third quarter 2020

Lower revenue dents CSX’s third-quarter profit

A photograph of a CSX train winding through a field.

CSX (NASDAQ: CSX) reported third-quarter 2020 net income of $736 million, or 96 cents per share, compared with $856 million, or $1.08 per share, in the third quarter of 2019 amid a drop in revenue and “lower economic activity resulting from the COVID-19 pandemic.”

(CSX)

Third-quarter revenue fell 11% year-over-year to $2.65 billion, with intermodal volume growth more than offset by declines in coal and merchandise volumes, CSX said. Lower fuel surcharge revenue also affected overall revenue.

But...

https://s29755.pcdn.co/news/lower-revenue-dents-csxs-third-quarter-profit

CN ‘cautiously optimistic’ on rail volumes

A photograph of a CN train traveling away from a high mountain range.

Executives with Canadian railway CN (NYSE: CNI) are “cautiously optimistic” that the growth in volumes seen during the third quarter of 2020 will continue in the fourth quarter and into 2021. 

“We’ve got better visibility in front of us than we did in the past. And, but there is still some uncertainty … I know here in Montreal, we’re living a second wave of the pandemic,” said CN Chief Financial Officer Ghislain Houle during his company’s third-quarter earnings call late Tuesday. He noted that...

https://s29755.pcdn.co/news/cn-cautiously-optimistic-on-rail-volumes

GATX third-quarter net profit increases on international businesses

A photograph of a GATX tank car parked in a rail yard.

GATX’s (NYSE: GATX) net profit rose 6% in the third quarter despite revenue declines for its North American rail segment.

Net income was $47.9 million in the third quarter of 2020 for the railcar lessor, compared with $45.1 million in the third quarter of 2019. Net income from continuing operations was $48.2 million, or $1.36 in diluted earnings per share, in the third quarter, compared with $37.2 million, or $1.03 in diluted earnings per share, in the third quarter of 2019. 

The difference...

https://s29755.pcdn.co/news/gatx-third-quarter-net-profit-increases-on-international-businesses

Lower volumes, revenue dampen CN’s third-quarter profit

A photograph of a CN train passing through a snow-filled forest.

Lower volumes in the third quarter as a result of the coronavirus pandemic put pressure on Canadian railway CN’s (NYSE: CNI) third-quarter profit.

Net income was C$985 million (US$751 million), or $1.38 in adjusted diluted earnings per share, in the third quarter of 2020 compared with $1.2 billion, or $1.66 in adjusted diluted earnings per share, in the third quarter of 2019. This was a year-over-year decline of nearly 18%. All figures are in Canadian dollars.

An 11% drop in total revenue pulled...

https://www.freightwaves.com/news/lower-volumes-revenue-dampen-cns-third-quarter-profit

Canadian Pacific seeks opportunities in its land holdings

A photograph of a train with tall mountains in the background.

Over the next several years, Canadian Pacific (NYSE: CP) expects to grow even more partnerships with customers across multiple sectors to develop projects on the hundreds of acres of CP-owned land, executives said during the company’s third-quarter earnings call Tuesday.

CP has over 1,000 acres that it’s seeking to develop with customers, including an additional 100 acres near the transload facility that CP is developing with Maersk by the Port of Vancouver. The railway has also been developing...

https://s29755.pcdn.co/news/canadian-pacific-seeks-opportunities-in-its-land-holdings

Revenue decline dampens Canadian Pacific’s Q3 profit

A photograph of a Canadian Pacific train traveling by a lake.

A decline in revenue dampened Canadian Pacific’s (NYSE: CP) profits for the third quarter.

CP’s net income was C$598 million (US$453 million), or $4.41 per diluted share, for the third quarter of 2020, compared with $618 million, or $4.46 per diluted share, in the third quarter of 2019. This was a 3% decline year-over-year. All figures are in Canadian dollars. 

“This quarter played out as we expected. Following our record Q2 performance, we steadily built momentum through the quarter and finished...

https://s29755.pcdn.co/news/revenue-decline-dampens-canadian-pacifics-q3-profit

Kansas City Southern sees opportunities ahead amid lingering headwinds

A photograph of a Kansas City Southern train.

Executives with Kansas City Southern (NYSE:KSU) are cautiously optimistic about rail volumes in 2021, with optimism for an economic recovery tempered by uncertainties related to the coronavirus pandemic.

“The recovery has been remarkable, if a bit uneven,” said Kansas City Southern (KCS) Chief Marketing Officer Mike Naatz during the company’s third-quarter 2020 earnings call Friday. Although certain businesses remain under pressure and COVID-19 is still a risk, KCS has good reason to be...

https://www.freightwaves.com/news/kansas-city-southern-sees-opportunities-ahead-amid-lingering-headwinds

Kansas City Southern’s Q3 net profit grows 5% despite lower revenue

A photograph of a Kansas City Southern train.

Kansas City Southern’s (NYSE:KSU) third-quarter net profit rose 5.3% as a 16.7% decrease in operating expenses helped to offset a 12% decline in revenue.

Net income in the third quarter of 2020 was $189.7 million, or $2.01 per diluted share, compared with $180.1 million, or $1.81 per diluted share, in the third quarter of 2019.

Third-quarter revenue fell 12% to $659.6 million as a result of lower volumes, which in turn were driven by a decline in demand due to COVID-19. Carload volumes slipped 4%...

https://www.freightwaves.com/news/kansas-city-southerns-q3-net-profit-grows-5-despite-lower-revenue

Norfolk Southern: Impairment charge to help lower Q3 operating expenses

A photograph of a Norfolk Southern train.

An approximately $99 million impairment charge will help lower third-quarter operating expenses and operating ratio for Norfolk Southern (NYSE: NSC), according to a company filing late Wednesday to the U.S. Securities and Exchange Commission.

Norfolk Southern (NS) expects to have the non-cash impairment charge in the third quarter related to the value of one of its equity method investments, the railroad said in the Wednesday filing.

Preliminary operating expenses are $1.67 billion for the third...

https://s29755.pcdn.co/news/norfolk-southern-impairment-charge-to-help-lower-q3-operating-expenses

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