railroad

Hub Group sees Q1 revenue fall 13% year over year to $999M

Weak freight market conditions continue placing financial strains on transportation providers, said Phil Yeager, president and CEO of Hub Group Inc.

“Market conditions have remained soft … largely due to excess truckload capacity that is yet to exit the industry,” Yeager said during an earnings call with analysts after the market closed on Thursday.

Hub Group reported first-quarter revenue of $999.5 million, a 13% year-over-year (y/y) decline.

The company reported net income of $27 million, a 56%...

https://www.freightwaves.com/news/hub-group-sees-q1-revenue-fall-13-year-over-year-to-999m

Federal suit alleges AI system injured Union Pacific employee

A Wyoming locomotive engineer is suing Union Pacific (NYSE: UNP) in federal court, alleging he was injured when an AI computer software system caused two locomotives on the train on which he was working to move at conflicting speeds. 

Andrew Kirol was injured in May 2021 when the AI software gave “incorrect, inconsistent, contradictory and dangerous instructions” to the locomotives powering the train, according to a lawsuit filed April 18 in the District of Wyoming. 

Kirol was required to use the...

https://www.freightwaves.com/news/federal-suit-alleges-ai-system-injured-union-pacific-employee

No surprises in Norfolk Southern earnings as COO Orr makes debut

The elephant in the room on the Norfolk Southern earnings call made only a brief appearance. But it will be returning in about two weeks.

There were no surprises in the first-quarter earnings report, as the Class 1 railroad (NYSE: NSC) had issued a preliminary report earlier in the month. The final numbers, showing a significant drop in earnings related to the East Palestine, Ohio, derailment in February 2023, were in line with those preliminary figures. The East Palestine derailment saw 38 cars...

https://www.freightwaves.com/news/no-surprises-in-norfolk-southern-earnings-as-coo-orr-makes-debut

To stock analysts, container size matters

SONAR customers run the gamut from multinational shippers to carriers, logistics companies, consultancies, government agencies, and buy- and sell-side stock analysts. Use cases for the intermodal data in SONAR are similarly varied. Shippers can use intermodal volume data by lane for clues on whether other shippers are seeing value in rail intermodal compared to truckload. Meanwhile, drayage carriers gauge inbound volume, measured at the point of origin, for a look ahead at local demand in the...

https://www.freightwaves.com/news/to-stock-analysts-container-size-matters

CSX to field-test hydrogen-powered locomotive

CSX unveiled its first hydrogen-powered locomotive on Tuesday following a partnership with CPKC designed to foster innovation and a clean environment.

According to a press release from CSX, the hydrogen locomotive was converted from an existing diesel locomotive using a conversion kit developed by CPKC. This allowed the locomotive’s frame, cab, trucks and additional parts to be reused. Corey Davis, CSX alternative fuels and energy management director, noted that reusing these parts avoided...

https://www.freightwaves.com/news/csx-to-field-test-hydrogen-powered-locomotive

Preliminary Q1 results at embattled Norfolk Southern miss expectations

Norfolk Southern heads toward its May 9 annual meeting and the resolution of its battle with activist shareholder Ancora over control of the company with a public campaign that may have taken a hit Tuesday, judging from a preview of the railroad’s first-quarter numbers.

In an outlook for Q1 earnings, which are to be released April 24, Norfolk Southern said adjusted earnings would come in at $2.49 a share and adjusted operating ratio would be 69.9%.

Those numbers are both below Wall Street...

https://www.freightwaves.com/news/preliminary-q1-results-at-embattled-norfolk-southern-miss-expectations

Railroads can prevent further derailments by looking at history

By Bart M. Schwartz, chairman of Guidepost Solutions

The views expressed here are solely those of the author and do not necessarily represent the views of FreightWaves or its affiliates.

There are approximately three railroad incidents in the United States each day. Some are fatal and otherwise more destructive than others.

In early March, a Norfolk Southern train derailed, with two cars landing in the Hoosic River in New York. In February 2023 — just over a year ago — a Norfolk Southern train...

https://www.freightwaves.com/news/railroads-can-prevent-further-derailments-by-looking-at-history

Norfolk Southern to pay $600M in Ohio train derailment lawsuit

Norfolk Southern announced Tuesday that it has agreed to pay $600 million to settle a class-action lawsuit after a 2023 train derailment in East Palestine, Ohio, caused a fire and spilled chemicals.

The agreement, if approved by a court, will resolve all class-action claims within a 20-mile radius of the derailment site and personal injury claims within 10 miles of the site, a news release from the railroad said. The company said the settlement is not an admission of liability or wrongdoing.

In...

https://www.freightwaves.com/news/norfolk-southern-to-pay-600m-in-ohio-train-derailment-lawsuit

Weak market or not, truck transportation jobs saw healthy jump in March

Truck transportation jobs in March grew by the second-largest amount in the 15-month period starting in 2023 that has seen jobs in the sector decline overall, according to the monthly report by the Bureau of Labor Statistics.

The increase of 5,100 jobs also comes with a revision of the February report on truck transportation jobs that lifted that month’s total by 2,600 jobs. Additionally, the revision for January is an increase of 1,100 jobs from the most recent estimate of that month.

With those...

https://www.freightwaves.com/news/weak-market-or-not-truck-transportation-jobs-saw-healthy-jump-in-march

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