Attention all SMART-TD and BLET members! Tonight at 7:00 p.m. central standard time (8:00 p.m. EST), SMART-TD President Jeremy Ferguson and BLET President Dennis Pierce will be airing a joint interview on the Rails Tails & Trails YouTube channel, which can be viewed at the following link: https://youtu.be/6N9r6QIGqA8.
Presidents Ferguson and Pierce will be providing updates on recent developments with BNSF’s HiViz attendance policy, commentary on our national rail contract negotiations, and discussion of other important issues affecting members of both Unions.
As additional information, beginning at 6:00 p.m. CST (7:00 p.m. EST), Rails Tails & Trails host Jon Chaffin will be doing a giveaway for supporters of his channel. All members are encouraged to tune in, subscribe to the channel, and leave your feedback in the comments section. We are looking forward to finding out if you think the interview is informational, and if you would like the presidents to join a future episode on the Rails Tails & Trails podcast. If so, please comment on which issues you would like to see them discuss.
We thank you for your continued support as we work diligently to keep all members informed!
4th Quarter 2021 Net Earnings: Increased 13% to $1.7 billion from $1.5 billion Diluted Earnings Per Share:n/a – BNSF is not publicly traded Revenue:Increased 11% to $6.3 billion from $5.7 billion Operating Income:Increased 12% to $2.4 billion from $2.2 billion Operating Expenses:Increased 10% to $3.9 billion from $3.5 billion Operating Ratio:Improved to 60.0% from 60.3%
2021 Annual Earnings Net Earnings: Increased 16% to $6.0 billion from $5.2 billion Diluted Earnings Per Share: n/a – BNSF is not publicly traded Revenue: Increased 12% to $23.3 billion from $20.9 billion Operating Income: Increased 14% to $8.8 billion from $7.7 billion Operating Expenses: Increased 10% to $14.5 billion from $13.1 billion Operating Ratio: Improved to 60.9% from 61.6% Read BNSF’s full earnings report.
4th Quarter 2021 Net Earnings: Increased 17% to C$1.20 billion from C$1.02 billion Diluted Earnings Per Share: Increased 18% to $1.69 per share from $1.43 per share Revenue: Increased 3% to C$3.75 billion from C$3.66 billion Operating Income: Increased 11% to a record C$1.57 billion from C$1.41 billion Operating Expenses: Decreased 1% to C$2.19 billion from C$2.25 billion Operating Ratio: Improved 3.1 points to 58.3% from 61.4%
2021 Annual Earnings Net Earnings: Increased 37% to C$4.90 billion from C$3.60 billion Diluted Earnings Per Share: Increased 38% to $6.89 per share from $5.00 per share Revenue: Increased 5% to C$14.48 billion from C$13.82 billion Operating Income: Increased 18% to C$5.62 billion from C$4.78 billion Operating Expenses: Decreased 2% to C$8.86 billion from C$9.04 billion Operating Ratio: Improved 4.2 points to 61.2% from 65.4% Read CN’s full earnings report.
4th Quarter 2021 Net Earnings: Decreased 34% to C$532 million from C$802 million Diluted Earnings Per Share: Decreased 38% to $0.74 per share from $1.19 per share Revenue: Increased 1% to C$2.04 billion from C$2.01 billion Operating Income: Decreased 10% to C$832 million from C$928 million Operating Expenses: Increased 11% to C$1.21 billion from C$1.08 billion Operating Ratio: Worsened 530 basis points to 59.2% from 53.9%
2021 Annual Earnings Net Earnings: Increased 17% to C$2.9 billion from C$2.44 billion Diluted Earnings Per Share: Increased 16% to $4.18 per share from $3.59 per share Revenue: Increased 4% to C$8.0 billion from C$7.71 billion Operating Income: Decreased 3% to C$3.21 billion from C$3.31 billion Operating Expenses: Increased 9% to C$4.80 billion from C$4.40 billion Operating Ratio: Worsened 280 basis points to 59.9% from 57.1% Read CP’s full earnings report.
4th Quarter 2021 Net Earnings: Increased 23% to $934 million from $760 million Earnings Per Share: Increased 27% to $0.42 per share from $0.33 per share Revenue: Increased 21% to $3.43 billion from $2.83 billion Operating Income: Increased 12% to $1.37 billion from $1.22 billion Operating Expenses: Increased 28% to $2.1 billion from $1.6 billion Operating Ratio: Worsened to 60.1% from 57.0%
2021 Annual Earnings Net Earnings: Increased 37% to $3.8 billion from $2.8 billion Earnings Per Share: Increased 40% to $1.68 per share from $1.20 per share Revenue: Increased 18% to $12.52 billion from $10.58 billion Operating Income: Increased 28% to $5.6 billion from $4.4 billion Operating Expenses: Increased 11% to $6.9 billion from $6.2 billion Operating Ratio: Improved to 55.3% from 58.8% Read CSX’s full earnings report.
4th Quarter 2021 Net Earnings: Increased 258% to $595.1 million from $166.3 million Earnings Per Share:On December 14, 2021, Canadian Pacific Railway acquired the outstanding common and preferred stock of KCS. Therefore, earnings per share data is not presented because the company does not have any outstanding or issued publicly traded stock. Revenue: Increased 8% to $747.8 million from $693.4 million Operating Income: Increased 209% to $810.6 million from $262.3 million Operating Expenses: Decreased 115% to a negative $62.8 million from $431.1 million due to the merger Operating Ratio: Improved 70.6 points to –8.4% from 62.2%
2021 Annual Earnings Net Earnings: Decreased 15% to $527 million from $619 million Earnings Per Share:On December 14, 2021, Canadian Pacific Railway acquired the outstanding common and preferred stock of KCS. Therefore, earnings per share data is not presented because the company does not have any outstanding or issued publicly traded stock. Revenue: Increased 12% to $2.95 billion from $2.63 billion Operating Income: Decreased 12% to $884 million from $1.00 billion Operating Expenses: Increased 27% to $2.06 billion from $1.63 billion Operating Ratio: Worsened 8.1 points to 70.0% from 61.9% Read KCS’s full earnings report.
4th Quarter 2021 Net Earnings: Increased 13% to $760 million from $671 million Diluted Earnings Per Share: Increased 18% to $3.12 per share from $2.64 per share Revenue: Increased 11% to $2.9 billion from $2.6 billion Operating Income: Increased 15% to a 4th quarter record of $1.1 billion from $1.0 billion Operating Expenses: Increased 8% to $1.7 billion from $1.59 billion Operating Ratio: Improved 2% to a 4th quarter record 60.4% from 61.8%
2021 Annual Earnings Net Earnings: Increased 27% to $3 billion from $2 billion Diluted Earnings Per Share: Increased 31% to $12.11 per share from $7.84 per share Revenue: Increased 14% to $11.1 billion from $9.8 billion Operating Income: Increased 28% to a record $4.4 billion from $3.0 billion Operating Expenses: Decreased 1% to $6.7 billion from $6.8 billion Operating Ratio: Improved 7% to an all-time record of 60.1% from 69.3% Read NS’s full earnings report.
4th Quarter 2021 Net Earnings: Increased 24% to $1.7 billion from $1.4 billion Earnings Per Share: Increased 30% to $2.67 per share from $2.05 per share Revenue: Increased 12% to $5.7 billion from $5.1 billion Operating Income: Increased 22% to $2.4 billion from $2.0 billion Operating Expenses: Increased 5% to $3.3 billion from $3.1 billion Operating Ratio: Improved 3.6 points to 57.4% from 61.0%
2021 Annual Earnings Net Earnings: Increased 22% to $6.5 billion from $5.3 billion Earnings Per Share: Increased 26% to $9.98 per share from $7.90 per share Revenue: Increased 12% to $21.8 billion from $19.5 billion Operating Income: Increased 19% to $9.3 billion from $7.8 billion Operating Expenses: Increased 7% to $12.5 billion from $11.7 billion Operating Ratio: Improved 2.7 points to 57.2% from 59.9%
“The Union Pacific team concluded its most profitable year ever in 2021. We produced double-digit fourth-quarter revenue growth by leveraging our great rail franchise to generate positive business mix and core pricing gains,” UP CEO Lance Fritz said. Read UP’s full earnings report.
Notes:
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 fourth-quarter and 2020 year-end results respectively for each railroad.
All figures for CN & CP are in Canadian currency, except for earnings per share.
To receive text messages and the latest alerts regarding the BNSF Hi-Viz policy, please text HiViz to 67336.
Today the judge considering the case between BNSF and the SMART-TD and BLET unions over the carrier’s new “Hi-Viz” attendance policy ruled that the dispute was “minor” under the provisions of the Railway Labor Act (RLA).
What does this mean?
It means that any further action to pursue a strike would be illegal, exposing the unions and their members to serious legal attacks as well as carrier discipline up to and including dismissal. But this is only the first round in our fight against the Hi-Viz policy. In the coming days, the unions will determine if the best course of action is to appeal today’s decision, or to move swiftly to arbitrate the policy before it can be used to terminate any employees. An arbitrator can strike down the policy. If that path is chosen, the unions will move swiftly to make their case there instead of in the courtroom or on the picket lines.
Rest assured that we are all infuriated. One of the largest and richest corporations in America has been given a free pass to continue forcing its employees to work even when they or their families are sick, and when they are fatigued beyond the point of being able to work safely. BNSF is essentially thumbing its nose at the employees who make them billions of dollars in revenue.
SMART-TD and BLET are considering all legal possibilities to continue to challenge BNSF and its anti-worker, anti-family and unsafe attendance policy. In the coming weeks, the unions’ options are:
Appeal the District Court decision, but delay arbitration of the policy by doing so.
Aggressively pursue arbitration to challenge every possible aspect of the “Hi-Viz” policy. This is where the actual impact of the policy will become crucial to the unions’ case.
Demand that state and federal lawmakers pass laws which would protect employees from retaliation for laying off for legitimate reasons.
Work with federal agencies to end draconian attendance policies on ALL railroad carriers — not just BNSF.
Call on Congress to amend the RLA to give rail workers freedom to fight back against the carriers’ abuse.
What can you do?
— Contact your General Chairperson. Your union needs to be able to explain how and why this attendance policy affects real workers. Examples of how this policy could affect you and your family, or how it did affect you after February 1 should be shared with your General Chairperson. These will empower your union to make its best case possible in arbitration.
— Sign up for action alerts. Our strength is in our collective voice. Action alerts from your union will send you to petitions to sign, elected officials to email, and social media posts to share. Text HiViz to 67336 for text alerts or click here to sign up for emails. We are all angry, but we need to channel that anger into effective and legal action. Both the SMART-TD and the BLET will make sure that members are informed, educated, and empowered, just as rail unions have done in this country for more than a century.
If you have questions, do not hesitate to reach out to your union leadership.
In solidarity, Jeremy Ferguson and Dennis Pierce President, SMART-TD and National President, BLET
As we enter this new year, it is important to reflect on where we have been, what challenges we have faced and what accomplishments we have made together. I am excited about our future and can say, with certainty, we are more prepared now than ever to face it head-on, with the best interests of our fellow brothers and sisters at the forefront.
While the last few years have had their share of trials, I am confident better days are ahead.
Amit Bose, President Joe Biden’s nominee to lead the Federal Railroad Administration, was confirmed Jan. 12 after a long wait. His ascension is one more step toward a common-sense regulation of freight rail crew size with safety, not profits, in mind. TD leadership looks ahead with great anticipation as we continue building the relationship we have established with him and the federal Department of Transportation.
I am also pleased to note that the Biden administration nominee for the vacant position on the National Mediation Board, Deidre Hamilton, was installed. This creates a 2-to-1 Democratic majority and a much more labor-friendly board than what we have had to deal with the last four years. This confirmation likely spurred NMB to work on the logjam of requested representation elections ignored by the previous administration. Our Organizing Department has six cases filed and reported that ballots are out on five. We are hopeful we’ll be able to welcome these properties into the SMART family soon.
I hear you loud and clear that better working conditions (removing bad attendance policies and getting better quality of life) are at the top of your list of things that need fixed as soon as possible.
Of course, NMB will play a key role as we, along with the other Coordinated Bargaining Coalition unions, announced in late January that national rail contract discussions had reached an impasse. They will select a mediator whom we hope will move negotiations past the past two years’ worth of insulting offers that the carriers have presented and into a truly constructive and realistic phase. Our members deserve nothing less after moving America’s freight during this pandemic. I hear you loud and clear that better working conditions (removing bad attendance policies and getting better quality of life) are at the top of your list of things that need fixed as soon as possible. That is why we challenged BNSF’s draconian and punitive Hi Viz attendance policy. We will stand up to mistreatment of our members, especially when carriers continue to crow about record profits.
The last couple of years have seen membership numbers drastically decline, but I am thrilled to announce we have a new local, 1706, opening up in the Kansas City area for approximately 200 new members working for Student Transportation of America. Vice President Calvin Studivant has been working closely with these new members and has completed their first fully ratified agreement. Congratulations to our new bus members, and welcome!
I have been fortunate to be invited and to attend a number of union meetings, Labor Day events and holiday cookouts recently. This allowed me the opportunity to openly talk with the membership and update them on the state of our UNION. I am looking forward to many more of these face-to-face meetings in 2022. I hear you loud and clear that better working conditions (removing bad attendance policies and getting better quality of life) are at the top of your list of things that need fixed as soon as possible.
It has been frustrating that we have not had our normal annual regional meetings the last two years, but I must say that I am proud of a number of our state legislative directors and general chairpersons who stepped up and took matters into their own hands. They organized “Regional Training Seminars” that consist of a variety of training and classes for local officers. I was honored to be asked to address the groups and spend time with those in attendance. SMART-TD provided a number of the facilitators and additional support and that, along with the hard work of the aforementioned SLDs and GCs, made all of them huge successes.
These have been so impactful that we are planning on additional seminars to be scheduled next year. If this is something you have an interest in attending, please let your SLD or GC know. I look forward to seeing more of you in the coming year at these meetings!
“Solidarity” is a word we throw around a lot, but it is always an adrenaline rush when you see it in action. I was excited to be invited and participate in a huge rally in Chicago in November to assist the Metra Passenger Rail Coalition. All Metra crafts were fighting for a good contract after being faced with what seemed to be never-ending mediation. VP Jamie Modesitt, Alternate National Legislative Director Jared Cassity and I didn’t need to be asked twice by GC Chip Waugh if we wanted in. The big blow-up rat and bullhorns blaring with the Chicago PD out to keep the crowd under control was exhilarating to say the least. We had local and state legislators and U.S. Reps. Chuy Garcia and Marie Newman show up to lend their support. It was yet another example of what organized labor can accomplish — together!
Your union also is continuing to get things done. We added many more features to the SMART app, making it more of a vital resource and advancing our technological presence. We’ve been able to adapt to a new way of leadership training with regional training seminars and coming soon our virtual educational efforts with SMART University. We are also developing a new website that will be more interactive, to name but a few.
There’s a lot going on and a lot more to come. I am excited and proud to be on this journey with you.
In closing, I ask that you do everything in your power to keep yourself and your fellow sisters and brothers safe on the job. Safety is a gift we give our families each and every day.
Please stay safe and God bless!
Jeremy R. Ferguson President, Transportation Division
CLEVELAND, Ohio, (February 8, 2022) — Yesterday, SMART-TD and the BLET filed their oppositions to BNSF’s request for the court to convert the January 25, 2022, Temporary Restraining Order (TRO) into a preliminary injunction. The unions each filed for their own preliminary injunctions against BNSF’s implementation of its new Hi Viz attendance policy last week on February 2.
SMART-TD and BLET continue to maintain that BNSF’s policy, issued in the midst of the ongoing COVID-19 pandemic and continuing supply chain issues caused in significant part by the nation’s railroads’ own cost-cutting measures, represents the epitome of corporate greed. This new policy will require employees to choose between going to work sick and spreading the COVID-19 virus to their co-workers and those co-workers’ families or face termination by BNSF, once more proving there is no shame amongst the modern-day robber barons like BNSF.
While SMART-TD and BLET will continue to abide by the court’s TRO, it will continue to use every legal means available to prevent BNSF from carrying on its unconscionable and illegal attendance policy. Additional information will be forthcoming as it is available.
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, (February 1, 2022) — By letter dated January 31, 2022, SMART-TD and the BLET are seeking review by both the Department of Labor and the U.S. Department of Transportation of all Class I attendance policies. In a joint letter to Labor Secretary Martin Walsh and Transportation Secretary Pete Buttigieg, SMART-TD President Jeremy Ferguson and BLET President Dennis Pierce ask the secretaries to immediately investigate all carrier attendance policies that refuse to provide exceptions for fatigue-related absences, as well as those that refuse to provide exceptions for illness-related absences.
Referencing the most recent “Hi-Viz” policy on BNSF set to go into effect today, the presidents said: “The new policy also potentially subjects employees to disciplinary action when they request time off because they are ill or when they need to tend to sick family members. This includes time off under the Family Medical Leave Act (FMLA), as this policy disincentivizes employees from utilizing this protected leave by prohibiting ‘Good Attendance Credit’ from ever being gained because of its use.”
Addressing fatigue concerns, the presidents said: “The only tool these engineers and trainmen have to prepare for their unscheduled work shifts are so-called ‘train lineups,’ which are managed solely by the railroad. Moreover, BNSF has openly admitted that the quality of these lineups and the related predictability for the on-duty times is far from adequate. As a result, engineers and trainmen are routinely called for duty without having any knowledge or awareness of the potential for work (at that particular time), thus subsequently preventing them from the ability to be physically rested prior to their being called to work. For example, it is commonplace for these employees to be suddenly called into work for an evening shift when they didn’t expect to be called in until the morning according to the available train lineups. Under BNSF’s new Hi-Viz policy, even though they may be fatigued, they are not allowed to refuse the unpredicted call for duty without potentially being subjected to employer discipline, up to and including dismissal. Forcing these employees to choose between their job or their safety in the workplace is in complete contradiction to BNSF’s obligation to protect public safety and to provide a safe workplace environment.”
The presidents said the harsh policies fly in the face of railroad safety laws and government regulations. The policies also would negatively impact already-diminished workforce staffing and would contribute to an increase in the “already historic levels of mid-career resignations.”
President Ferguson and President Pierce concluded: “It is imperative that the Department of Transportation and Department of Labor act to address this most egregious railroad policy, as well as those implemented by NS, CSX, Union Pacific, and any other railroad with similar policies. The safety and health of the engineers and trainmen who are employed at BNSF, and the safety of the general public, stands in the balance.”
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, (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.
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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.”
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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.
2nd Quarter 2021 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% Click here to read BNSF’s full earnings report.
2nd Quarter 2021 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% Click here to read CN’s full earnings report.
2nd Quarter 2021 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% Click here to read CP’s full earnings report.
2nd Quarter 2021 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% Click here to read CSX’s full earnings report.
2nd Quarter 2021 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% Click here to read KCS’s full earnings report. *losses due to CP-KCS & CN-KCS merger deals
2nd Quarter 2021 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% Click here to read NS’s full earnings report.
2nd Quarter 2021 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% Click here to read UP’s full earnings report.
Notes:
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
1st Quarter 2021 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% Click here to read BNSF’s full earnings report.
1st Quarter 2021 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% Click here to read CN’s full earnings report.
1st Quarter 2021 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% Click here to read CP’s full earnings report.
1st Quarter 2021 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% Click here to read CSX’s full earnings report.
1st Quarter 2021 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% Click here to read KCS’s full earnings report.
1st Quarter 2021 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% Click here to read NS’s full earnings report.
1st Quarter 2021 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% Click here to read UP’s full earnings report.
Notes:
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
