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CSX_logoIn a press release Oct. 14, CSX announced record third quarter profits. The railroad said that operating income increased 16 percent and operating ratio improved 220 points. Operating income came in at $976 million with an operating ratio of 69.7 percent. CSX also saw volume increases of seven percent.

Revenue increased to $3.2 billion, eight percent over the same period last year. Net earnings were announced at $509 million, up $0.51 per share from the net earnings of $455 million for the third quarter of 2013.

“As the economy continues to expand, the company’s record third-quarter results are built on the foundation of CSX’s network reach, sustainable growth opportunities, and the efforts of our 31,000 employees,” President, Chairman and CEO Michael J. Ward.

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_logoKansas City Southern reports record quarterly revenues and carloads in a press release for the third quarter of 2014. The railroad recorded record revenues of $678 million, an increase of nine percent over the same quarter last year.

Operating income saw a 15 percent increase to $229 million over last year’s third quarter and operating ratio came in at 66.1 percent, a 1.7-point improvement. Net income for the quarter totaled $138 million or $1.25 per diluted share, a 17 percent increase.

The railroad credits the increases to a four percent increase in carloads. Automotive carloads increased by 28 percent, while carloads of industrial and consumer products saw a 13 percent increase.

Operating expenses came in at six percent higher than 2013 expenses. Operating expenses were $448 million for the quarter.

“KCS achieved record quarterly financial results as a result of the continued strength and diversity of our franchise,” President and CEO David L. Starling said. “An operating ratio of 66.1 percent was attained primarily due to volume growth, especially in the automotive and grain commodity groups, as well as system efficiency and cost controls.

“We are optimistic about the remainder of the year and reaffirm our updated 2014 goals outlined to investors in September. Looking ahead, we expect KCS’ long-term growth to be fueled by system-wide opportunities, which position KCS very well over the next several years.”

 

cp-logo-240Canadian Pacific Railway reports record financial results for the third quarter. The company claims the third quarter results are the strongest in the company’s history.

Net income for the railway rose 26 percent to a record C$400 million or C$2.31 per diluted share compared to last year’s third quarter net income of C$324 million or C$1.84 per share. Revenue saw a nine percent increase to a record C$1.670 billion while operating expenses also rose four percent to C$1.049 billion. Operating income rose 19 percent to C$621 million, the highest that the railway has ever seen. Operating ratio fell to a record low of 62.8 percent, an improvement of 310 base points.

“The CP team delivered another quarter of impressive results,” CEO E. Hunter Harrison said. “Going forward, we will continue to execute on our plan of delivering safe, superior service to our customers, focusing on further efficiency and capacity initiatives and building on our solid foundation for growth.

“Despite recent volatility in commodity prices, we are confident in the strength of the franchise and are on track to finish the year with CP’s strongest quarter to date.”

 

CN_red_logoCanadian National Railway reported increases in net income, operating income and revenues for the third quarter. Net income saw a 21 percent increase to C$853 million, up from last year’s C$705 million. Diluted earnings per share came in at C$1.04, also up from last year’s recorded C$0.84 per diluted share.

Operating income for the railway increased 19 percent to C$1,286 million. Revenues and car loadings set all-time quarterly records with revenues increasing 16 percent to C$3,118 million and car loadings increasing 11 percent to 1,475. Revenue ton-miles also grew by 13 percent. CN saw an improvement in operating ratio by one point to 58.8 percent.

“CN delivered outstanding third-quarter financial results while improving customer service levels and maintaining industry-leading operating efficiencies. Solid execution by our team of railroaders enabled us to accommodate the significantly higher freight volume generated by a record Canadian grain crop, strong energy markets and new business, particularly in intermodal and automotive,” President and CEO Claude Mongeau said. “The results underscore CN’s commitment to investing ahead of the curve in resources and rail infrastructure and playing our role as a true backbone of the economy.”

 

ns_LogoNorfolk Southern reported a 16 percent increase in net income of $559 million for the third quarter. The third quarter of 2013 only saw a net income of $482 million. Diluted earnings per share were also up 17 percent to $1.79 over last year’s $1.53 per diluted share.

Operating revenues saw an increase to $3.0 billion, up seven percent. Income from railway operations also saw an improvement to $998 million, up 18 percent. Operating ratio for the railroad saw an improvement by four percent to 67.0 percent.

“Norfolk Southern reported another record-setting quarter during which we achieved our best third-quarter results in revenues, operating income, net income, earnings per share and operating ratio,” CEO Wick Moorman said. “Higher traffic volumes along with continued gains in productivity drove these excellent results. We remain focused on ensuring we can support continued demand for freight rail transportation by hiring additional employees, investing in new equipment, and completing capacity projects in order to provide our customers with the freight rail service they expect today and in the future.”

 

union_pacific_logoUnion Pacific railroad reports record financial results are at an all-time high for the third quarter in a press release Oct. 23. Net income came in at a $1.4 billion or $1.53 per diluted share, a 23 percent improvement. Last year’s results for the same quarter were at $1.15 billion or $1.24 per diluted share.

Operating revenues increased 11 percent to $6.2 billion versus the $5.6 billion the railroad saw in the same quarter last year. Operating income also saw an increase to $2.3 billion, up 19 percent over last year’s numbers. Operating ratio saw an improvement of 2.5 points to 62.3 percent.

The railroad attributes these new records to a seven percent increase in revenue carloads, a coal volumes increase and volume incre
ases in agricultural products, industrial products, intermodal, automotive and chemicals.

“Union Pacific achieved record quarterly financial results, leveraging the strengths of our diverse franchise to handle strong volume growth,” CEO Jack Koraleski said. “As we continue to focus on improving our service, we are encouraged by the accomplishments we achieved in the quarter, including a two and a half point improvement in our operating ratio to a record 62.3 percent.”

BNSF reported a 16 percent increase in profit for the second quarter 2012 versus second quarter 2011.

BNSF’s second quarter 2012 operating ratio of 71.1 percent was a more than 3 percentage point improvement over second quarter 2011. 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.

BNSF operates in 28 states and two Canadian provinces

 

Canadian National reported a 17 percent increase in profit for the second quarter 2012 versus second quarter 2011. The railroad said its revenue was helped by a nine-day strike at Canadian Pacific – the additional traffic overcoming declines in coal, fertilizer and grain shipments.

CN’s second quarter 2012 operating ratio of 61.3 was unchanged from second quarter 2011. 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.

CN is primarily a Canadian railroad. Its U.S. holdings include what were formerly Detroit, Toledo & Ironton; Elgin, Joliet & Eastern; Grand Trunk Western; Illinois Central; and Wisconsin Central.

 

Canadian Pacific reported 20 percent drop in profit for the second quarter 2012 versus second quarter 2011, citing a nine-day strike.

CP’s second quarter 2012 operating ratio weakened to 82.5 percent from the second quarter 2011 operating ratio of 81.7. Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.

Canadian Pacific is primarily a Canadian railroad. Its U.S. holdings include Class I Soo Line and regional railroad Delaware & Hudson.

  

CSX reported a 1.2 percent improvement in profit for the second quarter 2012 versus second quarter 2011. CSX said a 27 percent jump in automotive traffic and an 8 percent increase in trailers and containers offset a significant decline in coal traffic volume.

The CSX second quarter 2012 operating ratio of 68.7 percent was an improvement over the 69.3 percent operating ratio for the second quarter 2011. 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.

CSX operates some 21,000 route miles in 23 states and the District of Columbia.

 

Kansas City Southern reported a 70 percent improvement in profit for the second quarter 2012 versus second quarter 2011, citing a gain from financial restructuring along with a 23 percent boost in trailers and containers and a 15 percent gain in automotive revenue, which overcame a 24 percent drop in coal traffic.

KCS’s second quarter 2012 operating ratio of 70.5 was 1.2 percentage point improvement over the second quarter 2011 operating ratio of 71.7. Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.

KCS operates some 3,500 route miles in 10 states in the Central and South-Central U.S., as well as Kansas City Southern de Mexico, a primary Mexican rail line.

 

Norfolk Southern reported a 5.9 percent slide in profit for the second quarter 2012 versus second quarter 2011. Coal is a major source of revenue for Norfolk Southern, and a 15 percent plunge in coal revenue could not be offset by increases in revenue from automotive and chemicals traffic and trailers and containers.

NS’s second quarter 2012 operating ratio of 67.5 – a record quarterly low for the railroad — was a significant two-percentage-point improvement from the 69.5 percent operating ratio in second quarter 2011. 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.

Norfolk Southern operates some 20,000 route miles in 22 states and the District of Columbia.

 

Union Pacific profit rose 28 percent in second quarter 2012 compared with second quarter 2011. The railroad said higher freight rates and fuel surcharges, along with growing demand, offset weak coal volume. UP said it was the “best-ever quarterly results.”

Union Pacific’s second quarter 2012 operating ratio of 67.0 percent was a 4.3 percentage point improvement over the 71.3 percent operating ratio for the second quarter 2011. 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.

Union Pacific operates some 32,000 route miles in 23 states in the western two-thirds of the U.S.

BNSF second quartaer results have not yet been reported.

BNSF reported a 15 percent increase in profit forf the first quarter 2012 versus first quarter 2011, citing improved pricing and higher fuel surcharges.

BNSF’s first quarter 2012 operating ratio of 74.4 percent was one percentage point lower than for the first quarter 2011. 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.

BNSF operates in 28 states and two Canadian provinces.

 

Canadian National reported a 16 percent increase in profit for the first quarter 2012 versus first quarter 2011, saying its bottom line was helped by a mild winter and improved economic conditions.

CN’s first quarter 2012 operating ratio of 66.2 percent was almost 3 percentage points better than its 69.0 operating ratio for the first quarter 2011. 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.

CN is primarily a Canadian railroad. Its U.S. holdings include what were formerly Detroit, Toledo & Ironton; Elgin, Joliet & Eastern; Grand Trunk Western; Illinois Central; and Wisconsin Central.

 

Canadian Pacific reported a 318 percent increase in profit for the first quarter 2012 versus first quarter 2011.

The key was a more than 10 percentage point improvement in CP’s operating ratio, which fell to 80.1 percent for the first quarter 2012 – down from 90.6 for the first quarter 2011. 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.

Canadian Pacific is primarily a Canadian railroad. Its U.S. holdings include Class I Soo Line and regional railroad Delaware & Hudson.

 

Even with sharply reduced coal loadings, CSX reported a 14 percent increase in profit for the first-quarter 2012 versus first-quarter 2011. CSX credited price hikes and increased shipments of automobiles, metals and intermodal (trailers and containers on flatcars) as the reason.

CSX said coal loadings for the quarter were down 14 percent, but automobile and auto-related traffic rose 18 percent.

The CSX first-quarter 2012 operating ratio of 71.1 percent was a record for the first quarter. 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.

CSX operates some 21,000 route miles in 23 states and the District of Columbia.

Kansas City Southern  reported a 17 percent improvement in profit for the first quarter 2012 versus first quarter 2011, with the railroad citing “robust” intermodal and automotive traffic along with “growing cross-border traffic with Mexico.”

KCS’s first quarter 2012 operating ratio of 71.2 was 2.6 percentage points improved from its operating ratio for the first quarter 2011. 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 operates some 3,500 route miles in 10 states in the Central and South-Central U.S., as well as Kansas City Southern de Mexico, a primary Mexican rail line.

 

Norfolk Southern reported a 26 percent improvement in profit for the first quarter 2012 versus first quarter 2011, citing pricing strength and an increase in intermodal traffic that offset a 6 percent reduction in coal traffic.

NS’s first quarter 2012 operating ratio of 73.3 was improved from the 74.9 percent operating ratio for first quarter 2011. 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.

Norfolk Southern operates some 20,000 route miles in 22 states and the District of Columbia.

 

Union Pacific reported a 35 percent improvement in profit for the first quarter 2012 versus first quarter 2011, with the railroad citing a 15 percent increase in shipments of automobiles and gains in the number of carloads of other industrial products that offset dampening demand for coal transport.

UP’s first quarter 2012 operating ratio of 70.5 was 4.2 percentage points better than for the first quarter 2011. 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.

Union Pacific operates some 32,000 route miles in 23 states in the western two-thirds of the U.S.

CANADIAN NATIONAL

Canadian National reported a 9 percent increase in profit for calendar-year 2011 versus calendar-year 2010.

The CN calendar-year operating ratio of 63.5 percent was a slight improvement over the 63.6 percent operating ratio for calendar-year 2010. 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.

CN said “solid operational and service performance helped CN deliver exceptional financial results.”

CN is primarily a Canadian railroad. Its U.S. holdings include what were formerly Detroit, Toledo & Ironton; Elgin, Joliet & Eastern; Grand Trunk Western; Illinois Central; and Wisconsin Central.

 

CANADIAN PACIFIC

Canadian Pacific reported a 12 percent reduction in profit for calendar-year 2011 versus calendar-year 2010.

The CP calendar-year 2011 operating ratio of 81.3 was a steep increase from the 77.6 percent calendar-year 2010 operating ratio. 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 said, “We exited 2011 having made meaningful progress on the three pillars of our multi-year plan: driving growth, expanding network capacity to safely and efficiently support higher volumes and controlling costs.

Canadian Pacific is primarily a Canadian railroad. Its U.S. holdings include Class I Soo Line and regional railroad Delaware & Hudson.

 

CSX

Despite reductions in agricultural, chemicals, coal and intermodal shipments, CSX reported an 11 percent increase in profit for calendar-year 2011 versus calendar-year 2010.

The CSX calendar-year operating ratio of 70.9 percent was an improvement from the 71.1 percent operating ratio for calendar-year 2010. 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. For the fourth quarter 2011, the CSX operating ratio increased to 71.5 percent from 70.0 percent for the fourth-quarter 2010.

CSX Chairman Michael Ward told investors, “Our performance in 2011 has set a strong foundation for growth.”

CSX operates some 21,000 route miles in 23 states and the District of Columbia.

 

KANSAS CITY SOUTHERN

Kansas City Southern reported a 26 percent increase in profit for calendar-year 2011 versus calendar-year 2010.

The KCS calendar-year operating ratio was 70.9 percent versus 73.2 percent for calendar-year 2010. 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. For the fourth quarter 2011, the KCS operating ratio was 71.6 percent, an improvement from fourth-quarter 2010.

The railroad said 2011 was “the first time in our railroad’s 125 years we attained over $2 billion revenue and two million carloads.”

KCS operates some 3,500 route miles in 10 states in the Central and South-Central U.S., as well as Kansas City Southern de Mexico, a primary Mexican rail line.

 

NORFOLK SOUTHERN

Norfolk Southern reported a 28 percent increase in profit for calendar-year 2011 versus calendar-year 2010.

The railroad’s calendar-year 2011 operating ratio of 71.2 percent was a 1 percentage point improvement over calendar-year 2010. 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.

NS said said it “achieved all-time records for revenues, operating income, net income, and earnings per share during 2011, and set fourth-quarter records for revenues, net income, and earnings per share.”

Norfolk Southern operates some 20,000 route miles in 22 states and the District of Columbia.

UNION PACIFIC

Union Pacific reported an 18 percent increase in profit for calendar-year 2011 versus calendar-year 2010, citing improvements in “core pricing.”

UP’s calendar-year 2011 operating ratio of 70.7 percent was but one-tenth of one-percent off its record 70.6 percent operating ratio for 2010. 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. UP’s operating ratio of 68.3 percent was a record fourth-quarter low, and almost two percentage points improved from its 2010 fourth-quarter operating ratio.

UP said it still had 1,030 employees on furlough at year-end – down from 1,500 at year-end 2010 and well below the 4,200 on furlough at the end of 2009.

“We expect continued slow but steady economic growth in 2012,” Union Pacific CEO Jim Young said.

Union Pacific operates some 32,000 route miles in 23 states in the western two-thirds of the U.S.

BNSF, which is privately held, has not yet posted its 2011 financial results. They will be added when available.

BNSF reported a 9 percent improvement in profit for the third quarter 2011 versus the third quarter 2010.

The third-quarter operating ratio of 71.7 percent was slightly higher than the 70.8 percent for third-quarter 2010. 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.

BNSF, which is privately held by Berkshire Hathway, operates 28,000 route miles in 28 states and two Canadian provinces.

Canadian National reported a 19 percent increase in profit for the third quarter 2011 versus the third quarter 2010.

CN said a 4 percent increase in carloadings and a 9 percent increase in revenue, coupled with “rigorous cost control” drove its higher third quarter earnings.

CN’s third quarter 2011 operating ratio of 59.3 percent improved from the 60.7 percent operating ratio during the third quarter 2010. 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.

CN is primarily a Canadian railroad. Its U.S. holdings include what were formerly Detroit, Toledo & Ironton; Elgin, Joliet & Eastern; Grand Trunk Western; Illinois Central; and Wisconsin Central.


Canadian Pacific’s third quarter 2011 profit fell by 5 percent versus third quarter 2010.

CP’s third quarter 2011 operating ratio deteriorated to 75.8 percent, more than two percentage points higher than its 73.7 percent operating ratio for the third quarter 2010. 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.

Canadian Pacific is primarily a Canadian railroad. Its U.S. holdings include Class I Soo Line and regional railroad Delaware & Hudson.

CSX reported a 12 percent increase in profit for the third quarter 2011 versus the third quarter 2010, much of it the result of higher freight rates as traffic volume slowed.

The railroad said higher fuel surcharges improved its bottom line, offsetting higher costs. CSX said also that its earnings were helped by increased coal exports to China that offset a weakness in domestic coal shipments. Coal accounts for some 33 percent of CSX revenue.

CSX’s third quarter 2011 operating ratio deteriorated to 70.4 percent versus 69.1 percent for the third quarter 2010. 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.

CSX operates some 21,000 route miles in 23 states and the District of Columbia.


Kansas City Southern reported a 99 percent improvement in profits for the third quarter 2011 versus third quarter 2010, driven by higher freight rates and a record level of carloadings, boosted through increased production of automobiles in Mexico destined for U.S. markets.

“These achievements are all the more impressive given the operating challenges caused by prolonged flooding in the Midwest, particularly along the Missouri River,” said CEO David Starling. “The flooding resulted in the closure of a primary rail line into Kansas City from mid-June through Labor Day, which significantly disrupted grain and coal traffic.”

KCS’s operating ratio of 66.6 for the third quarter 2011 was a sharp improvement from the 73.5 percent in third quarter 2010. 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 operates some 3,500 route miles in 10 states in the Central and South-Central U.S., as well as Kansas City Southern de Mexico, a primary Mexican rail line.

Norfolk Southern reported a 24 percent increase in third quarter profit versus third quarter 2010, citing increased freight rates and a 23 percent boost in coal hauled for export.

The third quarter produced for NS “all-time records for income from operations and earnings per share, while also establishing third-quarter records for net income and operating ratio,” said NS CEO Wick Moorman.

The NS third quarter 2011 operating ratio of 67.5 was a third-quarter record low and 2.1 percentage points below its third-quarter 2010 operating ratio of 69.6 percent. 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.

NS operates some 20,000 route miles in 22 states and the District of Columbia.

Union Pacific reported a 16 percent increase in profits for the third quarter 2011 versus third quarter 2010, citing price increases and fuel surcharges in the face of a sluggish economy, weather-related difficulties in parched Texas and sharply higher fuel prices.

UP’s operating ratio of 69.1 percent for the third quarter 2011 was slightly higher than the record 68.2 percent operating ratio it posted in the third quarter 2010. 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.

Union Pacific operates some 32,000 route miles in 23 states in the western two-thirds of the U.S.

As BNSF is now privately held, it does not report its earnings.

Canadian National:

Canadian National Railway July 25 reported an 8 percent increase in profit for the second quarter 2011 versus the second quarter 2010, citing a 10 percent increase in intermodal loadings (trailers and containers on flat cars) and a 14 percent increase in intermodal revenue.

CN’s second quarter 2011 operating ratio of 62.3 percent showed little change from the 61.2 percent for the second quarter 2010. 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.

CN is primarily a Canadian railroad. Its U.S. holdings include what were formerly Detroit, Toledo & Ironton; Elgin, Joliet & Eastern; Grand Trunk Western; Illinois Central; and Wisconsin Central.

Canadian Pacific:

Canadian Pacific Railway’s second quarter 2011 profit fell by 23 percent versus second quarter 2010, owing to widespread and prolonged flood disruptions, said the carrier.

CP’s second quarter 2011 operating ratio of 88.8 was four percentage points higher than the operating ratio for the second quarter 2010. 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.

Canadian Pacific is primarily a Canadian railroad. Its U.S. holdings include Class I Soo Line and regional railroad Delaware & Hudson.

CSX:

CSX July 19 reported a 22 percent increase in profit for the second quarter 2011 versus the second quarter 2010, much of it the result of higher freight rates as traffic volume slowed.

CSX said the improved profits will allow $2.2 billion in spending to make improvements to its tracks, yards and signals, and purchase additional locomotives and freight cars. The railroad also said it will increase employment by 4 percent in 2011, double its proposed headcount increase announced earlier in the year.

CSX’s second quarter 2011 operating ratio declined to 69.3, versus 7.2 for the second quarter 2010. 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.

CSX operates some 21,000 route miles in 23 states and the District of Columbia

Kansas City Southern:

Kansas City Southern July 21 reported a 19 percent improvement in profits for the second quarter 2011 versus second quarter 2010, driven by improved auto, intermodal and coal traffic as it established records for the number of carloads handled.

Its operating ratio of 71.7 was almost a full percentage point better than its operating ratio in the second quarter 2010. 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.

KCS operates some 3,500 route miles in 10 states in the Central and South-Central U.S., as well as Kansas City Southern de Mexico, a primary Mexican rail line.

Norfolk Southern:

Norfolk Southern July 26 reported a record second-quarter profit – a 42 percent improvement for second quarter 2011 versus second quarter 2010. The railroad cited increased intermodal traffic (trailers and containers on flat cars) and coal loadings as significant contributors to the improved earnings.

The NS second quarter 2011 operating ratio of 69.5 percent was slightly improved from the 69.9 percent for second quarter 2010. 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.

NS operates some 20,000 route miles in 22 states and the District of Columbia.

Union Pacific:

Union Pacific July 21 reported a 10 percent increase in profits for the second quarter 2011 versus second quarter 2010, citing prices increases and an 11 percent increase in chemicals and agricultural carloads. The railroad said it was the best-ever quarterly earnings.

UP’s operating ratio of 71.3, however, was 1.9 percent higher than second quarter 2010. 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.

UP said it plans to hire some 4,500 new workers by the end of 2011 – 3,000 to replace those retiring and 1,500 to new positions.

Union Pacific operates some 32,000 route miles in 23 states in the western two-thirds of the U.S.

 As BNSF is now privately held, it does not report quarterly earnings.