS said Friday.
A decline in rail volumes has led Union Pacific to store locomotives — which in turn has led to furloughs of at least 94 employees, according to a union official.
Operations temporarily ceased in limited areas of CSX’s network as Hurricane Idalia swept through Florida and Georgia.
Jacksonville, Florida-based Gulf & Atlantic Railways is acquiring the Pioneer Valley Railroad in Massachusetts and operating the revamped Grenada Railroad.
The National Transportation Safety Board will focus on employee training methods and industry practices on clearance as it continues its investigation of an Aug. 6 conductor trainee fatality at a Maryland CSX rail yard.
Norfolk Southern’s systems have been restored after an outage Monday. But the company says impacts could be felt for at least two weeks.
The Florida Legislature is providing $30 million for two new ship-to-shore cranes that Jaxport says will let more cargo move efficiently through the Port of Jacksonville.
Australia-headquartered Martinus is making its first North American acquisition — Missouri-based Bottom Line Co., a railroad contractor specializing in rail infrastructure maintenance.
Florida’s ports and Eastern freight railroads are preparing for Tropical Storm Idalia’s arrival.
The Association of American Railroads says a federal program in which employees can anonymously report safety concerns has the potential for misuse.
An anticipated decrease in grain exports and increase in domestic biofuels production could change U.S. freight railroads’ capacity needs in the coming years.
STG Logistics will extend its reach in Canada by offering “port-to-door” services in six new markets in addition to the Toronto and Montreal markets that it already serves.
NOPB has completed the expansion of the France Road rail yard, which will expand the short-line railroad’s capacity to switch, interchange and store rail cars.
SMART-TD is telling freight train conductors and conductor trainees to take charge of their safety since the programs offered by railroads are lacking. This is following the recent deaths of two conductor trainees.
New York’s Port of Oswego on Lake Ontario has received a federal grant to upgrade port infrastructure and bolster export capacity.
Union Pacific is seeking to bring operations back to normal at two of its California subdivisions that were hit by Tropical Storm Hilary.
July volumes at the Port of Charleston and South Carolina Ports rose 12% from June and 3% year over year.
Environmental and financial concerns weighed in the U.S. appeals court decision to reject the Surface Transportation Board’s approval of the construction of the Uinta Basin Railway.
Union Pacific’s Mojave and Yuma subdivisions are out of service due to high waters and mud over the tracks caused by Tropical Storm Hilary; electrical outages at some terminals are also impacting operations.
Rail volumes to and from the Canadian ports of Vancouver and Prince Rupert are returning to normal after the 13-day strike in July, although capacity to catch up on the backlog appears limited for now, according to RailState’s analysis of its data.
The Transportation Trades Department wants to know why the Class I railroads haven’t fully committed to a program that lets employees anonymously report safety concerns. The railroads say sticking points remain.
Leaders with Norfolk Southern and CSX described at an investor conference this week how their reach extends beyond the eastern U.S.