Railfanning.org News Wire – Page 231

Norfolk Southern Completes $21 Million Worth of Track Work in Seven Days in Southwestern Pennsylvania

July 30, 2010 Railfanning.org News Wire

NORFOLK, Va. — Earlier this month, Norfolk Southern’s Maintenance of Way and Structures Department completed $21 million in track, signal and bridge work in seven days on one if its primary coal lines in southwestern Pennsylvania. The Mon Line extends approximately 85 miles from Pittsburgh to coal mines in Washington and Greene counties. In 2009, almost 42 million tons of coal was transported over this rail line. Approximately 20 trains daily use the Mon Line. “Because the Mon Line is critical to Pennsylvania’s coal industry, every year in early July we undertake an intensive effort to maintain and improve the

Norfolk Southern Receives Industry Automotive Service Awards

July 30, 2010 Railfanning.org News Wire

NORFOLK, Va. — Norfolk Southern’s Automotive Distribution Group recently received two Automotive Quality Excellence Awards for outstanding service from the Association of American Railroads (AAR). The awards are based on rigorous, unannounced audits of rail-served automotive facilities throughout North America. Norfolk Southern won the Highest Quality Review Score for Destination Facilities by achieving a perfect score of 100 percent at its Titusville, Fla., automotive facility. This was the first perfect score ever given any facility since the AAR began its present audit program in 1997. Norfolk Southern also won the award for Greatest Overall Quality Review Score Improvement at Chrysler’s

U.S. Transportation Secretary LaHood, Governor Doyle Sign Agreement for $46.5 Million for Wisconsin High-Speed Rail

July 30, 2010 Railfanning.org News Wire

WASHINGTON — U.S. Transportation Secretary Ray LaHood and Wisconsin Gov. Jim Doyle have signed an agreement providing $46.5 million in American Recovery and Reinvestment Act funds for work to continue on the state’s aggressive high-speed rail program. The funding is the latest installment from the $822 million that President Obama announced for Wisconsin high-speed rail from the Recovery Act in January. Wisconsin previously received a $5.7 million Recovery Act grant that brings their high-speed rail total to $52.2 million. Nationally, an unprecedented $8 billion down payment for the creation of a national network of interconnected high-speed rail corridors was included

CN Conductors on Northern Quebec Internal Short Line Ratify Collective Agreement

July 29, 2010 Railfanning.org News Wire

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.

CN, TSI Sign Service Level Agreement

July 28, 2010 Railfanning.org News Wire

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

Canadian Pacific Announces Second Quarter Results

July 28, 2010 Railfanning.org News Wire

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 Southern Increases Stock Repurchase Program

July 27, 2010 Railfanning.org News Wire

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

BNSF Rebases Fuel Surcharge

July 27, 2010 Railfanning.org News Wire

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 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,

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.