OMAHA, Neb. (AP) — Norfolk Southern said the recent tax cuts added nearly $3.5 billion to its bottom line in the fourth quarter, but even without that the railroad's profits were up 17 percent. The Norfolk, Virginia-based company said Wednesday it earned $3.97 billion, or $13.79 per share. But without the changes in its tax…
Posts published in January 2018
(Adds revenue, CEO comment) Jan 24 (Reuters) - Norfolk Southern Corp, the fourth-largest U.S. railroad by revenue, reported on Wednesday an adjusted fourth-quarter profit that beat Wall Street's estimates on growth in commodity volumes. The Norfolk, Virginia-based carrier also benefited mightily from the new tax law, posting quarterly net income of $3.97 billion, or $13.79…
Rendering of a prototype for a new subway car Photo – New York Gov. Andrew Cuomo's office The Metropolitan Transportation Authority (MTA) is slated to sign a $3.7 billion contract with Kawasaki for 1,612 new subway cars, The New York Times reported late last week.The agency has committed $1.45 billion for more than 500 cars…
Dec 22 (Reuters) - Canadian National Railway Co said on Friday it will buy 200 locomotives in the next three years from General Electric Co, betting on higher demand for crude oil transportation. The move comes as oil and gas producers in Canada's energy-rich Alberta province clamor to get their barrels to market via rail…
(Adds Thune asking Senate to confirm Batory) WASHINGTON, Dec 21 (Reuters) - As investigators sift through the wreckage of this week's Amtrak train crash in Washington state, critics have begun questioning President Donald Trump's recent efforts to roll back or delay finalizing U.S. rail safety regulations. Making American railroads safer drew renewed attention after the…
HOUSTON, Jan 4 (Reuters) - Canadian crude shipments to the United States by rail could rise more than 60 percent this year on demand by Gulf Coast refiners for the heavy crudes and the wide differential between Canadian grades and the U.S. benchmark. The rail shipments could reach as much as 350,000 barrels per day…
(Adds details from letter, background) WASHINGTON, Jan 2 (Reuters) - U.S. Transportation Secretary Elaine Chao urged the nation's railroads and transit agencies to take all possible measures to meet deadlines to install a safety system called positive train control (PTC) to prevent crashes. Letters dated Dec. 27, which were made public on Tuesday, said Chao…
OMAHA, Neb. (AP) — CSX Corp. reported Tuesday that its fourth-quarter profit grew 25 percent as it further cut expenses, and on top of it the railroad booked a $3.6 billion benefit from the corporate tax cut Congress approved last year. The Jacksonville, Florida-based railroad said Tuesday that if the tax cut benefit is included,…
(Adds details from the conference call, updates shares) Jan 16 (Reuters) - CSX Corp reported a bigger-than-expected drop in fourth-quarter revenue on Tuesday as the third-largest U.S. railroad lost some business due to service issues caused by former chief executive Hunter Harrison's turnaround plan. Harrison, a veteran railroader cherished by investors for leading turnarounds of…