BLET News
Union Pacific signals caution as U.S. COVID-19 infections surge
(Source: Reuters, July 23, 2020) NEW YORK — Union Pacific Corp. on Thursday signaled caution on the U.S. economic recovery as a spike in COVID-19 infections forces cities and states to backtrack on plans to reopen businesses that were shuttered to contain the pandemic. Full story: Cape Breton Post Monday, July 27, 2020
Read MoreMetra asks STB to intervene in UP service dispute
(Source: Progressive Railroading, July 22, 2020) Metra yesterday asked the Surface Transportation Board (STB) to issue a preliminary injunction to prevent Union Pacific Railroad from taking steps that the Chicago commuter railroad says would “degrade or halt” service on the three Metra lines operated by UP. Full story: Progressive Railroading Thursday, July 23, 2020
Read MoreUnion Pacific reports Q2 2020 financial results
(Source: Union Pacific press release, July 23, 2020) OMAHA, Neb. — Union Pacific Corporation today reported 2020 second quarter net income of $1.1 billion, or $1.67 per diluted share. This compares to $1.6 billion, or $2.22 per diluted share, in the second quarter 2019. “The Second Quarter proved very challenging as we faced a volume decline…
Read MoreCN recalling some of its 4,000 laid off workers
(Source: Canadian Press, July 21, 2020) MONTREAL — Canadian National Railway Co. has laid off about 4,000 employees from its workforce this year as profits sagged 60 per cent in the second quarter amid fallout from the COVID-19 pandemic. Shipments declined nearly across the board, prompting layoffs that left the country’s largest railroad operator down…
Read MoreCN’s second-quarter 2020 operating income falls 53%
(Source: Freight Waves, July 21, 2020) CHATTANOOGA, Tenn. — The COVID-19 pandemic hit Canadian railway CN’s 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…
Read More