General Information
Union 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 MorePortland council sends $5B transit measure to voters
(Source: Progressive Railroading 07/22/2020) Portland, Oregon’s Metro Council last week approved a $5 billion regional transportation investment measure for greater Portland voters to consider on the November ballot. Known as Get Moving 2020, the measure includes plans to extend the Tri-County Metropolitan Transportation District of Oregon MAX light-rail system from downtown Portland to Tualatin. The measure would be the largest…
Read MoreClass Is employed fewer people in June
(Source: Progressive Railroading 07/22/2020) Class Is employed 116,128 workers in mid-June, down 2.31 percent from May’s employment levels and down 17.99 percent year over year, according to Surface Transportation Board (STB) data. All employment categories logged month-to-month decreases. They were maintenance of equipment and stores, down 6.13 percent to 19,985 people; transportation (train and engine), down 2.57…
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…
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