second quarter earnings 2020

CN eyes intermodal opportunities to boost 2H 2020

A photograph of a train traveling in a grassy field. A reflection of the train is on the water of a nearby pond.

As CN (NYSE: CNI) looks ahead to the second half of 2020 and into 2021, the Canadian railway is banking on “stay-at-home consumption” and consumers’ desires to spend disposable income on do-it-yourself projects to boost CN’s intermodal activity and revenue.

“There is pent-up demand right now. We are kind of in a peak season…[with] the discretionary income of the people that are doing all this buying….The contacts that I talked to, they’re seeing it stay strong into at least in the beginning of...

https://www.freightwaves.com/news/cn-eyes-intermodal-opportunities-to-boost-2h-2020

Coronavirus pandemic wracks CN’s second-quarter profit

A photograph of a CN train.

The COVID-19 pandemic hit Canadian railway CN’s (NYSE: CNI) second-quarter profits, with lower rail volumes resulting in a 19% decline in quarterly revenue.

CN’s second-quarter net income on an unadjusted basis totaled C$545 million (US$405 million), or 77 cents per diluted share, compared with $1.36 billion, or $1.88 per diluted share, in the second quarter of 2019. Operating income fell 53% to $785 million. 

(CN)

Second-quarter revenue fell 19% to $3.2 billion as the COVID-19 pandemic lowered...

https://www.freightwaves.com/news/coronavirus-pandemic-wracks-cns-second-quarter-profit

Pandemic, economy and market oversupply weigh on GATX’s 2020 view

A photograph of a train consisting of tank cars imprinted with GATX's name.

As railcar lessor GATX (NYSE: GATX) looks at the second half of this year, there are three prominent factors that could put pressure on the company’s lease rates, renewal activity and asset utilization.

Those factors are a potential second wave of the coronavirus pandemic in the U.S., economic uncertainty both in the U.S. and abroad, and an overabundance of railcars currently in the market, executives said during the company’s second-quarter earnings call on Tuesday, July 21. 

“We need to see...

https://www.freightwaves.com/news/pandemic-economy-and-market-oversupply-weigh-on-gatxs-2020-view

Kansas City Southern seeks to maintain PSR-related cost cuts

A photograph of a Kansas City Southern train.

Although the COVID-19 pandemic led to a 23% drop in revenue in the second quarter for Kansas City Southern (NYSE: KSU), the operational changes the company made to cut costs are serving as the silver lining.

Many of those changes will become permanent even as volumes grow beyond February’s pre-pandemic levels, Kansas City Southern (KCS) officials said during the company’s second-quarter earnings call on Friday.

“This is a permanent structural savings in our cost structure that we think will carry...

https://www.freightwaves.com/news/kansas-city-southern-seeks-to-maintain-psr-related-cost-cuts

Pandemic weighs on Kansas City Southern’s second-quarter profits

A photograph of a Kansas City Southern train.

Kansas City Southern’s (NYSE: KSU) second-quarter revenue dipped 23% amid a 21% drop in carload volumes.

Revenue in the second quarter of 2020 totaled $547.9 million, down 23% from the same period in 2019 as demand slumped because of the coronavirus pandemic, the railroad said early Friday, July 17. 

Second-quarter net profit was $110.3 million, or $1.16 per diluted share, compared with $129.1 million, or $1.28 per diluted share, in the second quarter of 2019.

Operating expenses were $367.5...

https://www.freightwaves.com/news/pandemic-weighs-on-kansas-city-southerns-second-quarter-profits

+ More