MONTREAL — CN announced that train conductors represented by the Teamsters Canada Rail Conference (TCRC) on the Company’s Northern Quebec Internal Short Line have ratified a new five-year collective agreement. Retroactive to Dec. 15, 2007, the new labour contract applies to 48 conductors, providing them wage increases and benefit improvements.
MONTREAL — CN and TSI Terminal Systems Inc. announced the signing of a comprehensive Service Level Agreement (SLA). The agreement, which establishes specific performance targets and measurement tools, flows from the CN-TSI Supply Chain Collaboration Agreement announced last month that commits the parties to drive greater efficiencies and improve customer service at the Vancouver gateway. The CN-TSI SLA is designed to help improve a range of Key Performance Indicators for the benefit of mutual customers, including the on-time departure and arrival of trains, the utilization of train capacity, and the average dwell time of containers at TSI terminals, among other
CALGARY — Canadian Pacific Railway announced second-quarter net income of $166.6 million. Diluted earnings per share were $0.98, up 23 per cent from $0.80 in the second-quarter 2009 which included a $0.41 per share gain from an asset sale. “We leveraged volume growth in the quarter to deliver a solid financial performance through a keen focus on cost management,” said Fred Green, President and CEO. “Our emphasis on safety, productivity and asset velocity is improving service reliability for our customers.” — Adjusted diluted earnings per share increased 96 percent to $0.92 — Total revenues were up 20 per cent to
NORFOLK, Va. — Norfolk Southern Corp. announced that its board of directors has authorized the repurchase of up to an additional 50 million shares of its common stock through Dec. 31, 2014. In combination with the previous share repurchase program that expires on Dec. 31, 2010, the total number of shares that may be repurchased has increased from 75 million to 125 million. From February 2006 through June 30, 2010, approximately 66.7 million shares have been repurchased for $3.4 billion. The timing and volume of any purchases will be guided by management’s assessment of market conditions and other factors. Norfolk
FORT WORTH, Texas — BNSF Railway Co. announced that the strike price, the Highway Diesel Fuel (HDF) price at which BNSF will assess a fuel surcharge, will be reset from $1.25 per gallon to $2.50 per gallon. This change reflects current fuel pricing trends which on a sustained basis have averaged above $2.50 since 2005. The change applies to BNSF’s mileage-based and percent-of-revenue fuel surcharge programs for Agricultural Products, Industrial Products, Coal and Automotive shipments beginning January 2011. Intermodal shipments will not be affected. Underlying base rates will be appropriately adjusted to reflect the new strike price. “Based on continual
NORFOLK, Va. — Norfolk Southern Corp. has reported second-quarter 2010 net income of $392 million, an increase of 59 percent, compared with $247 million for second-quarter 2009. Diluted earnings per share were $1.04, up 58 percent, compared with $0.66 per diluted share earned in the second quarter of 2009. “Norfolk Southern delivered strong financial results in the second quarter, based on continuing operating leverage,” said CEO Wick Moorman. “This is our fourth straight quarter of volume growth, and we are optimistic about continued year-over-year increases in rail traffic. We remain focused on reinforcing the safety and quality of our franchise,
NORFOLK, Va. — Norfolk Southern Corp. said its Board of Directors today voted to increase the regular quarterly dividend on the company’s common stock by 6 percent, or 2 cents per share, from 34 to 36 cents per share. The increased dividend is payable on Sept. 10, to stockholders of record on Aug. 6. Since its inception in 1982, Norfolk Southern has paid dividends on its common stock for 112 consecutive quarters.
DULUTH, Minn. — CN said it has reached a tentative labor agreement with the United Transportation Union (UTU) for UTU-represented employees working on the Duluth, Missabe and Iron Range Railway Company (DM&IR). CN purchased the DM&IR as part of its May 2004 acquisition of the rail and marine holdings of Great Lakes Transportation LLC. The new labor pact, which is subject to ratification, would settle wage and work-rule issues for 74 trainmen for the period from January 2004 to September 2012. The agreement would replace the traditional mileage/ rule-based agreement with one based upon hourly wages and job security. Most
DENVER – U.S. Transportation Secretary Ray LaHood has announced that the Denver Union Station project will receive just over $300 million in federal loans through an unprecedented and historic innovative financing arrangement using the Department of Transportation’s (DOT) Railroad Rehabilitation and Improvement Financing (RRIF) Program and the Transportation Infrastructure Finance and Innovation Act (TIFIA) Program. The project is funded with a unique financing structure and for the first time combines credit assistance from both programs. The loans are being awarded to the Denver Union Station Project Authority (DUSPA), a non-profit, public benefit entity formed by the city in July 2008,
PONTIAC, Mich. – Top officials with the Michigan Department of Transportation (MDOT) and Amtrak joined representatives of the city of Pontiac and Greyhound today to break ground for the new Pontiac Transportation Center, which will serve intercity rail and bus passengers. The intermodal station project is funded with $1.4 million from the state’s Comprehensive Transportation Fund account. Located at 51000 Woodward Ave., the facility will serve as a hub for travel, including the six daily Amtrak Wolverine Service trains to and from Detroit and Chicago. More than 300,000 passengers have taken Wolverine Service trains this fiscal year. “We believe that