Third quarter earnings

Supply chain disruptions curtail Union Pacific’s intermodal volumes

A photograph of a Union Pacific train rolling down a rail yard.

Extended chassis dwell times and a lack of dray drivers dampened Union Pacific’s intermodal traffic in the third quarter, but the railroad hopes volumes will rebound once the disruptions clear and consumer activity picks up post-pandemic, executives said during UP’s third-quarter earnings call.

“There are some really good-looking markers that tell us the economy is in a pretty strong place. And maybe we’ll stay there for a while,” President and CEO Lance Fritz said on the Thursday call. “There’s...

https://www.freightwaves.com/news/supply-chain-disruptions-curtail-union-pacifics-intermodal-volumes

CSX seeks to expand capacity by growing headcount

A photograph of a CSX train parked in a rail yard.

CSX has been hustling over the last nine months to increase employee headcount so that the Eastern U.S. railroad can meet existing and future capacity needs, its executives said late Wednesday in a third-quarter 2021 earnings call.

“We’re clearly constrained. There was more business out there this quarter. There has been more business out there throughout this year that we could not handle. The primary reason for that is our inability, like everyone else in the world right now, to ramp up our...

https://www.freightwaves.com/news/csx-seeks-to-expand-capacity-by-growing-headcount

Canadian Pacific courts customers weary of Southern California port congestion

A photograph of a Canadian Pacific train in front of a grain elevator.

With congestion at the ports of Los Angeles and Long Beach poised to extend into 2022, Canadian Pacific is seeking opportunities among customers and even with the steamship lines to divert traffic to western Canada and Atlantic Canada ports, CP’s executives said during the railway’s third-quarter earnings call on Wednesday.

“Many of the steamship lines were apprehensive to make, or attempt to make, massive changes in terms of their flows, hoping that this [congestion] would be fairly short term...

https://www.freightwaves.com/news/canadian-pacific-courts-customers-weary-of-southern-california-port-congestion

CN CEO: Railway ‘not on the clock’ for choosing successor

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

Canadian railway CN will not give a specific time frame for when it will elect a new CEO, and the board of directors will open the search to candidates beyond one recently recommended by activist investor TCI Fund Management, according to outgoing CN President and CEO JJ Ruest. He announced his retirement late Tuesday.

“The board is looking for the best of the best … and so they’re not on the clock,” Ruest said late Tuesday afternoon on a call with transportation analysts to discuss CN’s (NYSE:...

https://www.freightwaves.com/news/cn-ceo-railway-not-on-the-clock-for-choosing-successor

Kansas City Southern suspends earnings guidance amid uncertainties

A photograph of a Kansas City Southern locommotive traveling across a grassy field.A

Kansas City Southern is refraining from adjusting its earnings guidance for the year amid uncertainties over the global chip shortage and teacher protests and supply chain disruptions for refined fuel products in Mexico. 

“We’re the first to admit that the visibility on the commercial side is limited,” KCS (NYSE: KSU) President and CEO Pat Ottensmeyer told investors during the company’s third-quarter 2021 earnings call Tuesday morning. 

KCS had said in January that it was anticipating...

https://www.freightwaves.com/news/kansas-city-southern-suspends-earnings-guidance-amid-uncertainties

Global railcar market improving and poised for more growth: Greenbrier

A photograph of a tank car.

A focus on sustainability could be a boon for railcar manufacturers as European and North American customers pursue larger, higher-capacity railcars as a means to optimize rail shipments while reducing their carbon footprint by using rail, according to executives with railcar manufacturer Greenbrier.

“Already we’re seeing customers that are very interested in that environmental aspect. … It’s being driven by higher capacity, more efficient cars, fuel-efficient cars. And the current...

https://www.freightwaves.com/news/global-railcar-market-improving-and-poised-for-more-growth-greenbrier

The Daily Dash: Earnings insight; Hyliion declines revenue for its early products

Schneider truck on highway

The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, Todd Fowler, lead transportation analyst at KeyBanc, talks third-quarter earnings. Plus, Hyliion is not recording any revenue from its propulsion system and Wall Street is OK with that, and carriers continue to dominate as retail peak hits.

Inside the numbers

Third-quarter earnings are in, and the trucking sector performed quite well. Todd Fowler, lead transportation analyst at KeyBanc, shares some...

https://s29755.pcdn.co/news/the-daily-dash-earnings-insight-hyliion-declines-revenue-for-its-early-products

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

GasLog: Third Quarter Earnings Show Revenue Increments Owing To LNG Growth

  • GasLog Limited showed increasing YOY top-line revenues as a few of its newbuild vessels hit the water.
  • This growth is likely to continue over the coming years as the company has a number of new ships under construction.
  • The company’s newbuilds have already secured long-term charters, which essentially guarantees that they will actually produce revenue growth when complete.
  • The industry as a whole is quite strong as a record amount of new LNG capacity is scheduled to come online over the next...

http://mfame.guru/gaslog-third-quarter-earnings-show-revenue-increments-owing-to-lng-growth/

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