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NTSB investigators Ruben Payan (left) and Paul Stancil survey the scene of the Aug. 2, 2017, Hyndman, Pennsylvania, train derailment in this photo taken Aug. 4, 2017. © NTSB

WASHINGTON (Dec. 10, 2020) — The National Transportation Safety Board issued Rail Accident Report 20/04 Thursday for its investigation of the Aug. 2, 2017, CSX Transportation, Inc. freight train derailment and release of hazardous materials near Hyndman, Pennsylvania.
No injuries were reported in connection with the derailment of 33 of 178 rail cars but three homes were damaged and about 1,000 residents were within the 1-mile radius evacuation zone. CSX estimated damages at $1.8M.
The accident train consisted of five locomotives and 178 cars, 128 of which were loaded, and 50 rail cars were empty.
NTSB investigators determined the probable cause of the derailment was the inappropriate use of hand brakes on empty rail cars to control train speed, and the placement of blocks of empty rail cars at the front of the train consist. Investigators also determined CSX operating practices contributed to the derailment.
Safety issues addressed in the investigation include:

  • CSX operational practices for building train consists that allowed for excessive longitudinal and lateral forces to be exerted on empty cars
  • Use of hand brakes to control train movement
  • Assessment and response to fires involving jacketed rail tank cars

Based on its investigation the NTSB issued a total of six safety recommendations, including one to the Federal Railroad Administration, three to CSX, one to the Association of American Railroads and one to the Security and Emergency Response Training Center. The recommendations seek:

  • Guidance for railroads to use in developing required risk reduction programs
  • Revision of rules for building train consists
  • Prohibiting use of hand brakes on empty rails cars for controlling train movement in grade territory
  • Incorporation of the lessons learned from this derailment about fire-exposed jacketed pressure tank cars in first responder training programs

Rail Accident Report 20/04 is available online at https://go.usa.gov/xA3Bb and the docket for the investigation is available at https://go.usa.gov/xA3ZE.

Brother Paul M. Payne of Mount Vernon, Ohio, a member of Local 1397 in Columbus, and a father to five children, lost his life in an accident the morning of Nov. 22 at the CSX yard in Fostoria, Ohio.

Payne

Brother Payne, a conductor for eight years, was at work setting out a cut of cars in the yard located in northwest Ohio when he was fatally injured.
His death is under investigation.
Brother Payne was also a sergeant in the Ohio Army National Guard.
“Paul was a dedicated husband, father and son that loved nothing more than spending time with his family,” his family wrote in his obituary.
He is survived by his wife of 19 years, Haley (Davis) Payne; his children, Shawn, Jacob, Marcus, Lily and Sarah; his mother; sister; and paternal grandmother.
The SMART Transportation Division offers its heartfelt condolences to the Payne family, his friends and his SMART-TD brothers and sisters in Local 1397 and elsewhere who are mourning his loss.
His full obituary is available here.


Net Earnings: Decreased to $1.131 billion from $1.338 billion.
Revenue: Decreased to $4.602 billion from $5.893 billion.
Operating Income: Decreased to $1.73 billion from $2.007 billion.
Operating Expenses:Decreased to $2.872 billion from $3.886 billion.
Operating Ratio: Improved by 3.7 points to 61.1%.
Link to read BNSF’s full earnings report.
 

Net Earnings: Decreased to C$908 million from C$1.25 billion.
Earnings Per Share: Diluted earnings per share decreased 59% to C$0.77 from C$1.88 and adjusted diluted EPS decreased 26% to C$1.28 from C$1.73.
Revenue: Decreased 19% to C$3.21 billion from C$3.96 billion.
Operating Income: Decreased 53% to C$785 million from C$1.27 billion.
Operating Expenses: Increased 6% to C$2.42 billion.
Operating Ratio: Declined by 18 points to 75.5%; adjusted operating ratio declined 2.9 points to 60.4% from 57.5%.
Link to read CN’s full earnings report.
 

Net Earnings: Decreased to C$635 million from C$724 million.
Earnings Per Share: Diluted earnings per share decreased 10% to $4.66; adjusted diluted earnings per share decreased 5% to $4.30.
Revenue: Decreased 9% to C$1.79 billion from C$1.98 billion.
Operating Income: Decreased to C$770 million from C$822 million.
Operating Expenses: Decreased to C$1.02 billion from C$1.16 billion.
Operating Ratio: Improved 140 basis points to 57%.
Link to read CP’s full earnings report.
 

Net Earnings: Decreased to $499 million from $870 million.
Earnings Per Share: Decreased to $0.65 from $1.08.
Revenue: Decreased 26% to $2.26 billion from $3.06 billion.
Operating Income: Decreased 37% to $828 million from $1.31 billion.
Operating Expenses: Decreased 19% to $1.43 billion from $1.76 billion.
Operating Ratio: Declined 5.9 points to 63.3%.
Link to read CSX’s full earnings report.
 

Net Earnings: Decreased to $109.7 million from $128.7 million.
Earnings Per Share: Decreased to $1.16 per diluted share from $1.28.
Revenue: Decreased to $547.9 million from $714 million.
Operating Income: Decreased to $180.4 million from $208 million.
Operating Expenses: Decreased to $367.5 million from $506 million.
Operating Ratio: Improved 3.8 points to 67.1% from 70.9%; adjusted operating ratio worsened 1.5 points to 65.2% from 63.7%.
Link to read KCS’s full earnings report.
 

Net Earnings: Decreased to $392 million from $722 million.
Earnings Per Share: Diluted earnings per share decreased to $1.53 from $2.70.
Revenue: Decreased 29% to $2.1 billion from $2.9 billion.
Operating Income: Decreased to $610 million from $1.1 billion.
Operating Expenses: Decreased 21% to $1.5 billion from $1.9 billion.
Operating Ratio: Worsened to 70.7% from 63.6%.
Link to read NS’s full earnings report.
 

Net Earnings: Decreased to $1.13 billion from $1.57 billion.
Earnings Per Share: Decreased to $1.67 per diluted share from $2.22 per diluted share.
Revenue: Decreased 24% to $4.2 billion from $5.6 billion.
Operating Income: Decreased 28% to $1.13 billion from $1.57 billion.
Operating Expenses: Decreased 22% to $2.59 billion from $3.34 billion.
Operating Ratio: Worsened 1.4 points to 61.0% from 59.6%.
Link to read UP’s full earnings report.
 

Notes: 

  • BNSF’s earnings report had not been released as of July 29, 2020. This post will be updated when the information becomes available.
  • 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 second-quarter results for each railroad.
  • All figures for CN & CP are in Canadian currency, except for earnings per share for CP


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%.
Link to read BNSF’s full earnings report.
 

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%.
Link to read CN’s full earnings report.
 

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%.
Link to read CP’s full earnings report.
 

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%
Link to read CSX’s full earnings report.
 

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%
Link to read KCS’s full earnings report.
 

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%.
Link to read NS’s full earnings report.
 

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%
Link 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 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%
Click here to read BNSF’s full earnings report.
 

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%
Click here to read CN’s full earnings report.
 

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%
Click here to read CP’s full earnings report.
 

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%
Click here to read CSX’s full earnings report.
 

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%
Click here to read KCS’s full earnings report.
 

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%
Click here to read NS’s full earnings report.
 

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%
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 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.

McConihay
SMART Transportation Division member Curtis C. McConihay of Local 1386 (Parkersburg, W.Va.) was killed in an accident on CSX property in Washington, W.Va., on Saturday.
Brother McConihay, 32, was a U.S. Marine veteran and lived in Southside, W.Va., with his wife, Megan, and their two daughters. He joined SMART-TD in May 2015 and was a conductor for CSX.
“We lost not only a dedicated employee, but a forever union brother in C. C. McConihay. Our pain pales in comparison to the void that is left in his loved ones’ hearts. It is a void that can never be filled,” said Local 1386 Chairperson W.R. Parsons. “Please let us keep his family in our thoughts and prayers, as his family is now our family. We will keep his memory alive by remembering the good times as we are better people for knowing him. God bless his wife Megan and his precious daughters. Rest in peace, Brother Curtis McConihay.”
Parsons said a memorial fund is in the works for Brother McConihay’s family.
SMART-TD National Safety Director Jerry Gibson has requested that the National Transportation Safety Board launch an investigation into the accident due to divergences in the reports of the circumstances surrounding the fatal accident. Gibson continues to be in contact with the agency.
CSX and the Federal Railroad Administration are currently the only parties investigating.
However, Gibson states that an internal report into the incident will be performed by SMART-TD.
SMART-TD offers its sincere condolences to Brother McConihay’s family and friends and to the members of Local 1386 who worked with him and knew him.
His obituary can be read here.


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%
Berkshire Hathaway’s third quarter earnings reports is available in this PDF — the in-depth BNSF analysis begins on Page 35.


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%
Click here to read CN’s full earnings report.


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%
Click here to read CP’s full earnings report.


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%
Click here to read CSX’s full earnings report.


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%
Click here to read KCS’s full earnings report.


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%
Click here to read NS’s full earnings report.


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%
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 2018’s third quarter results for each railroad.
  • All figures for CN & CP are in Canadian currency, except for earnings per share

A Florida judge has dismissed a lawsuit that three CSX shareholders had filed last summer against the carrier regarding the 2017 hiring of late CEO E. Hunter Harrison.
The matter was settled by Virginia state law, which required that the suit be dismissed after a committee of “disinterested” CSX board members determined that the suit, which involved the company suing itself, should not go forward.
The shareholders who filed the lawsuit, John Robertson, James Ekis and George Triefenbach, have the option of filing an amended derivative complaint 30 days after the June 3 dismissal by Judge Kevin Blasz of Florida’s Fourth Judicial Circuit Court.
For more background, see this previous story.


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%
Click here to read BNSF’s full earnings report.
 

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%
Click here to read CN’s full earnings report.
 

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%
Click here to read CP’s full earnings report.
 

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%
Click here to read CSX’s full earnings report.
 

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%
Click here to read KCS’s full earnings report.
 

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%
Click here to read NS’s full earnings report.
 

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%
Click here to read UP’s full earnings report.
 


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%
Click here to read G&W’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 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