Railfanning.org News Wire

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Norfolk Southern

Norfolk Southern Reports Second-Quarter 2010 Results

July 27, 2010 Railfanning.org News Wire
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,
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Norfolk Southern

Norfolk Southern Increases Dividend

July 27, 2010 Railfanning.org News Wire
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.
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Canadian National

CN, UTU Reach Tentative Labor Agreement on DM&IR territory

July 27, 2010 Railfanning.org News Wire
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
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FRA

Transportation Secretary Ray LaHood Announces $300 Million for Denver Union Station Redevelopment

July 24, 2010 Railfanning.org News Wire
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,
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Amtrak

MDOT and Amtrak Break Ground for New Station in Pontiac

July 23, 2010 Railfanning.org News Wire
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
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Norfolk Southern

Major Trail, Rail Corridors get Boost from Norfolk Southern

July 23, 2010 Railfanning.org News Wire
NORFOLK, Va. — Employees of Norfolk Southern Corp. are teaming up with the Appalachian Trail Conservancy and local trail-maintaining clubs in a one-day “Spruce-It-Up” campaign to clean and improve one of the nation’s longest and most popular scenic trails. The 2,175-mile Appalachian Trail roughly parallels the 2,500-mile Crescent Corridor, a multistate freight rail network that Norfolk Southern is improving with the help of local, state, and federal partners to create green jobs, stimulate local economies, and help relieve highway congestion. “These two initiatives – the Appalachian Trail and the Crescent Corridor – demonstrate how the employees of Norfolk Southern share
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Union Pacific

Union Pacific Reports Record Quarterly Earnings

July 23, 2010 Railfanning.org News Wire
OMAHA, Neb. — Union Pacific Corp. reported 2010 second quarter net income of $711 million, or $1.40 per diluted share, compared to $465 million, or $0.92 per diluted share, in the second quarter 2009. Second quarter 2009 net income included $72 million, or $0.14 per diluted share, related to a Colorado land sale. “Beyond strong earnings growth, the real highlight was achieving a 69.4 percent operating ratio – our first sub-70 quarterly mark, ” said Jim Young, Union Pacific chairman and chief executive officer. “We demonstrated great volume leverage, efficiently handling an 18 percent increase in carloadings at modest incremental
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Canadian National

CN Reports Q2-2010 Net Income

July 22, 2010 Railfanning.org News Wire
MONTREAL — CN reported its financial and operating results for the second quarter and first half ended June 30. Second-quarter 2010 highlights: — Net income and diluted earnings per share (EPS) increased by 38 percent from the year-earlier quarter to C$534 million and C$1.13 — Diluted EPS of C$1.13 increased by 49 per cent over adjusted diluted EPS of C$0.76 for the second quarter of 2009. — Revenues rose 18 per cent to C$2,093 million, while carloadings increased 27 per cent and revenue ton-miles rose 15 per cent. — Operating income increased 39 percent to C$813 million. — Operating ratio
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Legislation

National Gateway Participates in Major Public-Private Transportation Partnership Conference

July 22, 2010 Railfanning.org News Wire
WASHINGTON — The National Gateway has announced its participation in the American Road and Transportation Builders Association (ARTBA) Public-Private Partnerships in Transportation Conference, a leading industry event on private financing of transportation projects on July 22-23 in Washington. “Public-private partnerships offer tremendous value to businesses and taxpayers while also spurring job creation and economic growth,” said Louis Renjel, vice president of strategic infrastructure initiatives, CSX Transportation. “By working together, the public and private sector can speed delivery of transportation solutions like the National Gateway, which will improve shipping options, reduce fuel consumption, lighten the load on our nation’s highways and