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4th Quarter 2019
Net Earnings: Increased 4% to $1.42 billion from $1.37 billion
Earnings Per Share: n/a – BNSF is not publicly traded
Revenue: Decreased 6% to $5.84 billion from $6.21 billion
Operating Income: Increased 2% to $2.11 billion from $2.06 billion
Operating Expenses: Decreased 10% to $3.73 billion from $4.14 billion
Operating Ratio: Improved to 62.8% from 65.6%
2019 Annual Earnings
Net Earnings: Increased 5% to $5.5 billion from $5.2 billion
Earnings Per Share: n/a – BNSF is not publicly traded
Revenue: Decreased 1% to $23.5 billion from $23.9 billion
Operating Income: Increased 3% to $8.1 billion from $7.8 billion
Operating Expenses: Decreased 4% to $15.4 billion from $16.1 billion
Operating Ratio: Improved to 64.5% from 66.2%
Click here to read BNSF’s full earnings report.
 

4th Quarter 2019
Net Earnings: Decreased 24% to C$873 million from C$1.14 billion
Earnings Per Share: Diluted earnings per share decreased 22% to $1.22 from $1.56
Revenue: Decreased 6% to C$3.6 billion from C$3.8 billion
Operating Income: Decreased 16% to C$1.22 billion from C$1.45 billion
Operating Expenses: Increased to C$2.36 billion from C$2.35 billion
Operating Ratio: Worsened by 4.1 points to 66% from 61.9%
2019 Annual Earnings
Net Earnings: Decreased 3% to C$4.2 billion from C$4.3 billion
Earnings Per Share: Diluted Earnings Per Share decreased 1% to $5.83 from $5.87
Revenue: Increased 4% to C$14.9 billion from C$14.3 billion
Operating Income: Increased 2% to C$4.6 billion from C$5.5 billion
Operating Expenses: Increased from C$8.8 billion to C$9.3 billion
Operating Ratio: Worsened 0.9 points to 62.5% from 61.6%
Click here to read CN’s full earnings report.
 

4th Quarter 2019
Net Earnings: Increased 22% to C$664 million from C$545 million
Earnings Per Share: Diluted earnings per share improved 26% to $4.82 from $3.83
Revenue: Increased 3% to C$2.07 billion from C$2.01 billion
Operating Income: Increased 2% to C$890 million from C$874 million
Operating Expenses: Increased 4% to C$1.18 billion from C$1.13 billion
Operating Ratio: Worsened 50 basis points to 57.0% from 56.5%
2019 Annual Earnings
Net Earnings: Increased 25% to C$2.44 billion from C$1.95 billion
Earnings Per Share: Diluted EPS increased 29% to a record $17.52 from $13.61
Revenue: Increased 7% to a record C$7.79 billion from C$7.32 billion
Operating Income: Increased 10% to C$3.12 billion from C$2.83 billion
Operating Expenses: Increased 4% to C$4.65 billion from C$4.49 billion
Operating Ratio: Improved 140 basis points to 59.9% from 61.3%
Click here to read CP’s full earnings report.
 

4th Quarter 2019
Net Earnings: Decreased 9% from $848 million to $771 million
Earnings Per Share: Decreased from $1.01 to $0.99 per share
Revenue: Decreased 8% to $2.89 billion from $3.14 billion
Operating Income: Decreased 8% to $1.15 billion from $1.25 billion
Operating Expenses: Decreased 9% to $1.73 billion from $1.9 billion
Operating Ratio: A fourth-quarter record of 60.0%, down from 60.3%
2019 Annual Earnings
Net Earnings: Increased 1% to $3.33 billion from $3.31 billion
Earnings Per Share: Increased 9% to $4.17 per share from $3.84 per share
Revenue: Decreased 3% to $11.94 billion from $12.25 billion
Operating Income: Increased 2% to $4.97 billion from $4.87 billion
Operating Expenses: Decreased 6% to $6.97 billion from $7.38 billion
Operating Ratio: A U.S. Class I railroad record of 58.4%, down from 60.3%
Click here to read CSX’s full earnings report.
 

4th Quarter 2019
Net Earnings: Decreased to $127.9 million from $161.8 million
Earnings Per Share: Decreased 18% to $1.30 per diluted share from $1.59 per diluted share
Revenue: Increased 5% to $729.5 million from $694.0 million
Operating Income: Decreased to $236.0 million from $256.4 million
Operating Expenses: Increased to $493.5 million from $437.6 million
Operating Ratio: Worsened 450 basis points to 67.6% from 63.1%
2019 Annual Earnings
Net Earnings: Decreased to $540.8 million from $629.4 million
Earnings Per Share: Decreased 12% to $5.40 per diluted share from $6.13 per diluted share
Revenue: Increased 6% to $2.9 billion from $2.7 billion
Operating Income: Decreased to $886.3 million from $986.3 million
Operating Expenses: Increased to $1.98 billion from $1.73 billion
Operating Ratio: Worsened 540 basis points to 69.1% from 63.7%
Click here to read KCS’s full earnings report.
 

4th Quarter 2019
Net Earnings: Decreased 5% to $666 million from $702 million
Earnings Per Share: Decreased 1% to $2.55 per diluted share from $2.57 per diluted share
Revenue: Decreased 7% to 2.7 billion from $2.9 billion
Operating Income: Decreased 11% to $1.0 billion from $1.1 billion
Operating Expenses: Decreased 5% to $1.7 billion from $1.8 billion
Operating Ratio: Worsened to 64.2% from 62.8%
2019 Annual Earnings
Net Earnings: Increased 2% to $2.72 billion from $2.67 billion
Earnings Per Share: Increased 8% to $10.25 per diluted share from $9.51 per diluted share
Revenue: Decreased 1% to $11.3 billion from $11.5 billion
Operating Income: Increased 1% to $3.989 billion from $3.959 billion
Operating Expenses: Decreased 3% to $7.3 billion from $7.5 billion
Operating Ratio: Improved to a record 64.7% from 65.4%
Click here to read NS’s full earnings report.
 

4th Quarter 2019
Net Earnings: Decreased 10% to $1.4 billion from $1.6 billion
Earnings Per Share: Decreased 5% to $2.02 per diluted share from $2.12 per diluted share
Revenue: Decreased 9% to $5.2 billion from $5.8 billion
Operating Income: Decreased 5% to $2.1 billion from $2.2 billion
Operating Expenses: Decreased 12% to $3.1 billion from $3.5 billion
Operating Ratio: Increased 1.9 points to a record 59.7% from 61.6%
2019 Annual Earnings
Net Earnings: Decreased 1% to $5.91 billion from $5.97 billion
Earnings Per Share: Increased 6% to $8.38 per diluted share from $7.91 per diluted share
Revenue: Decreased 5% to $21.7 billion from $22.8 billion
Operating Income: Stayed flat at $8.6 billion
Operating Expenses: Decreased 8% to $13.2 billion from $14.3 billion
Operating Ratio: Decreased 2.1 points to 60.6% from 62.7%
Click here to read UP’s full earnings report.
 

Notes: 

  • Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
  • All comparisons are made to 2018’s fourth quarter and annual financial results respectively for each railroad.
  • All figures for CN & CP are in Canadian currency, except for earnings per share

Richard Brzozinski, 78, is remembered as a compassionate man and model employee of the Long Island Rail Road (LIRR) in a recent story by Newsday.
“A veteran Long Island Rail Road conductor on the Babylon line, Brzozinski made a habit of learning the names of all of his regular passengers and their spouses. He’d arrive to work every morning in a freshly pressed uniform. And Brzozinski would always ensure that a seat was saved for his elderly passengers,” Robert Brodsky of Newsday wrote.
The story further gives accounts of praise from passengers who wrote to MTA about Brzozinski and recounts two separate incidences where Brzozinski was called upon to save passengers’ lives with the use of CPR.
SMART-TD Alternate Vice President Anthony Simon is quoted, saying, “Richie was always a professional and always demanded perfection from his co-workers. He wore his uniform impeccably and made sure his crew members did the same. He prioritized the safety and service to our customers, led by example, and received the respect of everyone he overlapped because of those principles.”
Brother Brzozinski began his membership with UTU Local 645 (Babylon, N.Y.) in August 1961, following in his dad’s footsteps as a conductor for the LIRR. He worked for a time with his father John and younger brother Jack (retired LIRR engineer). He retired with 38 years of service in 1999.
Brzozinski died in his home Nov. 19, 2019, after a three-year battle with heart disease. He is survived by his wife Mary; two sons; brother Jack; sisters Joanne, Linda and Sharon; and two grandchildren Jack and Jenna.
Click here to read the full story from Newsday.


Net Earnings: $1.466 billion, a slight increase from the $1.4 billion in 2018’s third quarter
Revenue: $6.021 billion, a decrease of 2% from the same period in 2018
Operating Income: $1.9 billion, an increase of 3.3% from the same period in 2018
Operating Expenses: $3.809 billion, a decrease of 4.9% from the same period in 2018
Operating Ratio: Improved to 63.3%
Berkshire Hathaway’s third quarter earnings reports is available in this PDF — the in-depth BNSF analysis begins on Page 35.


Net Earnings: Increased to C$1,195 million from C$1,134 million
Diluted Earnings Per Share: Increased 8% to $1.66 from $1.44
Revenue: Increased 4% to C$3.830 million from C$3,688 million
Operating Income: Increased 8% to C$1,613 million
Operating Expenses: Increased 1% to C$2,217 million from C$2,196 million
Operating Ratio: Improved 1.6 points to 57.9% from 59.5%
Click here to read CN’s full earnings report.


Net Earnings: Decreased 1% to C$618 million from C$622 million
Diluted Earnings Per Share: Increased 3% to $4.46 from $4.35
Revenue: Increased 4% to a record C$1.98 billion from C$1.90 billion
Operating Income: Increased 10% to C$869 million from C$790 million
Operating Expenses: Increased to C$1.11 billion from C$1.10 billion
Operating Ratio: Improved 220 basis points to a record-low 56.1% from 58.3%
Click here to read CP’s full earnings report.


Net Earnings: Decreased 4% to $856 million from $894 million
Earnings Per Share: Increased 3% to $1.08 per share from $1.05 per share
Revenue: Decreased 5% to $2.98 billion from $3.13 billion
Operating Income: Stayed flat at $1.29 billion
Operating Expenses: Decreased 8% to $1.69 billion from $1.84 billion
Operating Ratio: Improved 1.9 points to a record 56.8% from 58.7%
Click here to read CSX’s full earnings report.


Net Earnings: Increased to $180.6 million from $174 million
Diluted Earnings Per Share: Increased 6% to $1.81 from $1.70. Adjusted Diluted EPS increased 24% to a record $1.94 from $1.57
Revenue: Increased 7% to a record $747.7 million from $699.0 million
Operating Income: Increased to $282 million from $265.4 million. Adjusted Operating Income increased 15% to a record $294 million
Operating Expenses: Increased to $465.7 million from $433.6 million
Operating Ratio: Worsened 0.3 points to 62.3% from 62.0%
Click here to read KCS’s full earnings report.


Net Earnings: Decreased 6% to $657 million from $702 million
Diluted Earnings Per Share: Decreased 1% to $2.49 from $2.52
Revenue: Decreased 4% to $2.8 billion from $2.9 billion
Operating Income: Decreased $24 million to $1.0 billion
Operating Expenses: Decreased 4% or $82 million to $1.8 billion from $1.9 billion
Operating Ratio: Improved to a third quarter record 64.9% from 65.4%
Click here to read NS’s full earnings report.


Net Earnings: Decreased 2% to $1.55 billion from $1.59 billion
Diluted Earnings Per Share: Increased 3% to $2.22 from $2.15
Revenue: Decreased 7% to $5.5 billion from $5.9 billion
Operating Income: Decreased 2% to $2.2 billion from $2.3 billion
Operating Expenses: Decreased 10% to $3.3 billion from $3.7 billion
Operating Ratio: Improved 2.2 points to a quarterly record 59.5% from 61.7%
Click here to read UP’s full earnings report.

Notes: 

  • Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
  • All comparisons are made to 2018’s third quarter results for each railroad.
  • All figures for CN & CP are in Canadian currency, except for earnings per share

A recent poll conducted by RBI Strategies & Research in conjunction with Magellan Strategies found that 61% of those surveyed would support a sales tax increase to fund a passenger rail service project along Colorado’s Front Range.
Although a sales tax increase is supported at this time, an article in The Colorado Sun said that support for the sales tax increase will likely go down once voters are told how much of an increase will be required to fund the $5 billion project, which would establish a passenger train route to operate from Fort Collins to Pueblo, Colo.
Click here to read the full survey results.
Click here to read more from The Colorado Sun.

Starting October 1, 2019, the U.S. Railroad Retirement Board (RRB) will reduce railroad unemployment and sickness insurance benefits by 5.9%, down from the current 6.2% reduction, as required by law.
The adjusted reduction is based on revised projections of benefit claims and payments under the Railroad Unemployment Insurance Act. It will remain in effect through September 30, 2020, the end of the fiscal year. Reductions in future fiscal years, should they occur, will be calculated based on applicable law.
The current daily benefit rate is $78.00, so the 5.9% reduction in railroad unemployment and sickness benefits will reduce the maximum amount payable in a two-week period with 10 days of unemployment from $780.00 to $733.98.
Certain railroad sickness benefits are also subject to regular tier I railroad retirement taxes, resulting in a further reduction of 7.65%. Applying the 5.9% reduction to these sickness benefits will result in a maximum two-week total of $677.83.
Under the Budget Control Act of 2011, and a subsequent sequestration order to implement mandated cuts, railroad unemployment and sickness insurance benefits are reduced by a set percentage, which is subject to revision at the beginning of each fiscal year.
When sequestration first took effect in March 2013, railroad unemployment and sickness benefits were subject to a 9.2% reduction. This amount was then adjusted to 7.2% in October 2013, 7.3% in October 2014, 6.8% in October 2015, 6.9% in October 2016, 6.6% in October 2017, and 6.2% in October 2018, as required by law.
In fiscal year 2018, the RRB paid about $12.7 billion in retirement and survivor benefits to about 540,000 beneficiaries, and net unemployment-sickness benefits of about $92.6 million to approximately 24,000 claimants.

On July 22 of this year, Local 1715 member Karen Taylor was shot five times in broad daylight while her Charlotte Area Transit Systems (CATS) bus was stopped to unload passengers.
“…just as the last person stepped off of her bus, a man appeared out of nowhere and shot five times into her bus,” Taylor’s daughter, Latavia Clark, wrote on a gofundme page opened for Taylor. “All five shots struck my unsuspecting mother in her head, neck, shoulder and ear. One bullet and bullet fragments are still lodged in her skull.”
Taylor has already had four surgeries and is facing more in the future. The road to recovery is expected to be a long one and the bills are adding up as Taylor’s worker’s compensation claim has been denied.
Click here to donate or to leave your well wishes.

The North County Transit District (NCTD) has teamed up with the National Aeronautics and Space Administration (NASA) and the Federal Railroad Administration (FRA) to add an extra level of safety for its staff, contractors and the public. On August 1, 2019, NCTD entered into a partnership with NASA, the FRA, Bombardier Transportation USA, Inc., and the International Association of Sheet Metal, Air, Rail and Transportation Workers (SMART) to participate in the Confidential Close Call Reporting System (C3RS) program.
C3RS is designed to improve railroad safety by collecting and analyzing reports that describe unsafe conditions or events in the railroad industry. Staff and contractors can report safety issues or “close calls” voluntarily and confidentially. A close call is any condition or event that may have the potential for more serious safety consequences such as a blue flag not removed after releasing railway construction equipment or failing to provide proper track protection during track maintenance. By analyzing these events, potential life-saving information can be obtained to help prevent more serious incidents in the future.
NASA took the lead on this program after developing and managing the highly successful Aviation Safety Reporting System (ASRS) which began in 1976. ASRS has received over 1.2 million confidential reports from the aviation community resulting in numerous contributions to aviation safety. As an independent and respected research organization that does not have regulatory or enforcement interests, NASA serves as an objective and trustworthy recipient of reports submitted by railroad professionals.
By identifying close calls on or around the railroad tracks, participating agencies can identify why close calls may occur, recommend and implement corrective actions, and evaluate the effectiveness of any such action that was implemented.
C3RS is in addition and complementary to the many existing safety programs that NCTD currently has in place such as Positive Train Control, which is designed to prevent train-to-train collisions, derailments caused by excessive train speed, train movements through misaligned track switches and unauthorized train entry into work zones.
“Safety at NCTD is our top priority,” explains Matthew Tucker, NCTD Executive Director. “Having the opportunity to partner with a highly successful organization such as NASA to enhance our safety protocols was an easy decision for NCTD.”
Confidentiality is a key element of the C3RS program. Railroad personnel can submit reports when they are involved in or observe an incident or situation in which railroad safety might be compromised. All report submissions are voluntary. Reports sent to C3RS are held in strict confidence, and individuals who report are provided waivers from carrier discipline and FRA enforcement of qualifying events.
“Because of NASA’s strict confidentiality policy for these reports, it’s more likely that we’ll get accurate details about the incident,” says NCTD’s Chief Operations Officer-Rail Eric Roe. “Those details can lead to new safety measures that make the tracks safer for everyone on and around the rails.”
C3RS includes partners Bombardier Transportation and SMART. Bombardier Transportation is NCTD’s rail operations and maintenance contractor. SMART is the union that represents the conductors and engineers on NCTD’s San Diego Subdivision.
NCTD has become the ninth railroad carrier to participate in the C3RS program since its 2007 inception. Other participants include Amtrak, Long Island Rail Road, MBTA/Keolis, Metra, Metro-North, New Jersey Transit, SEPTA, Strasburg Rail Road, Denton County Transportation Authority, North Shore Railroad Group, Belt Railway of Chicago – Operations and Belt Railway of Chicago Non-Ops. FRA is currently accepting new carriers into the program.
Click here for more information about the C3RS program.

In May, the Federal Railroad Administration (FRA) withdrew its proposed rulemaking to require two-person crews on freight trains. The agency then went further and stated that all state laws concerning the subject were preempted by the ruling.
In response, SMART TD President John Previsich testified before the U.S. House Subcommittee on Railroads, Pipelines, and Hazardous Materials in June at a hearing to address the FRA’s decision. In his statement, Previsich described the decision by the FRA as an abdication of its safety oversight duties.
In July, SMART Transportation Division further responded to the FRA by filing a lawsuit with the U.S. Court of Appeals Ninth Circuit Court, asking the court to overturn FRA’s ruling. According to Freightwaves.com, the states of Nevada, Illinois, Washington and California have joined in the fight for two-person crews as well. Nevada, Washington and the California Public Utilities Commission filed petitions with the Ninth Circuit court asking them to review FRA’s decision. Illinois joined the fight for two-person crews August 9, when the state’s governor signed a two-person crew bill into law.
At the SMART TD Regional Meeting in July in San Diego, President Previsich reiterated to members that the union would not take this decision lying down.
“There is going to be a big push coming. We are going to reach out to you when the proper time comes and ask for your assistance,” Previsich told attendees.
Click here to read more from FreightWaves.com.

Illinois Gov. Pritzker (left) standing shoulder-to-shoulder with SMART TD Illinois State Legislative Director Bob Guy (right).

On Friday, August 9, Illinois Governor JB Pritzker signed Senate Bill 24 – the state’s two-person crew bill – into law.
“I want to thank and commend Governor Pritzker for honoring the commitment he made as a candidate to sign legislation requiring a crew of at least two individuals on a freight train, and that’s just what he did in signing Senate Bill 24 into law,” Illinois State Legislative Director Bob Guy said.
Illinois State Sen. Terry Link, who sponsored the bill, had this to say about the bill signing in a press release: “With federal bureaucrats failing to act to protect public safety, it is clear states must act on their own. This is simply a matter of protecting the general public. Two-person crews can react more efficiently to mechanical failures or equipment malfunctions and can potentially save lives in a serious situation.”
“With the FRA abdicating its safety oversight duties and choosing to protect railroad profits over public safety, it’s now more important than ever for states to take over that role to protect its citizens from corporate greed,” said Guy. “At a time when freight trains are increasingly longer and carrying the most hazardous of chemicals through our communities, common sense tells us that response time to critical incidents involving trains is surely enhanced when a safe and adequate train crew size of at least two individuals are deployed, which is already the industry norm today and should be well into the future.
“On behalf of our Illinois SMART TD members, I say thank you, Governor, for seeing through the opposition’s tired arguments and FRA’s unprecedented submission that flies in the face of public safety. Your signature on S.B. 24 sends a clear message that Illinois, the rail hub of the nation, is not ready to jeopardize its citizens’ safety while railroads continue their pursuit of the almighty dollar,” Guy said.
The new law goes into effect January 1, 2020.

The Rail Workers Hazardous Materials Training Program has announced they will be hosting four of their 40-hr Chemical Emergence Response class in October and during the first quarter of next year.
The classes are to be held Oct. 20-25; Jan. 12-17; Feb. 2-7 and Mar. 15-20, 2020 at the Val Jahnke Training Facility located at 8030 Braniff St., Houston, TX 77061. All classes are from 7 a.m. to 4 p.m. There will be a Sunday evening orientation at 5:30 p.m. the evening before each class starts. This class should only be taken every three years. Please do not register if you’ve done so in the past three years as space is limited.
The Rail Workers Hazardous Materials Training Program was originally funded in 1990 by the National Institute of Environmental Health Sciences (NIEHS) to provide hazardous materials training for rail workers. Since that time, over 27,000 workers have participated in NIEHS-funded training courses that address requirements of OSHA 1910.120 and DOT’s Hazardous Materials Regulations (49 CFR, Part 172, Subpart H). In 2008 the program received additional funding from the US Department of Transportation to conduct Hazardous Material Instructor Training courses.
The funding provides the following student expenses: travel, lodging and meals. In addition, an incentive of $175.00 per day is available to all training participants of these programs, except those who are able to secure regular pay through their employer, or are paid union officers.
Generally, rail workers do not have the same access to quality hazmat and/or basic safety and health training as workers in many other industries. Both FRA and OSHA share jurisdiction in regulating worker safety and health conditions on railroad property. This joint jurisdiction has generally not been integrated into employer-provided training for rail workers, leaving the majority largely untrained or undertrained to safely perform hazmat-related functions consistent with the requirements set forth by OSHA and DOT. This target population of approximately 150,000 conductors, engineers, brakemen, switchmen, carmen, signalmen, laborers, boilermakers, dispatchers, and maintenance of way workers is represented by the nine rail union affiliates of this cooperative effort
The goal of this training initiative is to provide rail workers with the skills and knowledge necessary to protect themselves, the community, and the environment in a hazardous materials transportation emergency. To achieve this goal, the Rail Workers Hazardous Materials Training Program provides rail workers, through quality hazardous materials training courses, the confidence in their knowledge and problem-solving skills to enable them to make the change for safer work conditions.
Much of the training is provided by peer instructors who are full-time rail workers — members and/or local officers of affiliated rail unions.
Click here to register.