CSX selling Florida Panhandle lines
CSX plans to sell 373 miles of track in the Florida Panhandle to a new company backed by an investment group headed by veteran short line entrepreneur Gary Marino.
CSX
Commentary
Who will protect the French Fries?
Financial Edge, November 2018: In mid-September, CSX filed a report to the FRA stating that its June 2018 derailment near Princeton, Ind., (about 150 miles south of Indianapolis) was caused by buckled track. The derailment included 23 freight cars and caused the evacuation of nearby homes (within a radius of about one mile from the crash site) as a precautionary measure. Some of the derailed cars were carrying liquid petroleum gas (LPG or NGLs) and liquid propane (LP). 60,000 gallons of liquid NGLs were released. One tank railcar filled with leaking propane was on fire.
Grain off as crude again powers U.S. carloads
Surging shipments of crude-by-rail are fast putting other commodities in the rearview, while U.S. trade policy slows grain exports by domestic growers, according to the Association of American Railroads.
Carloads slow rail freight through October
Carload commodity freight on U.S. railroads continued to slow but intermodal shipments set a brisker pace through the first 10 months of this year.
AAR: Carloads, intermodal growth slows
If the latest commodity carload data are any indication, there could be uncertainty ahead for the U.S. economic rally.
CSX 3Q18: If Hunter could only see this
Nearly one year after his death at 73, the legendary Hunter Harrison’s quest to improve CSX’s performance through Precision Scheduled Railroading (PSR) appears to be in full swing. CSX’s 3Q18 net earnings of $894 million, or $1.05 per share, vs. $459 million, or $0.51 per share in the same period last year, is a 106% increase. CSX’s operating ratio set a company third-quarter record of 58.7%, compared with 68.4% in the prior year—a 970 basis point improvement.
Crude pumps up weekly carload report
Commodity and intermodal rail traffic continued to finished in positive territory for the latest week, but at a much slower pace than earlier in the year.
Norfolk Southern, CSX continue recovery from effects of Hurricane Michael
The Class 1 carriers continue to make repairs and clean up lines a week after Hurricane Michael whipsawed the South with destructive winds and torrential rain.
CSX-served industrial park seeks tenants
A South Florida industrial park to be served by CSX has competed Phase I of development and is actively seeking commercial tenants.
CSX Board chair Kelly retires
CSX Board Chairman Edward J. Kelly III announced his retirement effective January 2019, following the release of the company’s fourth quarter earnings.