CLEVELAND, Ohio, (January 13, 2022) — Yesterday, members of the Transportation Division of the International Association of Sheet Metal, Air, Rail, and Transportation union (SMART-TD) and the Brotherhood of Locomotive Engineers and Trainmen (BLET) who work for the BNSF Railway initiated steps to go on strike following the railroad’s announcement of its so-called “Hi-Viz” attendance policy, which SMART-TD President Jeremy Ferguson and BLET National President Dennis Pierce called “the worst and most egregious attendance policy ever adopted by any rail carrier.”
Presidents Ferguson and Pierce said the impending policy, which BNSF plans to implement on February 1, repudiates numerous collectively bargained agreements currently in place throughout the BNSF system. It is so restrictive that employees would be penalized for missing work to attend the funeral of an immediate family member.
“This unprecedented BNSF policy repudiates direct and clear contract language and, in application, will attempt to force our members to report for duty without regard for their medical condition as we struggle to come out of a pandemic,” the presidents said. “It also stands to take away any ability by our members to avoid working fatigued when they are routinely called without warning due to the complete lack of reliable train lineups, thus creating the potential for an even more unsafe railroad operation. So-called ‘forced overtime’ in an industry where safety is so critical not only repudiates our agreements, it stands to enact irreparable harm on hundreds of full-time employees whose non-workplace obligations prevent them from being at work every day of their life.”
BNSF’s new Hi-Viz policy is a points-based system which penalizes employees — who in many cases have no assigned days off — any time they take time off work for practically any reason. In a FAQ that BNSF sent out to its employees, the carrier claimed that they “must improve crew availability to remain competitive in the industry” and that their revised Hi-Viz program helps with this issue “by incentivizing consistent and reliable attendance.” BNSF goes on to claim that a reduction in absenteeism will improve predictability of work assignments. However, the affected employees and their unions have made clear that they view BNSF’s approach to this issue as a juxtaposition. That is: if the carrier instead focused its efforts on predictable scheduling of assignments and competent management of its furloughed employees, there would be no need to impose such draconian attendance policies.
“Our members have simply had enough of the treatment they are enduring from the BNSF Railway,” President Ferguson and President Pierce said. “The Company’s half-baked attempt to characterize this policy as an ‘improvement’ and an ‘incentive’ is nothing short of disingenuous, and outright insulting. Although BNSF will not admit it, it has implemented so-called Precision Scheduled Railroading and is attempting to do more with less by intimidating our members, under threat of discipline and/or termination, into working additional shifts while they continue to furlough junior employees. Our members have worked tirelessly to keep goods moving during a global pandemic, but the railroad is once again placing monetary profits over people to appease shareholders and Wall Street. Our membership is tired, frustrated and fed up with the treatment they continue to receive. As is the growing trend among all major rail carriers, the working conditions at BNSF have deteriorated to the point that there are many tenured employees leaving the railroad industry because they can no longer tolerate the treatment that they must endure on a daily basis. This new attendance policy may be the tipping point for what may be the ‘great railroad resignation.’”
On January 12, President Ferguson and President Pierce gave permission to their organizations’ respective BNSF General Committees of Adjustment to begin polling their membership regarding a withdrawal from service over this major dispute. Under the SMART Constitution, the union’s leadership may authorize a strike after the affected General Chairpersons obtain two-thirds majority approval from the Local Chairpersons under their jurisdiction. Under BLET internal law, a majority of the membership at any given railroad, or their Local Chairmen, must vote in favor of a strike and the National President and the General Chairmen must approve the date for any withdrawal from service.
Collectively, the unions represent more than 17,000 active members at the BNSF.
###
The SMART Transportation Division is comprised of approximately 125,000 active and retired members of the former United Transportation Union, who work in a variety of crafts in the transportation industry.
The Brotherhood of Locomotive Engineers and Trainmen represents nearly 57,000 professional locomotive engineers and trainmen throughout the United States. The BLET is the founding member of the Rail Conference, International Brotherhood of Teamsters.
CLEVELAND, Ohio (Dec. 3, 2021) — The Transportation Division of the International Association of Sheet Metal, Air, Rail, and Transportation Workers (SMART-TD) and the Brotherhood of Locomotive Engineers and Trainmen (BLET) have filed motions for preliminary injunctions, seeking to immediately halt unilaterally implemented vaccine mandates imposed by Metra commuter rail and BNSF Railway and require the carriers to negotiate over the issue.
Through the motions, SMART-TD and the BLET seek to restore and preserve the status quo that was in place prior to the implementation of the mandates.
These suits are in addition to the counterclaims SMART-TD and BLET filed against the carriers last month. As background, BNSF on November 7, 2021, and Metra on November 8, 2021, filed suits against the SMART-TD and the BLET, among other unions, seeking a declaration from the courts that their unilaterally implemented vaccine mandates concerned a so-called “minor dispute” subject to arbitration on the grounds that it involves a matter of interpretation of the parties’ existing collective bargaining agreements. The carriers also sought orders prohibiting SMART-TD and the BLET from striking, picketing, and taking other job actions in protest of the mandate.
SMART-TD and BLET answered and counterclaimed on November 12, 2021, alleging, among other things, that the carriers’ unilaterally implemented vaccine mandates are a direct violation of the Railway Labor Act. The carriers made no effort to bargain with the unions over their vaccine mandates, or the effects of those mandates, despite the fact that the parties have long been engaged in negotiations for successor agreements, and that all parties have a duty to maintain the status quo in working conditions during such negotiations.
The SMART-TD and BLET are actively embroiled in similar lawsuits with three other rail carriers: Amtrak, Norfolk Southern (NS), and Union Pacific (UP). The litigation is pending in the U.S. District Court for the Northern District of Illinois.
SMART-TD President Jeremy Ferguson and BLET National President Dennis R. Pierce said two federal judges recently blocked enforcement of vaccine mandates.
In related activity, U.S. District Judge Gregory Van Tatenhove in Frankfort, Kentucky, blocked enforcement of the regulation that new government contracts must include clauses requiring that contractors’ employees get vaccinated. SMART-TD and BLET will continue to monitor the case to determine if there is any impact on rail carriers.
President Ferguson and President Pierce issued the following joint statement: “The language contained in the Railway Labor Act is clear cut, and the carriers’ unilateral implementation of their vaccine mandates without negotiating with the union is a direct violation of the Railway Labor Act. We will continue to stand up for the rights of our members.”
###
The SMART Transportation Division is comprised of approximately 125,000 active and retired members of the former United Transportation Union, who work in a variety of crafts in the transportation industry.
The Brotherhood of Locomotive Engineers and Trainmen represents nearly 57,000 professional locomotive engineers and trainmen throughout the United States. The BLET is the founding member of the Rail Conference, International Brotherhood of Teamsters.
Net Earnings: Increased 34% to $1.52 billion from $1.13 billion Earnings Per Share: n/a – not publicly traded Revenue:Increased 26% to $5.81 billion from $4.60 billion Operating Income:Increased 28% to $2.22 billion from $1.73 billion Operating Expenses: Increased 25% to $3.6 billion from $2.9 billion Operating Ratio: Improved 0.7% to 60.4% from 61.1%
Net Earnings: Increased 90% to C$1.034 million from C$545 million Diluted Earnings Per Share: Increased 90% to C1.46 from C$0.77 Revenue: Increased 12% to C$3.598 million from C$3.209 million Operating Income: Increased 76% to C$1.382 million from C$785 million Operating Expenses: Decreased 9% to C$2.216 million from C$2.424 million Operating Ratio: Improved 13.9 points to 61.6% from 75.5%
Net Earnings: Increased 96% to C$1.25 billion from C$635 million Diluted Earnings Per Share: Increased 100% to a record $1.86 per share from $0.93 per share Revenue: Increased 15% to a record C$2.05 billion from C$1.79 billion Operating Income: Increased 6% to C$820 million from C$770 million Operating Expenses: Increased 21% to C$1.23 billion from C$1.02 billion Operating Ratio: Improved 170 basis points to a record 55.3% from 57%
Net Earnings: Increased 135% to $1.17 billion from $499 million Earnings Per Share: Increased 136% to $0.52 per share from $0.22 per share Revenue: Increased 33% to $2.99 billion from $2.26 billion Operating Income: Increased 104% to $1.70 billion from $828 million Operating Expenses: Decreased 9% to $1.30 billion from $1.43 billion Operating Ratio: Improved to 43.4% from 63.3%
Net Earnings: Reported a loss of ($378.0 million) from $110.3 million* Diluted Earnings Per Share: Increased 79% to $2.06 per share from $1.16 per share Revenue: Increased 37% to $749.5 million from $547.9 million Operating Income: Reported a loss of ($431.7 million) from $180.4 million* Operating Expenses: Increased to $460.4 million from $357.0 million Operating Ratio: Improved 3.8 basis points to 61.4% from 65.2%
Net Earnings: Increased 109% to a second-quarter record of $819 million from $392 million Diluted Earnings Per Share: Increased 114% to a second-quarter record of $3.28 per share from $1.53 per share Revenue: Increased 34% to $2.8 billion from $2.1 billion Operating Income: Increased 91% to an all-time quarterly record of $1.2 billion from $610 million Operating Expenses: Increased 11% to $1.6 billion from $1.5 billion Operating Ratio: Improved 18% to an all-time quarterly record of 58.3% from 70.7%
Net Earnings: Increased 59% to $1.8 billion from $1.1 billion Earnings Per Share: Increased to $2.72 per share from $1.67 per share Revenue: Increased 30% to $5.5 billion from $4.2 billion Operating Income: Increased 50% to $2.5 billion from $1.7 billion Operating Expenses: Increased 17% to $3.0 billion from $$2.6 billion Operating Ratio: Improved 590 basis points to 55.1% from 61.0%
Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
All comparisons are made to 2020’s second-quarter results for each railroad.
All figures for CN & CP are in Canadian currency, except for earnings per share for CP
Net Earnings: Increased 5% to $1.3 billion from $1.2 billion Earnings Per Share: n/a – not publicly traded Revenue: Stayed flat at $5.4 billion Operating Income: Increased 4% to $1.9 billion from $1.8 billion Operating Expenses: Decreased 2% to $3.5 billion from $3.6 billion Operating Ratio: Improved 1.5% to 63.7% from 65.2%
Net Earnings: Decreased 4% to C$974 million from C$1.011 million Diluted Earnings Per Share: Decreased 4% to C1.37 from C$1.42 Revenue: Stayed relatively flat, with a slight decrease to C$3.535 million from C$3.545 million Operating Income: Increased 9% to C$1.327 million from C$1.215 million Operating Expenses: Stayed relatively flat, with a slight decrease to C$2.208 million from C$2.330 million Operating Ratio: Improved 3.2 points to 62.5% from 65.7%
Net Earnings: Increased 47% to C$602 million from C$409 million Diluted Earnings Per Share: Increased 51% to $4.50 from $2.98 Revenue: Decreased 4% to C$1.96 billion from C$2.04 billion Operating Income: Decreased 6% to C$780 million from C$834 million Operating Expenses: Decreased 2% to C$1.179 million from C$1.209 million Operating Ratio: Worsened 100 points to 60.2% from 59.2%
Net Earnings: Decreased 8% to $706 million from $770 million Earnings Per Share: Decreased 7% to $0.93 per share from $1.00 per share Revenue: Decreased 1% to $2.81 billion from $2.86 billion Operating Income: Decreased 7% to $1.10 billion from $1.18 billion Operating Expenses: Increased 2% to $1.71 billion from $1.68 billion Operating Ratio: Worsened by 220 basis points to 60.9% from 58.7%
Net Earnings: Increased 1% to $153 million from $152 million Diluted Earnings Per Share: Increased 6% to $1.68 from $1.58 Revenue: Decreased 4% to $706 million from $732 million Operating Income: Decreased 13% to $253 million from $289 million Operating Expenses: Increased 2% to $453 million from $443 million Operating Ratio: Worsened 3.7 points to 64.2% from 60.5%
Net Earnings: Increased 77% to $673 million from $381 million Diluted Earnings Per Share: Increased 81% to a first-quarter record of $2.66 from $1.47 Revenue: Increased 1% to $2.64 billion from $2.63 billion Operating Income: Increased 79% to a first-quarter record of $1.0 billion from $568 million Operating Expenses: Decreased 21% to $1.6 billion from $2.1 billion Operating Ratio: Improved to an all-time quarterly record of 61.5% from 78.4%
Net Earnings: Decreased 9% to $1.3 billion from $1.5 billion Earnings Per Share: Decreased 7% to $2.01 per share from $2.15 per share Revenue: Decreased 4% to $5.0 billion from $5.2 billion Operating Income: Decreased 7% to $2.0 billion from $2.1 billion Operating Expenses: Decreased 3% to $3.0 billion from $3.1 billion Operating Ratio: Worsened 1.1 points to 60.1% from 59.0%
Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
All comparisons are made to 2020’s first-quarter results for each railroad.
All figures for CN & CP are in Canadian currency, except for earnings per share for CP
A Local 1544 (Maywood, Calif.) member lost his life as a result of injuries while performing service early March 3.
Ellis
Brother Taj Ellis, 46, of Chino, Calif., was making a set-out in La Mirada Yard in Orange County, Calif., at 12:30 a.m. when he was fatally injured.
He had been a member of our union since July 2013 and was a conductor for BNSF.
A member of the SMART-TD National Safety Team is assisting the National Transportation Safety Board, which has launched an investigation into the accident.
Brother Ellis is the first on-the-job casualty of 2021 for our union. Last year, four of our members died while in service. He is survived by his wife, Trinity, and children.
“There are no words to describe how we are all feeling at this moment,” Diaz wrote on the GoFundMe page. “The smiles and laughter will forever be remembered my friend.”
The SMART Transportation Division offers its sincere condolences to Brother Ellis’ family, his Local 1544 brothers and sisters and all those who knew him.
4th Quarter 2020 Net Earnings: Increased 5% to $1.5 billion from $1.4 billion Earnings Per Share:n/a – BNSF is not publicly traded Revenue: Decreased 3% to $5.7 billion from $5.8 billion Operating Income: Increased 3% to $2.2 billion from $2.1 billion Operating Expenses: Decreased 6% to $3.5 billion from $3.7 billion Operating Ratio: Improved to 60.3% from 62.8%
2020 Annual Earnings Net Earnings: Decreased 6% to $5.2 billion from $5.5 billion Earnings Per Share: n/a – BNSF is not publicly traded Revenue: Decreased 11% to $20.9 billion from $23.5 billion Operating Income: Decreased 4% to $7.7 billion from $8.1 billion Operating Expenses: Decreased 15% to $13.1 billion from $15.4 billion Operating Ratio: Improved to 61.6% from 64.5%
4th Quarter 2020 Net Earnings: Increased 17% to C$1,021 million from C$873 million Earnings Per Share:Increased 17% to C$1.44 per share from C$1.22 per share Revenue: Increased 2% to C$3,656 million from C$3,584 million Operating Income: Increased 16% to C$1,411 from C$1,218 million Operating Expenses:Decreased 5% to C$2,245 million from C$2,366 million Operating Ratio: Improved 4.6 points to 61.4% from 66.0%
2020 Annual Earnings Net Earnings: Decreased 16% to C$3,562 million from C$4,216 million Earnings Per Share: Decreased 14% to C$5.01per share from C$5.85 per share Revenue: Decreased 7% to C$13,819 million from C$14,917 million Operating Income: Decreased 15% to C$4,777 million from C$5,593 million Operating Expenses:Decreased to C$9,042 million from C$9,324 million Operating Ratio:Worsened by 2.9 points to 65.4% from 62.5%
4th Quarter 2020 Net Earnings: Increased 21% to C$802 million from C$664 million Earnings Per Share:Improved 23% to C$5.97 per share from C$4.84 per share Revenue: Decreased 3% to C$2.01 billion from C$2.07 billion Operating Income: Increased by 4% to C$928 million from C$890 million Operating Expenses:Decreased 8% to C$1,084 billion from C$1.18 billion Operating Ratio: Improved by 310 basis points to a record-low 53.9% from 57.0%
2020 Annual Earnings Net Earnings: Increased to C$2,444 billion from C$2,440 billion Earnings Per Share: Increased 3% to a record C$18.05 per share from C$17.58 per share Revenue: Decreased 1% to C$7.71 billion from C$7.79 billion Operating Income: Increased 6% to C$3,311 billion from C$3,124 billion Operating Expenses:Decreased 6% to C$4,399 billion from C$4,67 billion Operating Ratio: Improved 280 basis points to a record-low 57.1% from 59.9%
4th Quarter 2020 Net Earnings: Decreased 1% to$760 million from $771 million Earnings Per Share:Stayed flat at $0.99 per share Revenue: Decreased 2% to $2,825 million from $2,885 Operating Income: Increased 5% to $1,215 million from$1,154million Operating Expenses:Decreased 7% to $1,610 million from $1,731 million Operating Ratio: Improved 300 basis points to a record 57.0% from 60.0%
2020 Annual Earnings Net Earnings: Decreased 17% to $2,765 million from $3,331 million Earnings Per Share: Decreased 14% to $3.60 per share from $4.17 per share Revenue: Decreased 11% to $10,583 million from $11,937 million Operating Income: Decreased 12% to $4,362 million from $4,965 million Operating Expenses:Decreased 12% to $4,326 million from $4,965 million Operating Ratio: Worsened to 58.8% from 58.4%
4th Quarter 2020 Net Earnings: Increased to $165.7 millionfrom $127.2 million Earnings Per Share:Increased 38% to $1.81 per share from $1.31 per share Revenue: Decreased 5% to $693.4 million from $729.5 Operating Income: Increased to $262.3 million from $236.0 million Operating Expenses:Decreased to $431.1 million from $493.5 million Operating Ratio: Improved 5.4 points to 62.2% from 67.6%
2020 Annual Earnings Net Earnings: Increased to $617.0 million from $538.9 million Earnings Per Share: Increased to $6.57 per share from $5.42 per share Revenue: Decreased 8% to $2,632.6 million from $2,866.0 million Operating Income: Increased to $1,003.0 million from $886.3 million Operating Expenses:Decreased to $1,629.6 million from $1,979.7 million Operating Ratio:Improved to 61.9% from 69.1%
4th Quarter 2020 Net Earnings: Increased 1% to $671 million from $666 million Earnings Per Share:Increased 4% to $2.64 per share from $2.55 per share Revenue: Decreased 4% to $2.6 billion from $2.7 billion Operating Income: Increased 2% to $1.0 billion from $962 million Operating Expenses:Decreased 8% to $1.59 billion from $1.73 billion Operating Ratio: Improved 4% to an all-time quarterly record of 61.8% from 64.2%
2020 Annual Earnings Net Earnings: Decreased 13% to $2.0 billion from $2.7 billion Earnings Per Share: Decreased 10% to $7.84 per share from $10.25 per share Revenue: Decreased 13% to $9.8 billion from $11.3 billion Operating Income: Decreased 13% to $3.0 billion from $4.0 billion Operating Expenses:Decreased 7% to $6.8 billion from $7.3 billion Operating Ratio: Worsened to 69.3% from 64.7%
4th Quarter 2020 Net Earnings: Decreased 2% to $1.38 billion from $1.40 billion Earnings Per Share:Increased 1% to $2.05 per share from $2.03 per share Revenue: Decreased 1% to $5.1 billion from $5.2 billion Operating Income: Decreased4% to $2.0 billion from $2.1 billion Operating Expenses:Increased 1% to $3.1 3 billion from $3.11 billion Operating Ratio: Worsened 1.3 points to 61.0% from 59.7%
2020 Annual Earnings Net Earnings: Decreased 10% to $5.3 billion from $5.9 billion Earnings Per Share: Decreased 6% to $7.90 per share from $8.41 per share Revenue: Decreased 10% to $19.5 billion from $21.7 billion Operating Income: Decreased 8% to $7.8 billion from $8.6 billion Operating Expenses:Decreased 11% to $11.7 billion from $13.2 billion Operating Ratio: Improved 0.7 points to 59.9% from 60.6%
Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
All comparisons are made to 2019’s fourth quarter and annual financial results respectively for each railroad.
CN and CP financial results are in Canadian currency
BNSF announced on Wednesday in a letter to employees that three maintenance shops will be closed in Montana and Wyoming, while additional mechanical department job cuts will occur in Alliance and Lincoln, Neb.; Mandan and Minot, N.D.; Topeka, Kan.; and Superior, Wis.
“In total, approximately 19 salaried and 344 craft positions will be impacted,” the carrier stated. “These adjustments come as the result of long-term structural market changes, most notably in the coal and energy sector, and reduced demand for freight transportation services at the impacted locations.”
The Donkey Creek, Wyo., shop is scheduled to close June 5 while the facilities in Glendive, Mont., and Guernsey, Wyo., are scheduled to close July 7.
The Wyoming facility closures will result in 122 jobs lost. In Topeka, 28 jobs will be cut.
“Closing our facilities and reducing jobs in communities where we’ve had a long-lasting presence is a difficult but necessary decision,” the carrier said.
Net Earnings: Decreased 5% to $1.19 billion. Revenue: Decreased 6% to $5.4 billion. Operating Income: Increased 2% to $1.8 billion. Operating Expenses:Decreased 6.7% to $3.6 billion. Operating Ratio: Improved by 4 points to 65.2%.
Net Earnings: Increased to C$1.01 billion from C$786 million. Earnings Per Share: Diluted earnings per share increased 31% to C$1.42 from C$1.08 and adjusted diluted EPS increased by 4% to C$1.22. Revenue: Remained flat at C$3.5 billion. Operating Income: Increased to C$1.215 million from C$1.08 billion. Operating Expenses: Decreased 5% to C$2.33 billion from C$2.46 billion. Operating Ratio: Improved by 3.8 points to 65.7%; Adjusted operating ratio improved 1.5 points to 65.7% from 67.2%.
Net Earnings: Decreased to C$409 million from C$434 million. Earnings Per Share: Diluted earnings per share decreased 4% to $2.98; adjusted diluted earnings per share increased 58% to $4.42. Revenue: Increased 16% to C$2.04 billion from C$1.77 billion. Operating Income: Increased 54% to C$834 million from C$534 million. Operating Expenses: Decreased to C$1.209 billion from C$1.224 billion. Operating Ratio: Improved 1,010 basis points to 59.2%.
Net Earnings: Decreased 8% to $770 million from $834 million. Earnings Per Share: Decreased 2% to $1.00. Revenue: Decreased 5% to $2.85 billion from $3.01 billion. Operating Income: Decreased 3% to $1.17 billion from $1.22 billion. Operating Expenses: Decreased 7% to $1.68 billion. Operating Ratio: Improved to a first quarter record of 58.7% from 59.5%
Net Earnings: Increased to $151.7 million from $102.7 million. Earnings Per Share: Increased to $1.58 per diluted share from $1.02. Revenue: Increased 8% to a record $731.7 million from $674.8 million Operating Income: Increased to $288.8 million from $160.3 million. Operating Expenses: Decreased to $442.9 million from $514.5 million Operating Ratio: Improved 15.7 points to 60.5% from 76.2%; adjusted operating ratio improved 6.5 points to 59.7% from 66.2%
Net Earnings: Decreased 44% to $381 million from $677 million. Earnings Per Share: Diluted earnings per share decreased to $1.47 from $2.51. Revenue: Decreased to $2.63 billion from $2.8 billion. Operating Income: Decreased to $568 million from $966 million. Operating Expenses: Increased to $2.06 billion from $1.87 billion. Operating Ratio: Declined to 78.4% from 66.0%.
Net Earnings: Increased to $1.5 billion from $1.4 billion. Earnings Per Share: Increased to $2.15 per diluted share from $1.93 per diluted share Revenue: Decreased 3% to $5.2 billion from $5.4 billion Operating Income: Increased 9% to $2.14 billion from $1.96 billion Operating Expenses: Decreased 10% to $3.09 billion from $3.4 billion Operating Ratio: Improved 4.6 points to 59.0% from 63.6%
Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
All comparisons are made to 2019’s first-quarter results for each railroad.
All figures for CN & CP are in Canadian currency, except for earnings per share for CP
4th Quarter 2019 Net Earnings: Increased 4% to $1.42 billion from $1.37 billion Earnings Per Share: n/a – BNSF is not publicly traded Revenue: Decreased 6% to $5.84 billion from $6.21 billion Operating Income: Increased 2% to $2.11 billion from $2.06 billion Operating Expenses: Decreased 10% to $3.73 billion from $4.14 billion Operating Ratio: Improved to 62.8% from 65.6%
2019 Annual Earnings Net Earnings: Increased 5% to $5.5 billion from $5.2 billion Earnings Per Share: n/a – BNSF is not publicly traded Revenue: Decreased 1% to $23.5 billion from $23.9 billion Operating Income: Increased 3% to $8.1 billion from $7.8 billion Operating Expenses: Decreased 4% to $15.4 billion from $16.1 billion Operating Ratio: Improved to 64.5% from 66.2%
4th Quarter 2019 Net Earnings: Decreased 24% to C$873 million from C$1.14 billion Earnings Per Share: Diluted earnings per share decreased 22% to $1.22 from $1.56 Revenue: Decreased 6% to C$3.6 billion from C$3.8 billion Operating Income: Decreased 16% to C$1.22 billion from C$1.45 billion Operating Expenses: Increased to C$2.36 billion from C$2.35 billion Operating Ratio: Worsened by 4.1 points to 66% from 61.9%
2019 Annual Earnings Net Earnings: Decreased 3% to C$4.2 billion from C$4.3 billion Earnings Per Share: Diluted Earnings Per Share decreased 1% to $5.83 from $5.87 Revenue: Increased 4% to C$14.9 billion from C$14.3 billion Operating Income: Increased 2% to C$4.6 billion from C$5.5 billion Operating Expenses: Increased from C$8.8 billion to C$9.3 billion Operating Ratio: Worsened 0.9 points to 62.5% from 61.6%
4th Quarter 2019 Net Earnings: Increased 22% to C$664 million from C$545 million Earnings Per Share: Diluted earnings per share improved 26% to $4.82 from $3.83 Revenue: Increased 3% to C$2.07 billion from C$2.01 billion Operating Income: Increased 2% to C$890 million from C$874 million Operating Expenses: Increased 4% to C$1.18 billion from C$1.13 billion Operating Ratio: Worsened 50 basis points to 57.0% from 56.5%
2019 Annual Earnings Net Earnings: Increased 25% to C$2.44 billion from C$1.95 billion Earnings Per Share: Diluted EPS increased 29% to a record $17.52 from $13.61 Revenue: Increased 7% to a record C$7.79 billion from C$7.32 billion Operating Income: Increased 10% to C$3.12 billion from C$2.83 billion Operating Expenses: Increased 4% to C$4.65 billion from C$4.49 billion Operating Ratio: Improved 140 basis points to 59.9% from 61.3%
4th Quarter 2019 Net Earnings: Decreased 9% from $848 million to $771 million Earnings Per Share: Decreased from $1.01 to $0.99 per share Revenue: Decreased 8% to $2.89 billion from $3.14 billion Operating Income: Decreased 8% to $1.15 billion from $1.25 billion Operating Expenses: Decreased 9% to $1.73 billion from $1.9 billion Operating Ratio: A fourth-quarter record of 60.0%, down from 60.3%
2019 Annual Earnings Net Earnings: Increased 1% to $3.33 billion from $3.31 billion Earnings Per Share: Increased 9% to $4.17 per share from $3.84 per share Revenue: Decreased 3% to $11.94 billion from $12.25 billion Operating Income: Increased 2% to $4.97 billion from $4.87 billion Operating Expenses: Decreased 6% to $6.97 billion from $7.38 billion Operating Ratio: A U.S. Class I railroad record of 58.4%, down from 60.3%
4th Quarter 2019 Net Earnings: Decreased to $127.9 million from $161.8 million Earnings Per Share: Decreased 18% to $1.30 per diluted share from $1.59 per diluted share Revenue: Increased 5% to $729.5 million from $694.0 million Operating Income: Decreased to $236.0 million from $256.4 million Operating Expenses: Increased to $493.5 million from $437.6 million Operating Ratio: Worsened 450 basis points to 67.6% from 63.1%
2019 Annual Earnings Net Earnings: Decreased to $540.8 million from $629.4 million Earnings Per Share: Decreased 12% to $5.40 per diluted share from $6.13 per diluted share Revenue: Increased 6% to $2.9 billion from $2.7 billion Operating Income: Decreased to $886.3 million from $986.3 million Operating Expenses: Increased to $1.98 billion from $1.73 billion Operating Ratio: Worsened 540 basis points to 69.1% from 63.7%
4th Quarter 2019 Net Earnings: Decreased 5% to $666 million from $702 million Earnings Per Share: Decreased 1% to $2.55 per diluted share from $2.57 per diluted share Revenue: Decreased 7% to 2.7 billion from $2.9 billion Operating Income: Decreased 11% to $1.0 billion from $1.1 billion Operating Expenses: Decreased 5% to $1.7 billion from $1.8 billion Operating Ratio: Worsened to 64.2% from 62.8%
2019 Annual Earnings Net Earnings: Increased 2% to $2.72 billion from $2.67 billion Earnings Per Share: Increased 8% to $10.25 per diluted share from $9.51 per diluted share Revenue: Decreased 1% to $11.3 billion from $11.5 billion Operating Income: Increased 1% to $3.989 billion from $3.959 billion Operating Expenses: Decreased 3% to $7.3 billion from $7.5 billion Operating Ratio: Improved to a record 64.7% from 65.4%
4th Quarter 2019 Net Earnings: Decreased 10% to $1.4 billion from $1.6 billion Earnings Per Share: Decreased 5% to $2.02 per diluted share from $2.12 per diluted share Revenue: Decreased 9% to $5.2 billion from $5.8 billion Operating Income: Decreased 5% to $2.1 billion from $2.2 billion Operating Expenses: Decreased 12% to $3.1 billion from $3.5 billion Operating Ratio: Increased 1.9 points to a record 59.7% from 61.6%
2019 Annual Earnings Net Earnings: Decreased 1% to $5.91 billion from $5.97 billion Earnings Per Share: Increased 6% to $8.38 per diluted share from $7.91 per diluted share Revenue: Decreased 5% to $21.7 billion from $22.8 billion Operating Income: Stayed flat at $8.6 billion Operating Expenses: Decreased 8% to $13.2 billion from $14.3 billion Operating Ratio: Decreased 2.1 points to 60.6% from 62.7%
Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
All comparisons are made to 2018’s fourth quarter and annual financial results respectively for each railroad.
All figures for CN & CP are in Canadian currency, except for earnings per share
NORTH OLMSTED, Ohio — The team negotiating the next National Rail Contract which will affect more than 40,000 SMART Transportation Division members has been finalized by the union’s leadership.
The team will be led by TD President Jeremy Ferguson with the assistance of Vice Presidents Brent Leonard; John J. Whitaker III; Chadrick Adams; Jamie C. Modesitt; Joe M. Lopez and David B. Wier Jr.
Also part of the team are five General Chairpersons, Mike LaPresta (BNSF); Gary Crest (Union Pacific); Roger Crawford (Illinois Central); Thomas Gholson (Norfolk Southern) and Christopher Bartz (yardmasters).
“We are prepared to do whatever it takes to get the most out of this round of national contract talks,” President Ferguson said. “It will be a challenging process and it could be quite contentious at times. However, we on the negotiating team are confident that as we work through the process we can achieve a positive result.”
The opening meeting of negotiations is scheduled for February 26 and 27 in Washington, D.C., with talks occurring in Cleveland, Omaha, Washington, D.C. and Chicago, as the year progresses.
SMART-TD is part of a Coordinated Bargaining Coalition that consists of it and nine other unions representing rail labor. Carriers BNSF, CSX, Kansas City Southern, Canadian National, Norfolk Southern, Soo Line, Union Pacific and numerous smaller railroads are represented by the National Carriers’ Conference Committee (NCCC) during negotiations.
In related news, CSXT will not be part of national bargaining, except for health and welfare issues. For the wages and rules portion, SMART-TD and CSX have agreed to begin bargaining locally on behalf of trainmen starting Jan. 21, 2020.
A joint meeting for the negotiating parties regarding facilitated bargaining is scheduled in Jacksonville, Fla., on January 22 and 23.
Additional meeting dates for these negotiations are currently under discussion, and a tentative schedule will be set in the near future. Neither the SMART-TD nor CSX have exchanged any proposals, and an agenda for the subjects to be discussed during these contract talks, which are separate from the National Rail Contract negotiations, has yet to be finalized.
Net Earnings: $1.466 billion, a slight increase from the $1.4 billion in 2018’s third quarter Revenue: $6.021 billion, a decrease of 2% from the same period in 2018 Operating Income: $1.9 billion, an increase of 3.3% from the same period in 2018 Operating Expenses: $3.809 billion, a decrease of 4.9% from the same period in 2018 Operating Ratio: Improved to 63.3%
Net Earnings: Increased to C$1,195 million from C$1,134 million Diluted Earnings Per Share: Increased 8% to $1.66 from $1.44 Revenue: Increased 4% to C$3.830 million from C$3,688 million Operating Income: Increased 8% to C$1,613 million Operating Expenses: Increased 1% to C$2,217 million from C$2,196 million Operating Ratio: Improved 1.6 points to 57.9% from 59.5%
Net Earnings: Decreased 1% to C$618 million from C$622 million Diluted Earnings Per Share: Increased 3% to $4.46 from $4.35 Revenue: Increased 4% to a record C$1.98 billion from C$1.90 billion Operating Income: Increased 10% to C$869 million from C$790 million Operating Expenses: Increased to C$1.11 billion from C$1.10 billion Operating Ratio: Improved 220 basis points to a record-low 56.1% from 58.3%
Net Earnings: Decreased 4% to $856 million from $894 million Earnings Per Share: Increased 3% to $1.08 per share from $1.05 per share Revenue: Decreased 5% to $2.98 billion from $3.13 billion Operating Income: Stayed flat at $1.29 billion Operating Expenses: Decreased 8% to $1.69 billion from $1.84 billion Operating Ratio: Improved 1.9 points to a record 56.8% from 58.7%
Net Earnings: Increased to $180.6 million from $174 million Diluted Earnings Per Share: Increased 6% to $1.81 from $1.70. Adjusted Diluted EPS increased 24% to a record $1.94 from $1.57 Revenue: Increased 7% to a record $747.7 million from $699.0 million Operating Income: Increased to $282 million from $265.4 million. Adjusted Operating Income increased 15% to a record $294 million Operating Expenses: Increased to $465.7 million from $433.6 million Operating Ratio: Worsened 0.3 points to 62.3% from 62.0%
Net Earnings: Decreased 6% to $657 million from $702 million Diluted Earnings Per Share: Decreased 1% to $2.49 from $2.52 Revenue: Decreased 4% to $2.8 billion from $2.9 billion Operating Income: Decreased $24 million to $1.0 billion Operating Expenses: Decreased 4% or $82 million to $1.8 billion from $1.9 billion Operating Ratio: Improved to a third quarter record 64.9% from 65.4%
Net Earnings: Decreased 2% to $1.55 billion from $1.59 billion Diluted Earnings Per Share: Increased 3% to $2.22 from $2.15 Revenue: Decreased 7% to $5.5 billion from $5.9 billion Operating Income: Decreased 2% to $2.2 billion from $2.3 billion Operating Expenses: Decreased 10% to $3.3 billion from $3.7 billion Operating Ratio: Improved 2.2 points to a quarterly record 59.5% from 61.7%
Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
All comparisons are made to 2018’s third quarter results for each railroad.
All figures for CN & CP are in Canadian currency, except for earnings per share
Net Earnings: Increased 9.4% to $1.25 billion Revenue: Increased 2.5% to $5.57 billion Operating Income: Increased 2.3% to $1.78 billion Operating Expenses:Increased 2.5% to $3.79 billion Operating Ratio: Improved by 2 points to 66.5%
Net Earnings: Increased 6% to C$786 million from C$741 million Earnings Per Share: Diluted earnings per share increased 8% to C$1.08 from C$1.00 and adjusted diluted EPS increased by 17% to C$1.17 Revenue: Increased by 11% to C$3.5 billion from C$3.2 billion Operating Income: Increased 5% to C$1.08 billion from C$1.03 billion Operating Expenses: Increased 14% to C$2.5 billion from C$2.2 billion Operating Ratio: Worsened by 1.7 points to 69.5%; Adjusted operating ratio improved 0.6 points to 67.2%
Net Earnings: Increased 25% to C$434 million from C$348 million Earnings Per Share: Diluted earnings per share increased 28% to $3.09 from $2.41; adjusted diluted earnings per share increased 3% to $2.79 from $2.70 Revenue: Increased 6% to C$1.77 billion from C$1.66 billion Operating Income: Increased 1% to C$543 million from C$540 million Operating Expenses: Increased 9% to C$1.2 billion from C$1.1 billion Operating Ratio: Worsened 180 basis points to 69.3% from 67.5%
Net Earnings: Increased 20% to $834 million from $695 million Earnings Per Share: Increased 31% to $1.02 from $0.78 per share Revenue: Increased 5% to $3.01 billion from $2.9 billion Operating Income: Increased 17% to $1.22 billion from $1.04 billion Operating Expenses: Decreased 2% to $1.79 billion from $1.83 billion Operating Ratio: Improved to a first quarter record of 59.5% from 63.7%
Net Earnings: Decreased to $103.2 million from $145 million Earnings Per Share: Decreased 27% to $1.02 from $1.40; adjusted diluted earnings per share increased 18% to $1.54 from $1.30 Revenue: Increased 6% to a record $675 million from $639 million Operating Income: Decreased to $160.3 million from $219 million; adjusted operating income increased 10% to a record $242 million Operating Expenses: Decreased to $514.5 million from $515 million Operating Ratio: Worsened 10.4 points to 76.2% from 65.8%; adjusted operating ratio improved 1.6 points to 64.2% from 65.8%
Net Earnings: Increased 23% to $677 million from $552 million Earnings Per Share: Diluted earnings per share increased 30% to $2.51 from $1.93 Revenue: Increased 5% to a first-quarter record of $2.8 billion from $2.7 billion Operating Income: Increased 16% to a first-quarter record of $966 million from $835 million Operating Expenses: Decreased by $8 million to $1.874 billion from $1.882 billion Operating Ratio: Improved to a first-quarter record 66.0% from 69.3%
Net Earnings: Increased 6% to $1.4 billion from $1.3 billion Earnings Per Share: Increased 15% to $1.93 per diluted share from $1.68 per diluted share Revenue: Decreased 2% to $5.4 billion from $5.5 billion Operating Income: Increased 1% to $2.0 billion from $1.93 billion Operating Expenses: Decreased 3% to $3.4 billion from $3.5 billion Operating Ratio: Improved 1.0 point to 63.6% from 64.6%
Net Earnings: Decreased to $38.8 million from $76.0 million Earnings Per Share: Diluted earnings per share decreased 42.9% to $0.68 from $1.19 Revenue: Increased 2.1% to $332.4 million from $325.6 million Operating Income: Decreased 5.3% to $69.3 million from $73.2 million; adjusted operating income decreased 4.2% to $70.3 million from $73.4 million Operating Expenses: Increased to $263.1 million from $252.5 million Operating Ratio: Worsened to 79.1% from 77.5%; adjusted operating ratio worsened to 78.9% from 77.5%
Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
All comparisons are made to 2018’s first-quarter results for each railroad.
Figures for G&W are for North American operations only, with the exception of Net Earnings & Earnings Per Share, which includes all G&W operations, as solely North American figures were unavailable in these categories.
All figures for CN & CP are in Canadian currency, except for earnings per share for CP
