Posts Tagged ‘CP’

3rd quarter financial results released by Class I’s

 

 

 

 

 

Net Earnings: $459 million or $0.51 per share, up from $455 million or $0.49 per share for the same period last year

Revenue: Increased 1 percent to $2,743 million

Operating Income: Improved 4 percent to $876 million

Operating Ratio: Improved 90 basis points to 68.1 percent

Click here to read CSX’s full earnings report.

 

 

 

 

 

 

 

 

Net Earnings: Increased to $130 million or $1.23 per diluted share

Revenue: Increased 9 percent to $657 million

Operating Income: Increased 17 percent to $234 million, a third quarter record

Operating Ratio: Improved 2.5 points to 64.4 percent, a third quarter record

Click here to read KCS’s full earnings report.

 

 

 

 

 

Net Earnings: Increased 47 percent to C$510 million or 50 percent to C$3.50 diluted earnings per share

Revenue: Increased 3 percent to C$1.6 billion, up from C$1.55 billion

Operating Income: Increased 5 percent to C$690 million, up from C$657 million

Operating Ratio: Improved 100 basis points to 56.7 percent from 57.7 percent

Click here to read CP’s full earnings report.

 

 

 

 

 

 

 

 

Net Earnings: Increased to $1.2 billion or $1.50 per diluted share

Revenue: Up 5 percent from $5.4 billion

Operating Income: Increased 3 percent to $2.0 billion

Operating Ratio: Increased 0.7 points to 62.8 percent

Click here to read UP’s full earnings report.

 

 

 

 

 

Net Earnings: Decreased 1 percent to C$958 million, while diluted earnings per share increased 2 percent to C$1.27

Revenue: Increased 7 percent to C$3,221 million

Operating Income: Increased 4 percent to C$1,459 million

Operating Ratio: Increased 1.4 points to 54.7 percent

Click here to read CN’s full earnings report.

 

 

 

 

Net Earnings: Up 10 percent to $506 million or diluted earnings per share up 13 percent to $1.75

Revenue: Increased 6 percent to $2.7 billion

Operating Income: Up 11 percent to $911 million

Operating Ratio: 65.9 percent, a quarterly record

Click here to read NS’s full earnings report.

 


Note: 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.

2017 2nd quarter financial results for Class I railroads

CSX

Net Earnings: $510 million or $0.55 per share, up 15 percent from $445 million or $0.47 per share from 2016’s second quarter earnings results

Revenue: Increased 8 percent to $2,933 million

Operating Income: $958 million, up 14 percent

Operating Ratio: 67.4 percent, down from 68.9 percent

Click here to read CSX’s full earnings report.

 

KCS

Net Earnings: $135 million or $1.27 per diluted share, up from 2016 second quarter’s reported $121 million or $1.11 per diluted share

Revenue: Record second quarter revenues of $656 million, a 15 percent increase from the second quarter of 2016

Operating Income: All-time record of $239 million, an increase of 9 percent from the second quarter of 2016

Operating Ratio: 63.5 percent, a 2.2 increase from second quarter 2016

Click here to read KCS’s full earnings report.

 

CP

Net Earnings: Rose 46 percent to C$480 million or C$3.27 per diluted share (a second quarter record)

Revenue: C$1.64 billion, up 13 percent

Operating Income: A second-quarter record of C$679 million, up 23 percent

Operating Ratio: Improved 330 basis points to a second quarter record of 58.7 percent

Click here to read CP’s full earnings report.

 

UP

Net Earnings: $1.2 billion or $1.45 per diluted share (a second quarter record), as compared to the $1.0 billion or $1.17 per diluted share reported for the second quarter of 2016

Revenue: Up 10 percent to $5.3 billion

Operating Income: Up 21 percent to $2.0 billion

Operating Ratio: A second quarter record of 61.8 percent, a 3.4 point improvement compared to the second quarter 2016

Click here to read UP’s full earnings report.

 

CN

Net Earnings: Increased 20 percent to C$1,031 million and diluted earnings per share increased 24 percent to C$1.36

Revenue: Increased 17 percent to a quarterly record of C$3,329 million

Operating Income: Increased 16 percent to C$1,495 million

Operating Ratio: Increased 0.6 points to 55.1 percent

Click here to read CN’s full earnings report.

 

NS

Net Earnings: Up 23 percent to $497 million while diluted earnings per share increased 26 percent to $1.71

Revenue: Increased 7 percent to $2.6 billion

Operating Income: Up 15 percent year-over-year to $888 million

Operating Ratio: An all-time record at 66.3 percent

Click here to read NS’s full earnings report.

 


Note: 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.

Class I’s release 4th quarter & 2016 annual earnings

4th Quarter 2016

Net Earnings: $458 million or $0.49 per share, up from $466 million or $0.48 per share in 2015’s 4th quarter
Revenue: Increased by 9 percent to $3,037 billion
Operating Income: Increased to $1 billion over last year’s $791 million
Operating Ratio: 67 percent, an improvement over last year’s 71.6 percent

2016 Annual Earnings

Net Earnings: Decreased to $1.7 billion or $1.81 earnings per share, down from $1.96 billion or $2.00 per share in 2015
Revenue: Decreased to $11.1 billion from $11.8 billion in 2015
Operating Income: Decreased $3.4 billion from $3.6 billion in 2015
Operating Ratio: 69.4 percent
Click here to read CSX’s full earnings report


4th Quarter 2016

Net Earnings: Net income increased by 20 percent to C$3.84 million; diluted earnings per share increased 25 percent to C$2.61 from fourth quarter 2015’s reported C$2.08
Revenue: Decreased 3 percent to C$1.64 billion from C$1.69 billion
Operating Income: Increased 6 percent to C$717 million over fourth quarter 2015’s C$677 million
Operating Ratio: 56.2 percent, a record low

2016 Annual Earnings

Net Earnings: Net income increased by 18 percent to C$1.6 billion from C$1.4 billion; diluted earnings per share increased 27 percent to C$10.63 from C$8.40
Revenue: Decreased 7 percent to C$6.23 billion from 2015’s reported C$6.71 billion
Operating Income: Decreased 4 percent from 2015’s C$2.7 billion to C$2.6 billion
Operating Ratio: 58.6 percent, a record low
Click here to read CP’s full earnings report


4th Quarter 2016

Net Earnings: $1.1 billion or $1.39 per diluted share, an increase of 6 percent
Revenue: Down 1 percent to $5.2 billion
Operating Income: Up 2 percent to $2.0 billion
Operating Ratio: Improved by 1.2 points to 62.0 percent

2016 Annual Earnings

Net Earnings: Decreased by 11 percent to $4.2 billion or 8 percent to $5.07 per diluted share, down from 2015’s reported $4.8 billion or $5.49 per diluted share
Revenue: Decreased to $19.9 billion from $21.8 billion
Operating Income: Decreased by 10 percent to $7.3 billion
Operating Ratio: Increased 0.4 points to 63.5 percent
Click here to read UP’s full earnings report


4th Quarter 2016

Net Earnings: Decreased by 5 percent to $130 million or $1.21 earnings per share
Revenue: Static at $599 million
Operating Income: Decreased by 4 percent to $211 million
Operating Ratio: 64.8 percent, a 1.4 point increase from 2015’s 4th quarter report of 63.4 percent

2016 Annual Earnings

Net Earnings: $480 million or $4.43 per share, down from 2015’s reported $485 million or $4.40 per share
Revenue: Down 3 percent to $2.3 billion
Operating Income: Increased by 2 percent to $819 million
Operating Ratio: 64.9 percent, a 1.9 point improvement over 2015
Click here to read KCS’s full earnings report


4th Quarter 2016

Net Earnings: Increased 8 percent to C$1,018 million; diluted earnings per share increased 12 percent to C$1.32
Revenue: Increased by 2 percent to C$3,217 million
Operating Income: Increased by 3 percent to C$1,395 million
Operating Ratio: 56.6 percent, an improvement of 0.6 points

2016 Annual Earnings

Net Earnings: Increased 3 percent to C$3,640 million; diluted earnings per share rose 6 percent to C$4.67
Revenue: Decreased by 5 percent to C$12,037 million
Operating Income: Increased 1 percent to C$5,312 million
Operating Ratio: Improved 2.3 points to 55.9 percent
Click here to read CN’s full earnings report


4th Quarter 2016

Net Earnings: Increased 15 percent to $416 million; diluted earnings per share increased 18 percent to $1.42
Revenue: Decreased 1 percent to $2.5 billion
Operating Income: Increased 19 percent to $761 million
Operating Ratio: 69.4 percent, a 510 point improvement over 74.5 percent reported for the fourth quarter of 2015

2016 Annual Earnings

Net Earnings: Increased 7 percent to $1.7 billion; diluted earnings per share increased 10 percent to $5.62
Revenue: Decreased by 6 percent to $9.9 billion
Operating Income: Increased 7 percent to $3.1 billion
Operating Ratio: Improved 370 points to 68.9 percent as compared to 2015’s reported 72.6 percent
Click here to read NS’s full earnings report


Note: 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.

Class I’s release 3rd Quarter 2016 earnings

CSX_logo

Net Earnings: $455 million or $0.48 per share; down from $507 million or $0.52 per share
Revenue: Declined 8 percent
Operating Income: Declined 10 percent to $841 million
Operating Ratio: Increased 70 basis points to 69.0 percent
Click here to read CSX’s full earnings report

 

KCS_rail_logo

Net Earnings: $121 million or $1.12 per diluted share; down from $132 million or $1.20 per diluted share
Revenue: Decreased 4 percent to $605 million
Operating Income: Decreased 9 percent to $200 million
Operating Ratio: Increased to 66.9 percent
Click here to read Kansas City Southern’s full earnings report

 

CP_Logo_RGB

Net Earnings: C$347 million (7 percent increase) or C$2.34 diluted earnings per share (a 15 percent increase); up from C$323 million or C$2.04 diluted earnings per share
Revenue: Decrease of 9 percent to C$1.55 billion
Operating Income: C$657 million, a decrease of 13 percent
Operating Ratio: 57.7 percent, lowest ever reported
Click here to read Canadian Pacific’s full earnings report

 

union_pacific_logo

Net Earnings: $1.1 billion or $1.36 per diluted share (9 percent decline); down from $1.3 billion or $1.50 per diluted share
Revenue: $5.2 billion, down 7 percent
Operating Income: Declined 11 percent to $2.0 billion
Operating Ratio: 62.1 percent, up 1.8 points
Click here to read Union Pacific’s full earnings report

 

CN_red_logo

Net Earnings: C$972 million or C$1.25 per diluted share, as compared to 2015 3rd quarter of C$1,007 million or C$1.26 per diluted share
Revenue: Decreased 6 percent to C$3,014 million
Operating Income: Declined 5 percent to C$1,407 million
Operating Ratio: A record 53.3 percent, a 0.5-point improvement
Click here to read Canadian National’s full earnings report

 

ns_Logo

Net Earnings: $460 million (2 percent increase) or $1.55 diluted earnings per share (4 percent increase); up from $452 million or $1.49 diluted earnings per share
Revenue: Declined 7 percent to $2.5 billion
Operating Income: Stayed at a steady $820 million
Operating Ratio: 67.5 percent, a 220 basis point improvement over 2015’s reported 69.7 percent in the third quarter
Click here to read Norfolk Southern’s full earnings report

 

Note: 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.

CP violates FCC rules, fined $1.2 million

cp-logo-240According to Progressive Railroading, Canadian Pacific (CP) has been fined $1.2 million by the Federal Communications Commission (FCC) for operating 100 wireless radio facilities in the U.S. without FCC approval.

Read the entire story here.

2016 2nd quarter financial results for Class I railroads

CSX_logo

Net Earnings: $445 million or $0.47 per share; down from $533 million or $0.56 per share

Revenue: Down 12 percent

Operating Income: Down 17 percent to $840 million

Operating Ratio: Increased 210 basis points to 68.9 percent

Click here to read CSX’s full earnings report.

 

KCS_rail_logo

Net earnings: $120 million or $1.11 diluted earnings per share, a 10 percent increase

Revenue: $569 million, a decrease of 3 percent

Operating Income: $220 million, an 18 percent increase

Operating Ratio: 61.3 percent, improvement of 6.8 points

Click here to read Kansas City Southern’s full earnings report.

 

CP_Logo_RGB

Net Earnings: C$328 million or C$2.15 per share, a decline of 16 percent

Revenue: C$1.45 billion, a decrease of 12 percent

Operating Income: C$551 million, a decrease of C$95 million

Operating Ratio: 62 percent, an increase of 110 basis points

Click here to read Canadian Pacific’s full earnings report.

 

union_pacific_logo

Net Earnings: $1.0 billion or $1.17 per diluted share, a decline of 15 percent

Revenue: $4.8 billion, down 12 percent

Operating Income: $1.7 billion, down 15 percent

Operating Ratio: 65.2 percent, an increase of 1.1 points

Click here to read Union Pacific’s full earnings report.

 

CN_red_logo

Net Earnings: Decreased to C$858 million or C$1.10 per diluted share

Revenue: Decreased to C$2,842 million, a 9 percent decrease

Operating Income: C$1,549 million, a 12 percent decline

Operating Ratio: Second quarter record of 54.5 percent, an improvement of 1.9 points

Click here to read Canadian National’s full second quarter earnings report.

 

ns_Logo

Net Earnings: $405 million or $1.36 diluted earnings per share, a decline in net earnings and a 4 percent decline in earnings per share.

Revenue: $2.5 billion, down 10 percent

Operating Income: $770 million, a 5 percent decrease

Operating Ratio: Improved to 68.6 percent, a 140 basis point improvement or 11 percent reduction

Click here to read Norfolk Southern’s full second quarter earnings report.

 

Note: 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.

Class I’s announce 2016 first quarter financial results

CSX_logoCSX Corporation announced declining financial results for the first quarter 2016. Net earnings for the railroad decreased to $356 million or $0.37 per share, down from first quarter 2015 reported net earnings of $442 million or $0.45 per share.

“As we managed through the impact of the continued coal decline and other market forces during the first quarter, CSX took aggressive actions to improve efficiency, reduce costs and streamline resources across the network to further reshape the company,” CEO Michael J. Ward said.

Revenue for the quarter declined 14 percent, reflecting a lower fuel recovery, a 5 percent volume decline and a $95 million year-over-year decline in other revenue. Expenses also decreased by 12 percent, driven by efficiency gains of $133 million and lower volume-related costs of $64 million. CSX reported a decrease to operating income of $139 million to $704 million. At the same time, the operating ratio increased 90 basis points year-over-year to 73.1 percent.

“While CSX delivered strong efficiency gains in the first quarter, we continue to expect full-year earnings per share to decline in 2016 as a result of ongoing coal headwinds combined with other market fundamentals. At the same time, CSX remains focused on meeting and exceeding customer expectations while driving further efficiency savings to maximize shareholder value and achieve a mid-60s operating ratio longer term.”

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.

 

KCS_rail_logoIn a press release April 19, Kansas City Southern (KCS) released their first quarter 2016 financial results.

Revenue decreased by 7 percent to $563 million. Operating income increased 5 percent to $188 million. Carload volumes for the quarter were 5 percent lower than in the first quarter 2015. Revenue declined 1 percent.

Operating expenses decreased by 12 percent to $375 million. Operating ratio came in at 66.6 percent, a 2.3 point improvement as compared with the reported 70.5 percent of the first quarter 2015. Diluted earnings per share were $0.99. Adjusted diluted earnings per share were $1.03.

“Despite flooding that shut down key portions of our U.S. rail network for over three weeks, KCS delivered solid earnings and operating results,” said CEO David L. Starling. “That we overcame this very significant challenge while simultaneously scaling costs across the network clearly demonstrates KCS’ ability to react quickly to rapid and unexpected changes to its operating environment.”

 

CP_Logo_RGBCanadian Pacific Railway (CP) announced its lowest-ever first quarter operating ratio of 58.9 percent and diluted earnings per share of C$3.51 (an 83 percent increase from C$1.92) or adjusted diluted earnings per share of C$2.50 (an 11 percent increase from C$2.26) for the first quarter 2016. CP reports that their operating ratio improved 430 basis points year-over-year and for a third straight quarter was below 60 percent. At 58.9 percent, operating ratio is the lowest-ever when compared to adjusted operating ratios in previous quarters, CP said.

“The precision railroading model works in all economic environments,” said CP CEO E. Hunter Harrison. “Despite weakness in the economy and volume headwinds, we focused on what we can control – our costs and our commitment to providing reliable service – and delivered a record performance.”

Revenues for the railroad were down 4 percent to C$1.59 billion from 2015’s first quarter revenues of C$1.67 billion. Operating income increased 7 percent to C$653 million from C$612 million. Net income rose 69 percent to C$540 million from C$320 million. Adjusted income was up 2 percent to C$384 million from the reported C$375 million of the first quarter last year.

“I am proud of what the team continues to produce quarter after quarter in these difficult times and we remain optimistic in our outlook given signs of stabilization within the Canadian economy and in key global markets,” Harrison said. “As market conditions improve and volumes increase, our team of professional railroaders will be ready. Furthermore, we are confident in our plan to deliver shareholder value, which includes the announcement of a new share repurchase program that demonstrates our continued confidence over the long-term.”

 

union_pacific_logoUnion Pacific Corporation (UP) reported declines in first quarter 2016 revenues.

Operating revenue was down 14 percent to $4.8 billion. The railroad reported a first quarter net income of nearly $1.0 billion or $1.16 per diluted share, down 11 percent as compared to last year’s first quarter of $1.2 billion or $1.30 per diluted share. Operating income was down 15 percent to $1.7 billion and operating ratio went up 0.3 points to 65.1 percent.

“In this challenging environment, we have continued our intense focus on operating safely and efficiently, managing our resources, and improving our customer experience,” said CEO Lance Fritz. “As a result, the quarterly operating ratio came in at 65.1 percent, up only 0.3 points from last year, as solid core pricing and productivity improvements helped to offset an 8 percent decline in total volumes.”

 

ns_LogoNorfolk Southern Corporation (NS) announced strong financial results for the first quarter 2016.

Income from railway operations was up 19 percent to $723 million; while net income also saw a 25 percent increase to $387 million as compared to last year’s first quarter reported $310 million. NS reported that a first quarter record was set for operating ratio, which came in at 70.1 percent. Diluted earnings per share were $1.29, up 29 percent as compared with the reported diluted earnings per share of $1.00 for the first quarter 2015.

Railway operating revenues fell 6 percent to $2.4 billion, while operating expenses also decreased 13 percent to $1.7 billion.

“Our strong first-quarter results demonstrate the significant progress we are making in line with our strategic plan,” said CEO James A. Squires. “Since I became CEO in June, our team has been committed to streamlining operations, reducing expenses and maintaining superior customer service levels. Our focus on strengthening Norfolk Southern is yielding results, and the company is now on track to achieve productivity savings of about $200 million and an operating ratio below 70 in 2016.”

NS is implementing a strategic plan to reduce costs, drive profitability and enhance value for all NS shareholders. Through this plan, NS expects to achieve annual productivity savings of more than $650 million by 2020 and an operating ratio below 65 percent by 2020.

 

CN_red_logoCanadian National Railway (CN) announced mostly positive financial results for the first quarter 2016.

The railway reported a 13 percent increase in net income to C$792 million, while diluted earnings per share increased 16 percent to C$1.00. Operating income also increased 14 percent to C$1,217 million. CN reported a decrease in revenues by 4 percent to C$2,964 million. Carloadings declined 7 percent and revenue ton-miles also declined 9 percent. Operating expenses saw a decline of 14 percent to C$1,747 million. Operating ratio improved 6.8 points to 58.9 percent.

CEO Claude Mongeau said, “CN delivered a very solid quarterly performance in a challenging economic environment. We successfully aligned our resources with the reduced volume level to achieve strong efficiency gains, while continuing to offer superior customer service and significantly improving our safety performance. These achievements allowed the CN team to deliver record first-quarter financial results.”

CP to eliminate more jobs in 2016

cp-logo-240The Calgary Herald reported that Canadian Pacific Railway may eliminate more jobs in 2016 than originally announced; possibly as many as 1,400 positions. Read the entire story here.

CP withdraws NS merger bid

SMART TD President Previsich came out against the merger in a letter addressed to the Surface Transportation Board (STB) in January of this year. “We strongly opposed the merger when it became clear that CP’s takeover of NS would cost U.S. jobs as well as have a negative impact on those who sought to ship by rail” said Previsich, who further commented: “Having long opposed the negative impact that mergers and acquisitions such as this have on our members, we are extremely pleased to hear that CP has officially terminated their quest to takeover NS.”  Read the complete statement, here.

Minn. SLD Qualy, “CP fatalities preventable”

safety_signFox 9 reports that a fatality that occurred last week during a crew change on Canadian Pacific may have been preventable.

In an interview with the news channel, Minnesota State Legislative Director Phil Qualy said that CP could have taken action to move the crew changes to a safer area, but took no action.

Qualy told SMART TD that he had submitted numerous letters to CP about the safety of having a crew change in the specific location where the engineer-trainee Jeffrey Harsh was killed but no action had been taken.

In a similar trajedy, CP railway worker Jamie Jijian died in 2013 as a result of a “combination of hazardous conditions acting together.” His death is also believed to have been preventable.

Rail workers are still performing crew changes in the area where Harsh lost his life last week.

“As a representative of the FRA’s Switching Operations Fatality Analysis (SOFA) working group, I would like to point to section 3.7 of SOFA’s 2011 report “Findings and Advisories of the SOFA Working Group Volume I: SOFA Report with Appendix A,” that warns of the dangers of crossing active rails, to all carriers, interested parties and members.”

Harsh’s case is still under investigation by the FRA.

Click here to read SOFA’s 2011 report.

Click here to read more from Fox 9.

Click here to read more about Jijian’s accident from CBC News.