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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

In a recent decision (Wisconsin Central Ltd., et al v. United States), the U.S. Supreme Court ruled that non-qualified stock options granted to railroad employees are not considered compensation under the Railroad Retirement Tax Act of 1937, and are, therefore, not subject to taxation.
As a result, certain railroad employers and employees who previously paid railroad retirement taxes based on the exercise of such stock options may be eligible for tax refunds through the Internal Revenue Service (IRS).
Railroad employees and railroad retirement annuitants considering filing for such a tax refund should know that doing so may reduce the amount of their total creditable railroad compensation. Under the Railroad Retirement Act (RRA), creditable compensation is a factor in the computation of a railroad retirement annuity. A reduction in compensation could cause a reduction in an annuitant’s monthly benefit rate, and may result in an overpayment. For active employees, a change in creditable compensation may impact any estimated annuity amounts they were previously given by the Railroad Retirement Board (RRB).
At this time, the RRB is able to provide guidance to only a select group of individuals trying to determine if their total creditable railroad compensation will be reduced and/or if their annuity amounts will change as a result of claiming refunds of taxes paid on non-qualified stock options. That group is comprised of those individuals who have been identified by their railroad employers as employees whose regular earnings met the maximum compensation taxable caps without the inclusion of the stock option payment. In those cases, if the employees file claims for refunds of taxes paid on the stock option payment, payment of the refund will not impact their annuity rate computations. Employees who believe they are members of this group should review their consent letters to confirm whether they have been reported by their employers to be a “Medicare Tax Only” employee. If you are uncertain whether you are a “Medicare Tax Only” employee, please contact your railroad employer. Employees may also call the RRB’s toll-free number at 877-772-5772 if there are any other questions.
The RRB is currently unable to provide guidance to individuals not in the above group. The agency’s three-member board (appointed by the President with the advice and consent of the Senate, and representing rail labor, rail management and the public interest) has the authority to determine what effect, if any, the court’s decision will have on the RRB’s administration of the RRA. However, the position of chairman of the board is currently vacant, and the management member of the board must recuse himself from this issue as he previously worked for a railroad and received non-qualified stock options. The labor member of the board alone lacks statutory authority to make a decision, as a two-member quorum is required by law.
It is expected that in the first quarter of 2019, the agency will get a three-member board in place that will be able to make policy decisions related to this matter. The RRB is currently in discussions with the IRS to determine if it is possible to hold open the period for railroad employees and retirees to file claims for tax refunds until such time as the RRB gets a three-member board in place. The RRB would then be better able to provide information regarding the effect on RRB benefits to those needing assistance.
Read more about how to apply for the refunds and court decision.


Net Earnings: Increased 34 percent to $1.4 billion
Revenue: Increased 16 percent to $6.1 billion
Operating Income: Increased 9 percent to $2.1 billion
Operating Expenses: Increased 20 percent to $4.0 billion
Operating Ratio: Increased 2.1 points to 64.5 percent
Click here to read BNSF’s full earnings report.
 

Net Earnings: Increased 18 percent to C$1,134 million
Earnings Per Share: Diluted earnings per share increased 21 percent to C$1.54
Revenue: Increased 14 percent to a record C$3,688 million
Operating Income: Increased 8 percent to C$1,492 million
Operating Expenses: Increased 19 percent to C$2,196
Operating Ratio: Increased 2.3 points to 59.5 percent
Click here to read CN’s full earnings report.
 

Net Earnings: Increased 22 percent to C$622 million
Earnings Per Share: Diluted earnings per share increased 24 percent to a record C$4.35
Revenue: Increased 19 percent to a record C$1.9 billion
Operating Income: Increased 27 percent to C$790 million
Operating Expenses: Increased 14 percent to C$1,108 million
Operating Ratio: Decreased 270 points to a record low of 58.3 percent
Click here to read CP’s full earnings report.
 

Net Earnings: Increased 106 percent to $894 million
Earnings Per Share: Increased to $1.05 per share from $0.51 per share
Revenue: Increased 14 percent to $3.13 billion
Operating Income: Increased 49 percent to $1.29 billion
Operating Expenses: Declined 2 percent to $1,84 billion
Operating Ratio: Improved 970 basis points to a record 58.7 percent
Click here to read CSX’s full earnings report.
 

Net Earnings: Increased to $174 million from $129 million
Earnings Per Share: Diluted earnings per share increased 38 percent to $1.70
Revenue: Increased 6 percent to a record $699 million
Operating Income: Increased 14 percent to $265 million
Operating Expenses: Increased to $433.6 million from $422.8 million
Operating Ratio: Improved 2.4 basis points to 62 percent
Click here to read KCS’s full earnings report.
 

Net Earnings: Increased 39 percent to $702 million
Earnings Per Share: Diluted earnings per share increased 44 percent to a third quarter record of $2.52
Revenue: Increased 10 percent to $2.9 billion
Operating Income: Increased 14 percent to a third quarter record of $1.0 billion
Operating Expenses: Increased 9 percent to $1.9 billion
Operating Ratio: Declined 1.1 basis points to a record 65.4 percent
Click here to read NS’s full earnings report.
 

Net Earnings: Increased from $1.2 billion to $1.6 billion
Earnings Per Share: Increased 43 percent from $1.50 to a record $2.15 per diluted share
Revenue: Increased 10 percent to $5.9 billion
Operating Income: Increased 9 percent to $2.3 billion
Operating Expenses: Increased 10 percent from $3.3 billion to $3.7 billion
Operating Ratio: Stayed flat at 61.7 percent
Click here to read UP’s full earnings report.
 
Financial results of the largest shortline:
 

Net Earnings: Increased to $69.6 million from $50.2 million
Earnings Per Share: Increased 45 percent to $1.16
Revenue: Increased 11.5 percent to $355.7 million from $318.9 million
Operating Income: Increased 24.7 percent to $102.5 million, up from $82.2 million
Operating Expenses: Increased to $253,225 from $236,724
Operating Ratio: Improved 3 points to 71.2 percent from 74.2 percent
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 2017’s third quarter financial 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.


Net Earnings: Increased 27 percent to C$1,310 million; diluted earnings per share increased 30 percent to C$1.77
Revenue: Increased 9 percent to C$3,631 million
Operating Income: Increased 7 percent to C$1,519 million
Operating Ratio: Increased 0.7 points to 58.2 percent (worsened as compared to the same period in 2017, but an improvement from the first quarter 2018)
Click here to read CN’s full earnings report.
 

Net Earnings: Decreased 9 percent to C$436 million from C$480 million; Diluted earnings per share declined 7 percent to C$3.04, down from C$3.27
Revenue: Increased 7 percent to C$1.75 billion from C$1.64 billion
Operating Income: Increased 3 percent to C$627 million
Operating Ratio: Increased 140 basis points to 64.2 as compared to last year’s 62.8 percent
Click here to read CP’s full earnings report.
 

Net Earnings: $877 million or $1.01 per share, up from $510 million or $0.55 per share
Revenue: Increased 6 percent to $3.10 billion
Operating Income: Increased 34 percent to $1.28 billion from $957 million
Operating Ratio: An all time company quarterly record of 58.6 percent as compared to last year’s 67.4 percent
Click here to read CSX’s full earnings report.
 

Net Earnings: Increased to $149 million or $1.45 per diluted share, as compared to last year’s $135 million or $1.27 per diluted share. Adjusted diluted earnings per share increased 16 percent to a record $1.54
Revenue: Increased 4 percent to a record $682 million
Operating Income: Increased 3 percent to a record $246 million
Operating Ratio: Increased 0.5 points to 64 percent as compared to 63.5 percent a year ago
Click here to read KCS’s full earnings report.
 

Net Earnings: Increased 43 percent to $710 million; Diluted earnings per share increased 46 percent to $2.50 per share
Revenue: Increased 10 percent to $2.9 billion
Operating Income: Increased 18 percent to a record $1.0 billion
Operating Ratio: A record 64.6 percent
Click here to read NS’s full earnings report.
 

Net Earnings: Increased to $1.5 billion from $1.2 billion, or a record $1.98 diluted earnings per share an increase of 37% from $1.45 per share
Revenue: Increased 5 percent to $2.1 billion
Operating Income: Increased 8 percent to $5.7 billion
Operating Ratio: Increased 1.1 points to 63.0 percent
Click here to read UP’s full earnings report.
 

Financial results of the largest U.S. shortline:


Net Earnings: Decreased to $44.2 million or $0.73 diluted earnings per share from $46 million or $0.74 per share
Revenue: Increased 7.6 percent to $339.6 million from $315.7 million
Operating Income: Increased 0.7 percent to $80.3 million from $79.7 million
Operating Ratio: Increased 1.6 points to 76.4 percent
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 2017’s second quarter financial results for each railroad.


Net Earnings: Up 37 percent, to $1.1 billion
Revenue: $5.6 billion, an increase of 8 percent
Operating Income: $1.74 billion, up from $1.58 billion a year ago
Operating Ratio: Increased to 68.5 percent, but down from 69.2 percent a year ago
Click here to read BNSF’s full earnings report. (PDF)
 

Net Earnings: Increased 16 percent to C$741 million from C$884 million; diluted earnings per share decreased by 14 percent to C$1.00 from C$1.16
Revenue: Decreased C$12 million to C$3,194 million from C$3,206 million
Operating Income: Decreased 16 percent to C$1,030 million from C$1,224 million
Operating Ratio: Increased 6.0 points to 67.8 percent from 61.8 percent
Click here to read CN’s full earnings report.
 

Net Earnings: Decreased 19 percent from C$431 million to C$348 million; diluted earnings per share decreased 18 percent to C$2.41 from C$2.93
Revenue: Increased 4 percent to C$1.66 billion from C$1.60 billion
Operating Income: Decreased 11 percent to C$540 million from C$604 million
Operating Ratio: Increased 510 basis points to 67.5 percent
Click here to read CP’s full earnings report.
 

Net Earnings: A record $695 million or $0.78 per share as compared to 2017’s $362 million or $0.39 per share
Revenue: Remained flat at $2.88 billion
Operating Income: Increased 36 percent to $1.04 billion from $769 million from the same quarter in 2017
Operating Ratio: Improved 950 basis points to 63.7 percent from 73.2 percent in 2017
Click here to read CSX’s full earnings report.
 

Net Earnings: Decreased to $145 million or $1.40 diluted earnings per share from $147 million or $1.38 per share
Revenue: Increased 5 percent to a record $639 million, up from $610 million
Operating Income: Increased 4 percent to a record $219 million from $211 million
Operating Ratio: Increased to 65.8 percent from 65.4 percent
Click here to read KCS’ full earnings report.
 

Net Earnings: Increased 27 percent to a record $552 million from $757 million; diluted earnings per share increased 30 percent to a record $1.93 from $1.48
Revenue: Increased 6 percent to $2.7 billion from $2.6 billion
Operating Income: Increased 10 percent to a record $835 million from $757 million
Operating Ratio: A record 69.3 percent down from 70.6 percent
Click here to read NS’ full earnings report.
 

Net Earnings: Increased to $1.3 billion from $1.1 billion; diluted earnings per share increased 27 percent to a record $1.68 from $1.32 per share.
Revenue: Increased 7 percent to $5.5 billion, up from $5.1 billion
Operating Income: Increased 8 percent to $1.9 billion from $1.8 billion
Operating Ratio: Improved 0.6 points to 64.6 percent from 65.2
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 2017’s first quarter financial results for each railroad.

4th Quarter 2017

Net Earnings: $552 million or $5.33 per diluted share, compared with 2016’s $130 million or $1.21 per diluted share
Revenue: 4th quarter record of $660 million, a 10 percent increase
Operating Income: 4th quarter record of $238 million, a 13 percent increase
Operating Ratio: 64.0 percent, 0.8 point improvement over fourth quarter 2016

2017 Annual Earnings

Net Earnings: $964 million or $9.16 per diluted share, as compared to 2016’s $480 million or $4.43 per diluted share
Revenue: A record $2.6 billion, up 11 percent from 2016
Operating Income: A record $922 million, a 13 percent increase
Operating Ratio: A record 64.3 percent, a 0.6 improvement
Click here to read KCS’s full earnings report

4th Quarter 2017

Net Earnings: Increased by 156 percent to C$2,611 million and diluted earnings per share increased by 164 percent to C$3.48
Revenue: Increased 2 percent to C$3,285 million
Operating Income: Decreased by 7 percent to C$1,301 million
Operating Ratio: 60.4 percent, an increase of 3.8 points

2017 Annual Earnings

Net Earnings: Increased 51 percent to C$5,484 million and diluted earnings per share increased 55 percent to C$7.24
Revenue: Increased 8 percent to C$13,041 million
Operating Income: Increased 5 percent to C$5,558 million
Operating Ratio: 57.4 percent, an increase of 1.5 points
Click here to read CN’s full earnings report

4th Quarter 2017

Net Earnings: Increased 156 percent to a record C$984 million from C$384 million and diluted earnings per share increased by 159 percent to C$6.77 from C$2.61
Revenue: A record 4th quarter with an increase of 5 percent to C$1.71 billion, up from C$1.64 billion
Operating Income: Increased 5 percent to C$753 million
Operating Ratio: A record 56.1 percent, an improvement of 10 basis points

2017 Annual Earnings

Net Earnings: Increase of 50 percent to C$2.4 billion
Revenue: Increased 5 percent to C$6.55 billion from C$6.23 billion
Operating Income: Increased 8 percent to C$2.8 billion from C$2.6 billion
Operating Ratio: Improved 40 basis-points to a record 58.2 percent from 58.6 percent
Click here to read CP’s full earnings report

4th Quarter 2017

Net Earnings: $4.1 billion or $4.62 per share, up from $458 million or $0.49 per share
Revenue: Decreased 6 percent to $2,863 million from $3,037 million
Operating Income: Increased by 12 percent to $1.12 billion from $1.00 billion
Operating Ratio: Improved 6.1 basis points to 60.9 percent from 67.0 percent

2017 Annual Earnings

Net Earnings: Increased 219% to $2.3 billion from $1.02 billion
Revenue: Increased by 3 percent to $11.4 billion, up from $11.07 billion
Operating Income: $3.7 billion, up 8 percent from $3.4 billion
Operating Ratio: 67.9 percent, improvement from 69.4 percent
Click here to read CSX’s full earnings report

4th Quarter 2017

Net Earnings: Increased 17 percent to $3,968 million and diluted earnings per share (EPS) increased 19 percent to $13.79 (adjusted EPS is a record $1.69)
Revenue: Increased 7 percent to $2,669 million from $2,490 million
Operating Income: Increased 13 percent to $1,014 million from $761 million
Operating Ratio: 62.0 percent, improved over 67.7 percent

2017 Annual Earnings

Net Earnings: Increased 15 percent to $5,404 million and increased 18 percent to a record diluted earnings per share of $18.61 (or $6.61 adjusted EPS)
Revenue: Increased 7 percent to $10.6 billion from $9.89 billion
Operating Income: Increased 12 percent to $3,586 million from $3,074 million
Operating Ratio: Improved by 2 percent to a record 67.4 percent from 68.9 percent
Click here to read NS’s full earnings report

4th Quarter 2017

Net Earnings: Increased to $7.3 billion or $9.25 per diluted share as compared to $1.1 billion or $1.39 per diluted share
Revenue: Increased 5 percent to $5.5 billion from $5.2 billion
Operating Income: Increased 4 percent to $2,039 million from $1,965 million
Operating Ratio: Improved 0.6 points to 62.6 percent from 62.0 percent

2017 Annual Earnings

Net Earnings: $10.7 billion or $13.36 earnings per share, from $4.2 billion or $5.07 per diluted share
Revenue: Increased to $21.2 billion from $19.9 billion
Operating Income: $7.8 billion from $7.3 billion, an 8 percent increase
Operating Ratio: Improved 0.5 points to 63 percent from 63.5 percent
Click here to read UP’s full earnings report

Note: Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.

WASHINGTON (Jan. 11, 2018) — The National Transportation Safety Board (NTSB) issued four railroad related safety recommendations in concert with the agency’s publication of two railroad accident briefs Thursday, Jan. 11.

The recommendations and briefs stem from the NTSB’s investigations of a railroad employee fatality in Kansas City, Kansas, and a derailment near Heimdal, N.D. The accidents are unrelated.

Recommendation to Union Pacific concerning employee fatality

A Union Pacific Railroad (UP) foreman died after being struck by a remote-control train during switching operations at the east end of Armourdale Yard, Kansas City, Sept. 29, 2015. The NTSB determined the probable cause of the accident was the foreman being in the gage of the track, for unknown reasons, while a train switching movement was being performed by another crew. The report also states inadequate radio communications and inadequate work coordination between crews working in the yard contributed to the accident.

In the course of the investigation the NTSB learned Union Pacific employees received frequent, non-critical, man-down alarms which the NTSB believes likely reduced the attention and reaction crewmembers made to actual critical alarms.

A man-down alarm is an audible warning transmitted of the yard’s radio channels from a remote-control unit (used to remotely control locomotives in the yard) indicating the remote-control unit is not in a vertical position and its operator may be in danger. As a result of the investigation the NTSB issued a safety recommendation to the Union Pacific Railroad to develop and implement a modification to the man-down alarms that would allow workers to differentiate between legitimate and non-critical alarms.

Recommendation to BNSF concerning derailment

A broken wheel led to the derailment of six of the 107 loaded tank cars carrying crude oil in a Burlington Northern Santa Fe crude (BNSF) oil unit train May 6, 2015, near Heimdal, N.D. No injuries or fatalities were reported in connection with the derailment, however five of the derailed tank cars breached, releasing about 96,400 gallons of crude oil. A fire ensued, forcing the evacuation of about 30 people from Heimdal and the surrounding area due to the smoke plume.

The NTSB determined the left wheel, in the second position on car 81 was broken due to a vertical split rim which led to catastrophic failure of the wheel due to multiple overstress fractures.

As a result of the investigation the NTSB issued two safety recommendations to the Federal Railroad Administration (FRA) to research and evaluate wheel impact load thresholds and to mandate remedial actions for railroads to avoid or identify mechanical defects identified by wheel impact load detectors.

A third recommendation was issued to both the FRA and the Association of American Railroads (AAR) seeking collaboration in evaluation of safe peak vertical load thresholds to determine remedial actions for suspected defective wheel conditions in high-hazard flammable train service.

The Heimdal, North Dakota, railroad accident brief is available online at http://go.usa.gov/xndbK and the Kansas City, Kansas, railroad accident brief is available at https://go.usa.gov/xndbN.

 

 
 
 
 
Net Earnings: $459 million or $0.51 per share, up from $455 million or $0.49 per share for the same period last year
Revenue: Increased 1 percent to $2,743 million
Operating Income: Improved 4 percent to $876 million
Operating Ratio: Improved 90 basis points to 68.1 percent
Click here to read CSX’s full earnings report.
 

 
 
 
 
 
 
 
Net Earnings: Increased to $130 million or $1.23 per diluted share
Revenue: Increased 9 percent to $657 million
Operating Income: Increased 17 percent to $234 million, a third quarter record
Operating Ratio: Improved 2.5 points to 64.4 percent, a third quarter record
Click here to read KCS’s full earnings report.
 

 
 
 
 
Net Earnings: Increased 47 percent to C$510 million or 50 percent to C$3.50 diluted earnings per share
Revenue: Increased 3 percent to C$1.6 billion, up from C$1.55 billion
Operating Income: Increased 5 percent to C$690 million, up from C$657 million
Operating Ratio: Improved 100 basis points to 56.7 percent from 57.7 percent
Click here to read CP’s full earnings report.
 

 
 
 
 
 
 
 
Net Earnings: Increased to $1.2 billion or $1.50 per diluted share
Revenue: Up 5 percent from $5.4 billion
Operating Income: Increased 3 percent to $2.0 billion
Operating Ratio: Increased 0.7 points to 62.8 percent
Click here to read UP’s full earnings report.
 

 
 
 
 
Net Earnings: Decreased 1 percent to C$958 million, while diluted earnings per share increased 2 percent to C$1.27
Revenue: Increased 7 percent to C$3,221 million
Operating Income: Increased 4 percent to C$1,459 million
Operating Ratio: Increased 1.4 points to 54.7 percent
Click here to read CN’s full earnings report.
 

 
 
 
Net Earnings: Up 10 percent to $506 million or diluted earnings per share up 13 percent to $1.75
Revenue: Increased 6 percent to $2.7 billion
Operating Income: Up 11 percent to $911 million
Operating Ratio: 65.9 percent, a quarterly record
Click here to read NS’s full earnings report.
 

Note: Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.

Earlier this year, Union Pacific instituted a revised attendance policy for transportation employees.  This new policy contained the following provision which allowed them to discipline employees who utilized their collectively bargained compensated leave days (personal leave, vacation, etc.):

Q: 7. Are personal leave or single vacation day(s) subject to review under the Attendance Policy?

A: Personal leave and/or single vacation days may be subject to review if the use of these days indicates a frequency or pattern of avoiding work and failing to protect one’s employment on a full time basis.

Such compensated time is part of the collective bargaining/agreement bedrock guaranteed to operating employees. Unilateral changes to how such compensated time is utilized is highly improper under the Railway Labor Act.
In response, SMART TD General Chairpersons Brent Leonard representing GO 953, Al Nowlin representing GO 569, Jerry Kalbfell representing GO 225, Roy Davis representing GO 577, Steve Simpson representing GO 927, and Gary Crest representing GO 887, worked together in solidarity, serving a single notice of SMART Transportation Division’s intent to initiate a strike unless Union Pacific removed this egregious new provision from its attendance policy.
Upon reviewing the Organization’s position, Union Pacific removed the policy provision restricting the use of compensated leave, and SMART Transportation Division members will not lose time over a work stoppage due to this issue. This is a precedent-setting victory in the protection of member’s use of their compensated vacation and leave days.

Union Pacific (UP) announced that they plan to layoff 500 managers (8 percent) and 250 railroad workers in an effort to cut costs. Most of the manager jobs being cut are located at UP headquarters in Omaha, Neb.
Click here to read more from ABC affiliate KETV 7.