Railfanning.org News Wire – Page 318

Union Pacific Reports Fourth Quarter Earnings Growth Driven By Productivity and Lower Energy Costs

January 29, 2009 Railfanning.org News Wire

OMAHA, Neb. — Union Pacific Corp. reported 2008 fourth quarter net income of $661 million, or $1.31 per diluted share, a 35 percent increase compared to $491 million, or $0.93 per diluted share for the fourth quarter of 2007. The company posted quarterly operating revenues of $4.3 billion in 2008 versus $4.2 billion in the fourth quarter 2007. Union Pacific posted solid earnings for the quarter and the year, despite numerous challenges,” said Jim Young, Union Pacific chairman and chief executive officer. “We increased profitability by operating a safe and efficient railroad that delivered excellent service and value for our

Burlington Northern Santa Fe Reports Fourth Quarter/Full Year 2008 Results

January 29, 2009 Railfanning.org News Wire

FORT WORTH, Texas — Burlington Northern Santa Fe Corp. reported quarterly earnings of $1.79 per diluted share, an increase of 23 percent compared with fourth-quarter 2007 earnings of $1.46 per share. “During 2008, BNSF earned $6.08 per share, an increase of 19 percent compared with 2007, and had its best on-time performance in more than five years despite significant weather disruptions,” said Matthew K. Rose, BNSF Chairman, President and Chief Executive Officer. “The second half of the fourth quarter saw a significant downshift in economic activity related to the global recession. Given the current economic uncertainty, we are focused on

Norfolk Southern To Host Investor Day

January 29, 2009 Railfanning.org News Wire

NORFOLK, Va. — Norfolk Southern Corp. will host an investor day on Wednesday, June 3, 2009, in Atlanta for active, sell-side analysts and the company’s largest shareholders of record. The day-long meeting will provide Norfolk Southern an opportunity to present a comprehensive overview of marketing strategies and business growth opportunities, operating efficiency initiatives, service delivery enhancements, and development initiatives. Event details (including simultaneous webcast details for interested investors) and registration information will be provided at a later date. Meeting registration is open to active, sell-side analysts as well as NS’ largest shareholders of record. Norfolk Southern’s intent is to accommodate

And the Winner is… Missouri River Runner

January 29, 2009 Railfanning.org News Wire

JEFFERSON CITY, Mo. — The public has spoken: Missouri River Runner is the new name for the state-supported Amtrak trains between St. Louis and Kansas City. The name evokes the river that parallels much of the route, plus the Mississippi River at the eastern terminus and the Kansas River at the western end, Amtrak said. It was submitted by Keith Kohler of Glendale, Mo., and it received 2,036 votes, or 37 percent of the votes cast. More than 8,300 name submissions were entered late last year. After contest judges narrowed those submissions to just five finalist names, 5,455 votes came

Norfolk Southern Names Wheeler Vice President Transportation

January 29, 2009 Railfanning.org News Wire

NORFOLK, Va. — Michael J. Wheeler has been named vice president transportation for Norfolk Southern Corporation, effective Feb. 1, with headquarters in Norfolk. He will report to Mark D. Manion, executive vice president operations. Wheeler joined Norfolk Southern in 1985 as a research engineer. He served in positions of increasing responsibility in operations before being named general manager mechanical field operations in 2006 and general manager transportation in 2007. Wheeler holds an undergraduate degree from the University of Tennessee and an MBA from Virginia Tech. — PRNewswire-FirstCall

STB: New Method for Calculating Railroad Industry Cost of Capital

January 28, 2009 Railfanning.org News Wire

WASHINGTON — the Surface Transportation Board issued its final decision revising its method for calculating the railroad industry’s cost of capital. The Board adopts a simple average of a Capital Asset Pricing model (CAPM) and a multi-stage Discounted Cash Flow (DCF) model to calculate the cost of equity—one component of the cost of capital. The Board concludes that this methodology will yield a more precise determination than relying on CAPM alone. In January 2008, the Board replaced its single-stage DCF model with a CAPM model. During the CAPM rulemaking process, several parties urged the Board to use a multi-stage DCF

Amtrak to Host ‘Civic Conversation’ in Savannah on Rail Depot Redevelopment & Restoration

January 27, 2009 Railfanning.org News Wire

WASHINGTON — As a part of its Great American Stations Project, Amtrak is hosting its fourth Civic Conversation in Savannah, Ga., Feb. 3 and Feb. 4, to discuss the redevelopment and restoration of passenger rail stations along the routes of the Carolinian, Crescent, Palmetto, Piedmont, Silver Meteor and Silver Star. The Atlantic Coast trains serve passengers between New York and Florida and New Orleans. During the meeting on Feb. 4, case studies from both large and small communities will be highlighted. Representatives of those communities will explain how they shepherded their projects to successes that sparked additional redevelopment in their

Chatham Intermodal Container Transfer Facility Opens at Savannah Port

January 22, 2009 Railfanning.org News Wire

SAVANNAH, Ga. — The Chatham Intermodal Container Transfer Facility (ICTF) officially opened at the Georgia Ports Authority’s Garden City (Ga.) Terminal. The new facility features three working tracks at 2,145 feet each and a total of 12,406 feet of storage tracks. The Port of Savannah is the only single facility on the U.S. East Coast with two on-terminal ICTFs. “A thriving business climate requires a transportation network that can support commerce and act as a catalyst to propel our economy forward,” Gov. Sonny Perdue said. “The completion of the Chatham ICTF will help achieve this goal.” The Port of Savannah’s

Amtrak Handles Crowds for Presidential Inauguration

January 21, 2009 Railfanning.org News Wire

WASHINGTON — Amtrak trains have been carrying large crowds to and from Washington since Jan. 17, many of the passengers traveling for events associated with the inauguration of President Barack Obama. The railroad estimated that more than 78,000 passengers will have used Amtrak for travel to and from the nation’s capital through Jan. 21, surpassing the same Martin Luther King holiday weekend last year by 63 percent. “This has been a great opportunity for Amtrak to demonstrate its capabilities during a very historic and high-profile time,” Amtrak President and CEO Joe Boardman said. “The choice of an Amtrak train for

CSX Announces Fourth Quarter Results

January 20, 2009 Railfanning.org News Wire

JACKSONVILLE, Fla. — CSX Corp. announced fourth quarter earnings per share of 63 cents. These results include a noncash impairment charge of 27 cents per share related to the write-down of its investment in The Greenbrier resort. Excluding this charge and gains from insurance recoveries in the prior year quarter, comparable earnings per share increased to 90 cents, a 6 percent increase on a year-over-year basis. “CSX achieved solid financial results in the fourth quarter,” said Michael J. Ward, chairman, president and CEO. “The company finished 2008 in a strong financial position and began taking aggressive actions in the quarter