Union Pacific on July 26 appointed 26-year veteran Lynden Tennison Executive Vice President and Chief Strategy Officer, effective Aug. 1. Tennison has been Senior Vice President and Chief Information Officer since February 2005.
CN is raising its financial outlook “following swift network recovery and solid top-line growth” in this year’s second quarter, and expects that “continued strong demand and capital investments will build momentum for second half of the year”
Norfolk Southern hit new highs for operating income, operating ratio, net income and earnings per share in this year’s second quarter. Net income was $710 million, up 43% year-over-year, a result of an 18% increase in income from railway operations and a lower effective income tax rate. Diluted EPS was $2.50, up 46% year-over-year and a second-quarter record.
The Association of American Railroads awarded third-party logistics provider Road & Rail Services Inc. an Automotive Quality Excellence Award at the AAR Damage Prevention and Freight Claims Conference in Nashville on July 10.
CN Executive Vice President and Chief Marketing Officer Jean-Jacques Ruest, a 22-year veteran of the railroad who has been serving as Interim President and Chief Executive Officer since March 5, 2018, has been appointed President and CEO, effective immediately. Ruest has also been appointed to CN’s Board of Directors.
Crude by rail is set for growth over the next 18 months, while frac sand could begin to moderate in 2H18 as the shift to Permian sands intensifies, according to a report from the Midwest Association of Rail Shippers (MARS) conference prepared by Cowen and Co. Managing Director and Railway Age Wall Street Contributing Editor Jason Seidl. “Ongoing market strength continued to be the main thread across the presentations, tempered only by trade policy concerns. We believe that the railroads will show notable earnings improvement this year.”
The Federal Railroad Administration has issued a Notice of Funding Opportunity (NOFO) for the Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program that includes more than $318 million in grant funding from the Consolidated Appropriations Act of 2018.
The Teamsters Canada Rail Conference-Train & Engine (TCRC-T&E) has ratified a new four-year agreement with Canadian Pacific. Additionally, CP’s Kootenay Valley Railway conductors and locomotive engineers ratified a five-year agreement.
GE Transportation will supply Chilean private transport provider FCAB (Ferrocarril de Antofagasta) with five C23EMP diesel-electric locomotives in 2019. The contract, which includes a parts, service and warranty agreement, is GE’s first contract with FCAB.
Kansas City Southern reported record second-quarter 2018 revenues of $682 million, an increase of 4% from 2Q17. Overall, carload volumes increased 1% compared to the prior year.