GREAT SALT LAKE — One of the strangest and most striking places in Utah — an enormous oddity that scientists say was created accidentally by human engineering — is getting a bit of a remodeling job.
Union Pacific Railroad is beginning a bridge-building project to replace a small portion of a causeway that’s been blamed for a half-century of disruption in the natural circulation of the Great Salt Lake.
Experts say the railroad causeway built across the lake in 1959 led to the formation of a vast plate of hardened salt covering hundreds of square miles — probably one of the largest man-made objects on Earth. It surrounds and evidently underlies nearly the entire north arm of the lake.
“The construction of the causeway has created the necessary conditions for the salt to form,” said Andrew Rupke of the Utah Geological Survey who has been conducting studies on the so-called salt crust that developed in the last 56 years.
In a press release Oct. 14, 2015, CSX announced record financial results for the third quarter of 2015.
Net earnings for the railroad came in at $507 million for the quarter, compared to the $509 million for the same period last year, which translates into a third quarter record of $0.52 per share, as compared to $0.51 per share in 2014.
CSX reports that revenue declined nine percent, while expenses decline 11 percent as a result of low fuel prices, cost reductions and savings from efficiency initiatives. The resulting $933 million in operating income drove a third quarter record operating ratio of 68.3 percent.
“CSX’s third quarter results demonstrate the company’s ability to leverage improving service while controlling costs in a dynamic environment where commodity prices and the strength of the U.S. dollar are challenging many of our markets,” CEO Michael J. Ward said. “Our performance supports strong pricing and continued efficiency gains as we continue to drive value for customers and shareholders.”
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.
Overall, Kansas City Southern (KCS) reported decreases in earnings for the third quarter 2015. However, the railroad did experience a record-setting operating ratio of 65.2 percent for the quarter, a 0.9-point improvement.
KCS reports revenues of $632 million, a decrease of seven percent as compared to the third quarter of 2014. Operating income also saw a four percent decrease to $220 million as compared to the reported $229 million a year ago. Reported net income totaled $132 million, or $1.20 per diluted share as compared with the $138 million or $1.25 per diluted share of a year ago. Adjusted earnings per share came in at $1.21 compared to the reported $1.29 of the third quarter 2014.
Overall, the railroad saw a decrease of two percent in carload volumes for the quarter. The third quarter saw a six percent increase in Agriculture & Minerals and a five percent increase in Chemical & Petroleum.
“Kansas City Southern’s third quarter 2015 financial and operational statistics point to meaningful sequential improvement from the second quarter,” CEO David L. Starling said. “While the company’s third quarter revenues increased $46 million over the second quarter, operating expenses grew by only $13 million. This improved financial performance contributed to a record third quarter operating ratio of 65.2 percent.
“There is no question that KCS has been confronted with some challenges in 2015. The resiliency of this company has been demonstrated by its ability to hit these challenges head-on and recover quickly while maintaining strong margins. We look to finish this year with continued strong commercial and operational improvement and ride this positive momentum into 2016.”
Canadian Pacific Railway announced the highest-revenue ever for the third quarter 2015, a 16 percent growth in adjusted earnings per share and the lowest operating ratio for the period in the company’s history.
Revenue saw an increase of two percent to C$1.71 billion, while adjusted operating ratio improved 290 basis points to a record-low of 59.9 percent. Adjusted operating income also saw increases to C$685 million, a 10 percent increase. Adjusted earnings per share advanced 16 percent to C$2.69.
“I am proud of the CP team’s execution this quarter amid stubborn economic softness and the lowest commodity prices in more than a decade,” CEO E. Hunter Harrison said. “It’s clear that despite the ongoing tough economic environment, our continued focus on service, cost control and incremental investment in the franchise will serve customers and shareholders well in the long run.”
Union Pacific Railroad reported declines in revenue for the third quarter 2015. The railroad reported net income decreased to $1.3 billion or $1.50 per diluted share down two percent as compared to last year’s $1.4 billion or $1.53 per diluted share in the third quarter 2014.
Operating revenue decreased 10 percent to $5.6 billion. UP did set a quarterly record in operating ratio, which came in at 60.3 percent, two points better than the third quarter 2014 and 1.1 points better than the previous record set in the fourth quarter 2014. The railroad reported that operating income was down five percent to $2.2 billion.
“Total volumes decreased about six percent in the quarter, more than offsetting another quarter of solid core pricing gains,” CEO Lance Fritz said. “On the cost side, we’ve made significant progress aligning our resources to current demand, and I am pleased to report a quarterly record operating ratio of 60.3 percent.
“We’ve made great progress in meeting this year’s challenges. As we finish 2015 and head toward next year, we continue to face many uncertainties. Energy prices, the consumer economy, grain markets and the strength of the U.S. dollar will all be key to future demand. Over the long term, we are well positioned to safely provide our customers with excellent service, while delivering strong value to our shareholders.”
Canadian National Railway reported its financial and operating results for the third quarter. The railroad saw increases in net income, operating income, revenues and an improvement in operating ratio. The railway saw declines in carloadings and revenue ton-miles for the third quarter 2015.
CN saw an 18 percent increase in net income to C$1,007 million, while diluted earnings per share also increased 21 percent to C$1.26. Operating income increased 16 percent to C$3,222 million, while carloadings and revenue ton-miles each declined by six percent. CN set an operating ratio record of 53.8 percent, a five-percentage point improvement.
CFO Luc Jobin said, “CN delivered record third-quarter results thanks to strong team execution in safely and efficiently meeting our customers’ needs while recalibrating resources to the weaker volume environment. We remain committed to our long-term agenda of operational and service excellence, investing in the safety and integrity of our network, and fulfilling our role as a true backbone of the economy. With CN’s continued strong performance this year, we are pleased to reaffirm our outlook for double-digit adjusted earnings per share growth in 2015 versus last year’s adjusted diluted earnings per share of C$3.76.”
Norfolk Southern Corporation reported declines for the third quarter 2015. Net income declined to $452 million or $1.49 per diluted share, compared to last year’s reported $559 million or $1.79 per diluted share.
The railroad reported operating revenues saw a 10 percent decline to $2.7 billion due to reductions in fuel surcharge revenues and continued reductions in coal shipments. Overall, volume declined three percent to 1.9 million units for the quarter. Income from railway operations decreased by 18 percent to $822 million as compared to last year’s reported third quarter. Railway operating ratio came in at 69.7 percent. NS did see a decline in operating expenses by seven percent to $1.9 billion due to lower fuel costs.
“Norfolk Southern’s third-quarter results reflect commodities markets that continue to soften, as well as cost associated with restructuring initiatives to strengthen our company going forward. These pressures will linger in the fourth quarter, while traffic volume to date continues to lag behind last year. However, looking ahead to 2016, we are confident that with a reasonably stable economy and our own intense focus on service, returns and growth, we are poised for better results,” CEO James A. Squires said.
Creighton University is developing a program to aid those who will lose their jobs in the wake of ConAgra’s recent announcement that it will slash expenses by eliminating salaried positions and relocating its global headquarters from Omaha to Chicago.
Troy J. Jordan, 49, of Shawnee, Kansas died in an accident while working on Union Pacific property in Kansas City, Kan. Sept. 29, 2015.
After high school, Jordan graduated from Central Missouri State University with a bachelor’s degree in criminal justice. Jordan hired out with Union Pacific railroad in 2008 and became a member of SMART Transportation Division Local 1403 (Kansas City, Mo.) that same year. Jordan was a member of St. Joseph Catholic Parish and was proud of his Irish heritage.
Jordan leaves behind his wife of nine years Dorothy, children McKinsey, Tyler, Shannon, Emilee, Brianna Smith, Tori (Grant) Frazier, parents Bobbie and Joe, grandchildren Brooklynn Smith, Tucker Smith, Kinadee Frazier and Carson Frazier.
Visitation will be 4 p.m. to 7 p.m. Sunday, Oct. 4 at the Amos Family Funeral Home, 10901 Johnson Dr., Shawnee, KS 66203. A Mass of Christian burial will be held 10 a.m. Monday, Oct. 5 at St. Joseph Catholic Church, 11311 Johnson Dr., Shawnee, KS 66203. Interment will follow at St. Joseph Catholic Cemetery, also in Shawnee. Memorial contributions may be made to the family in care of Amos Family Funeral Home.
Click here to see Jordan’s obituary and to leave condolences.
Union Pacific Railroad said yesterday that it plans to eliminate “several hundred” management jobs in Omaha and elsewhere in the coming months, as the Class I addresses falling cargo volume, according to a report on Omaha.com.
The job cuts, which will come from “terminations and attrition,” are part of “necessary steps to align resources with current business requirements,” according to the article, which cited a company statement.
“For our company’s long-term success, we must take these painful actions to balance workforce levels with today’s business demands,” UP President and Chief Executive Officer Lance Fritz said in the statement.
In light of the recent furloughs by BNSF and Union Pacific railroads, and since many locals are experiencing difficulty reaching the members who have been furloughed and dislocated, the SMART TD Minnesota State Legislative Board is hosting, in conjunction with the Minnesota Department of Education and Economic Development (MN DEED) a free informational meeting to assist those furloughed workers on Monday, August 17, 2015 at 7:00 p.m. in the Minneapolis United Labor Center, Room 218 (located at 312 Central Avenue, S. E., Room 218, Minneapolis, MN 55414). Parking is free.
MN DEED will be offering many free services at the meeting including: emergency assistance (mortgage help) for those who need it, job training, job counseling, help with updating your computer skills and much more.
The Minneapolis Labor Center is also the location of your SMART TD Minn. Legislative Board. The board has activated the Brakemen’s Register with the names of SMART TD members who are looking for work. If you have been impacted by these furloughs, it is highly recommended that you consider attending this meeting.
The theft of copper wire from railroad tracks in Texarkana, Ark., in April created a public hazard, a prosecutor said.
Prosecutors in Miller County, Ark., formally charged Jeffrey Duane Procella, 39, last week in theft of metal and felony criminal mischief in the removal of signal wire from a Union Pacific Corp. railroad track in Texarkana.
When signal wire is damaged, the flow of critical railroad information is disrupted. Malfunctioning signals have the potential to cause a train wreck.
Union Pacific Railroad’s board yesterday elected Lance Fritz chairman, president and chief executive officer effective Oct. 1. As chairman, Fritz will succeed Jack Koraleski, who plans to retire Sept. 30.
Fritz was elected UP’s president and CEO, and to the board, on Feb. 5. A year earlier, he was named president and chief operating officer. He previously served as executive vice president-operations, VP-labor relations, regional VP of the southern region and regional VP of the northern region. Fritz began his career at UP in July 2000 in marketing and sales as VP and general manager-energy, according to a company press release.
When Koraleski retires in fall, he will conclude a 43-year career at the Class I, in which he served as executive chairman; chairman, president and CEO; executive VP-marketing and sales; and executive VP-finance and information technology.
CSX Corporation announced all-time record quarterly financial results for the second quarter of 2015. Operating income for the railroad came in at more than $1 billion for the first time in company history. The railroad also saw an all-time record in operating ratio of 68.8 percent.
Net earnings came in at $553 million or an all-time record of $0.56 per share, an increase from the reported $529 million or $0.53 per share of the second quarter of 2014. CSX expects to deliver mid-to-high single digit earnings per share growth for 2015.
“While we saw challenges in a number of markets, CSX employees delivered an even safer, more reliable and more differentiated service product this quarter,” Chairman and CEO Michael J. Ward said. “We expect the momentum in network performance we saw in the second quarter to accelerate, continuing to create value for our customers and shareholders.”
Revenue declined six percent due to the impact of lower fuel recovery. At the same time, continued low fuel prices and savings from efficiency initiatives reduced expenses for the railroad by nine 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.
Kansas City Southern reported a decrease in earnings in a press release July 17. The railroad reportedly saw a 10 percent decrease in revenue to $586 million as compared to the second quarter of 2014.
Operating income saw a decrease of 13 percent to $187 million. Operating ratio saw a 1.1-point increase to 68.1 percent compared with last year’s second quarter operating ratio of 68.3 percent. Reported net income totaled $112 million or $1.01 per share, a 15 percent decrease compared to the reported $130 million or $1.18 per diluted share for the second quarter 2014.
Overall, the railroad reported that carload volumes were six percent lower for the quarter. Second quarter revenue declined in all commodity groups except chemicals and petroleum, which grew by one percent. However, operating expenses also saw a decrease of eight percent to $399 million.
“KCS continued to scale its operations in both the U.S. and Mexico and has made strides in improving its network fluidity,” stated CEO David L. Starling. “Our actions contributed to the company attaining a solid second quarter operating ratio despite volume challenges, particularly in its energy commodity group. We expect our system performance and operating metrics to continue to improve throughout the remainder of the year.
“As evidenced in the weekly industry carload data, there are still uncertainties in many of the primary markets served by rail. However, KCS’ average daily volumes increased each month throughout the second quarter and the initial results from the first few weeks of July suggest the positive trend may be continuing.”
Canadian National Railway reported increases in revenue for the second quarter of 2015. Net income saw an increase to C$886 million or C$1.10 per diluted share, over last year’s reported C$847 million or C$1.03 per diluted share for the same quarter. These results included a deferred income tax expense of C$42 million (C$0.05 per diluted share) resulting from the enactment of a higher provincial corporate income tax rate.
Excluding the deferred income tax expense, adjusted diluted earnings per share increased 12 percent to C$1.15 as compared to last year’s second quarter reported diluted earnings per share of C$1.03.
Operating income saw an increase of eight percent to C$1,362 million, while revenues for the quarter were flat at C$3,125 million. Carloadings decreased by three percent and revenue ton-miles declined by seven percent.
Operating ratio for the railway improved by 3.2 points to 56.4 percent over last year’s reported 59.6 percent.
“I’m proud of our very solid second quarter results, driven by the team’s swift action to recalibrate resources and double-down on efficiency, while continuing to improve customer service,” President and CEO Claude Mongeau said. “We’re focused on our long-term agenda and investing C$2.7 billion in CN’s capital program this year to support it, with an emphasis on the integrity and safety of the network.”
In a press release June 21, Canadian Pacific Railway announced the highest-ever net income for the second quarter and the lowest operating ratio for the period in the company’s history.
Net income rose to a record quarterly high of C$390 million or C$2.36 per diluted share, an improvement of 12 percent. Adjusted earnings per share gained 16 percent to C$2.45. Revenues for the railway remained unchanged at C$1.65 billion.
Operating income climbed 10 percent to C$646 million. Operating ratio fell to a second-quarter record of 60.9 percent, a 420-basis-point improvement. Adjusted earnings per share advanced 16 percent to C$2.45.
“CP remains disciplined during this period of economic uncertainty in identifying opportunities to control costs and improve efficiency to offset near-term headwinds,” CEO E. Hunter Harrison said. “Even in the face of this economic slowdown, CP’s commitment to providing the best service at the lowest cost will continue to serve us well moving forward.”
Union Pacific reported a decrease in earnings for the second quarter in a press release June 23. Operating revenue was down 10 percent to $5.4 billion as compared to the second quarter of 2014. Net income for the railroad came in at $1.2 billion or $1.38 per diluted share, a three percent decline as compared to last year’s reported net income of $1.3 billion or $1.43 per diluted share.
Operating income is down 11 percent to $1.9 billion. UP’s operating ratio of 64.1 percent is 0.6 points worse compared to the second quarter of 2014. The company also repurchased 8.0 million shares in the second quarter at an aggregate cost of $834 million.
“Solid core pricing gains were not enough to overcome a significant decrease in demand,” President and CEO Lance Fritz said. “Total volumes in the second quarter were down six percent, led by a sharp decline in coal. Industrial products and agricultural products also posted significant volume decreases. However, we made meaningful progress right sizing our resources to current volumes, and I am encouraged to report that we made these improvements while posting strong safety performance.
“While the volume outlook remains uncertain, we remain laser focused on operating safely and efficiently no matter what the market environment. We will continue to reduce costs and improve productivity as we further align resources with demand. Longer term, we continue to be optimistic about the strengths of our diverse rail franchise.”
Norfolk Southern railroad reported decreased earnings results for the second quarter of 2015.
Net income for the quarter was $433 million, a 23 percent decrease compared to the $562 million record set in the same quarter of 2014. Operating revenues saw a decrease of 11 percent to $2.7 billion, a result of lower fuel surcharges and coal volumes. Gains in intermodal and merchandise traffic were offset by losses in coal volumes.
Income from railway operations declined 20 percent to $814 million. Railway operating expenses also saw a decrease of six percent to $1.9 billion. Diluted earnings per share came in at $1.41. NS’s railway operating ratio was 70.0 percent.
“While we face short-term pressure, particularly as we clear fuel surcharge revenue and coal headwinds, Norfolk Southern is well positioned to continue improving service, which will reduce costs and add value to our customers,” CEO James A. Squires said. “Growth within the intermodal franchise, consumer spending, housing-related momentum and improved manufacturing activity all support an optimistic longer-term outlook. We have a strong legacy of success, and we are taking the right steps to continue value creation for our customers, the communities we serve, our employees and our shareholders.”
GREAT SALT LAKE — One of the strangest and most striking places in Utah — an enormous oddity that scientists say was created accidentally by human engineering — is getting a bit of a remodeling job.
In a press release Oct. 14, 2015, CSX announced record financial results for the third quarter of 2015.
Overall, Kansas City Southern (KCS) reported decreases in earnings for the third quarter 2015. However, the railroad did experience a record-setting operating ratio of 65.2 percent for the quarter, a 0.9-point improvement.
Canadian Pacific Railway announced the highest-revenue ever for the third quarter 2015, a 16 percent growth in adjusted earnings per share and the lowest operating ratio for the period in the company’s history.
Canadian National Railway reported its financial and operating results for the third quarter. The railroad saw increases in net income, operating income, revenues and an improvement in operating ratio. The railway saw declines in carloadings and revenue ton-miles for the third quarter 2015.
Norfolk Southern Corporation reported declines for the third quarter 2015. Net income declined to $452 million or $1.49 per diluted share, compared to last year’s reported $559 million or $1.79 per diluted share.
In light of the recent furloughs by BNSF and Union Pacific railroads, and since many locals are experiencing difficulty reaching the members who have been furloughed and dislocated, the SMART TD Minnesota State Legislative Board is hosting, in conjunction with the Minnesota Department of Education and Economic Development (MN DEED) a free informational meeting to assist those furloughed workers on Monday, August 17, 2015 at 7:00 p.m. in the Minneapolis United Labor Center, Room 218 (located at 312 Central Avenue, S. E., Room 218, Minneapolis, MN 55414). Parking is free.
The theft of copper wire from railroad tracks in Texarkana, Ark., in April created a public hazard, a prosecutor said.