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[CNJRoss]

CP news release:

Canadian Pacific Railway Limited declares dividend

July 11, 2016 | Calgary, AB

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The Board of Directors of Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) today declared a quarterly dividend of $0.50 per share on the outstanding Common Shares.

 

The dividend is payable on October 24, 2016 to holders of record at the close of business on September 30, 2016 and is an "eligible" dividend for purposes of the Income Tax Act (Canada) and any similar provincial/territorial legislation.

[CNJRoss]

CSX news release:

 

CSX Corporation Declares Quarterly Dividend

JACKSONVILLE, Fla. – July 13, 2016 – Today, the Board of Directors of CSX Corporation (Nasdaq: CSX) approved an $0.18 per share quarterly dividend on the company's common stock. The dividend is payable on September 15, 2016, to shareholders of record at the close of business on August 31, 2016. 
 

[CNJRoss]

NS news release:

 

 

Norfolk Southern declares quarterly dividend

 

Norfolk, Va. - Jul 29, 2016

 

Norfolk Southern Corporation (NYSE: NSC) today announced the regular quarterly dividend of 59 cents per share on its common stock, payable on Sept. 10 to stockholders of record on Aug. 8.

 

Since its inception in 1982, Norfolk Southern has paid dividends on its common stock for 136 consecutive quarters.

 

[CNJRoss]

 UP news release:

 

Union Pacific Corporation Declares Third Quarter 2016 Dividend

Omaha, Nebraska, July 28, 2016

 

The Board of Directors of Union Pacific Corporation (NYSE: UNP) has declared a quarterly dividend of 55 cents per share on the company's common stock, payable September 30, 2016, to shareholders of record August 31, 2016. This is consistent with the company's new dividend payout target range of 40 to 45 percent on a declared basis.

 

Union Pacific has paid dividends on its common stock for 117 consecutive years.

 

[CNJRoss]

KCS news release:

KCS Declares Dividends on 4% Non-Cumulative Preferred Stock and Common Stock

August 17, 2016

 

​Kansas City, Mo., August 17, 2016.  Kansas City Southern’s (KCS) (NYSE:KSU) Board of Directors on August 15, 2016 declared a regular dividend of $0.25 per share on the outstanding KCS 4% non-cumulative preferred stock.  The dividend is payable on October 4, 2016 to preferred stockholders of record at the close of business on September 12, 2016.

 

The Board of Directors also declared a regular dividend of $0.33 per share on the outstanding KCS common stock.  This dividend is payable on October 5, 2016, to common stockholders of record at the close of business on September 12, 2016.

[CNJRoss]

 

October 12, 2016

CSX Corporation Announces Third Quarter Earnings

Highlights:

• With macroeconomic and energy headwinds impacting most markets, CSX once again delivered solid financial results in the third quarter 
   
• Earnings per share were $0.48 and operating ratio was 69.0 percent, reflecting continued strong cost performance

JACKSONVILLE, Fla. – October 12, 2016 – CSX Corporation (Nasdaq: CSX) today announced third quarter 2016 net earnings of $455 million, or $0.48 per share, down from $507 million, or $0.52 per share, in the same period of last year. 

“CSX continues to drive strong cost performance and efficiency in this dynamic market environment while meeting or exceeding customer expectations,” said Michael J. Ward, chairman and chief executive officer. “Our financial results demonstrate CSX’s ability to deliver value for shareholders and customers in the current business climate as we position the company to maximize opportunities in 2017 and beyond.”

Revenue for the quarter declined 8 percent, consistent with volume declines of 8 percent overall, including coal volume declines of 21 percent. At the same time, expenses improved 7 percent in the quarter, primarily driven by $112 million of efficiency gains and $53 million of volume-related cost reductions. 

As these cost savings partially offset the impact of lower volume and changing business mix, operating income declined 10 percent to $841 million and the operating ratio increased 70 basis points year-over-year to 69.0 percent.

While the U.S. dollar strength and low global commodity prices persisted in the quarter, CSX is positioning itself to maximize shareholder value by leveraging network improvements, technology enhancements and superior service to capture growth opportunities and achieve a mid-60s operating ratio longer term.

CSX executives will conduct a quarterly earnings conference call with the investment community on October 13, 2016, from 8:30 a.m. to 9:30 a.m. Eastern time. Investors, media and the public may listen to the conference call by dialing 1-888-EARN-CSX (888-327-6279) and asking for the CSX earnings call. Callers outside the U.S., dial 1-773-756-0199. Participants should dial in 10 minutes prior to the call. In conjunction with the call, a live webcast will be accessible and presentation materials will be posted on the company's website at http://investors.csx.com. Following the earnings call, an internet replay of the presentation will be archived on the company website.

This earnings announcement, as well as additional detailed financial information, is contained in the CSX Quarterly Financial Report available through the company’s website at http://investors.csx.com and on Form 8-K with the Securities and Exchange Commission.

[CNJRoss]

CP news release:

 

CP reports Q3 2016 diluted earnings per share of $2.34; adjusted diluted EPS of $2.73

October 19, 2016 Calgary, AB

 

​​Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) today announced third-quarter reported diluted earnings per share (EPS) of $2.34, adjusted diluted EPS of $2.73 and an operating ratio of 57.7 percent, the lowest-ever when compared to adjusted operating ratios in previous quarters.[1]  

 

"Despite decreased revenues, tied to a delayed grain harvest and stiff economic headwinds, our business model continues to perform on the cost side," said E. Hunter Harrison, CP's Chief Executive Officer. "Our commitment to efficiency, asset optimization, and operational excellence has produced yet another record-low operating ratio."

 

While third-quarter revenues decreased 9 percent to $1.55 billion from $1.71 billion, diluted earnings per share rose 15 percent to $2.34 from $2.04 and adjusted diluted earnings per share advanced 1 percent to $2.73 from $2.69.

 

"Given the delayed grain harvest, lower crude volumes and persistent economic challenges compounded by a strengthening Canadian dollar, we are now expecting mid-single-digit EPS growth this year," Harrison said. "While disappointed that we will not meet our previous forecast, I am incredibly proud that despite these challenges, CP will deliver its lowest-ever annual operating ratio. Our industry-leading operating plan and continued focus on improving service to our customers means we are well-positioned to capitalize on increasing volumes leading into 2017."

• ​​view the third-quarter earnings release and financial reports​​​​

The company will discuss its results with the financial community in a conference call beginning at: 11 a.m. eastern time (9 a.m. mountain time) on October 19.

Conference Call Access

Toronto participants dial in number: 1-647-427-7450
Operator assisted toll-free dial in number: 1-888-231-8191
Callers should dial in 10 minutes prior to the call.

Webcast

We encourage you to access the webcast and presentation material in the "Investors" section of CP's website at http://www.cpr.ca/en...rnings-releases

 

A replay of the third-quarter conference call will be available by phone through to November 16, 2016 at 416-849-0833 or toll free 1-855-859-2056, password 38019789.

 

Access to the webcast and audio file of the presentation will be made available at: http://www.cpr.ca/en...rnings-releases

[1] In Q3 2015, CP had a reported operating ratio of 55.9 percent as a result of the sale of the D&H South, an item excluded from CP's Q3 2015 adjusted operating ratio of 59.9 percent. ​​​

Non-GAAP Measures

For further information regarding non-GAAP measures, including reconciliations to the nearest GAAP measures, see the attached supplementary schedule Non-GAAP Measures.

[CNJRoss]

KCS news release:

 

Kansas City Southern Reports Third Quarter 2016 

 

Third Quarter 2016 Results

 

• Revenue of $605 million, a decrease of 4% from third quarter 2015
• Carload volumes of 562 thousand, a decrease of 4% from prior year
• Operating income of $200 million, a decrease of 9% from third quarter 2015
• Operating ratio of 66.9%, compared with 65.2% in third quarter 2015
• Diluted earnings per share of $1.12, a decrease of 7% compared to third quarter 2015. Adjusted diluted earnings per share of $1.12, a decrease of 7% compared to third quarter 2015

 

Kansas City, Mo., October 18, 2016.  Kansas City Southern (KCS) (NYSE:KSU) reported third quarter 2016 revenues of $605 million, a decrease of 4% from third quarter 2015. Overall carload volumes decreased 4% compared to third quarter 2015. Excluding the estimated impacts of Mexican peso depreciation and lower U.S. fuel prices, revenue would have decreased by 1% compared to the third quarter of 2015.

 

Third quarter 2016 revenues declined in four commodity groups, partially offset by small increases in two others (Agriculture & Minerals and Chemical & Petroleum).  Intermodal revenue declined 7%, largely attributable to service disruptions on our Mexican network.  Energy revenue declined 15% as the effects of reduced U.S. drilling operations continue to be seen in both crude oil & frac sand movements.

 

Operating expenses in the third quarter were $405 million, 2% lower than 2015. Excluding the estimated impacts of Mexican peso depreciation and lower U.S. fuel prices, operating expenses increased 2% compared to the third quarter of 2015.  In the third quarter of 2016, the Company recognized a $16 million Mexican fuel excise tax credit.  Additionally, in the third quarter of 2016, the Company recorded a year-to-date adjustment to increase the incentive compensation level for the year.

 

Operating income for the third quarter of 2016 was $200 million, a decrease of 9% from the third quarter 2015.  KCS reported a third quarter operating ratio of 66.9%, a 1.7 point increase from third quarter 2015. Reported net income in the third quarter of 2016 totaled $121 million, or $1.12 per diluted share, compared with $132 million, or $1.20 per diluted share, in the third quarter of 2015.  Excluding the impacts of foreign exchange rate fluctuations, adjusted diluted earnings per share for third quarter 2016 was $1.12, compared to $1.21 in third quarter 2015. 

  

“Kansas City Southern faced a challenging third quarter as extraneous events, including flooding outages and service disruptions on our Mexican network, resulted in additional operating costs.” stated Kansas City Southern’s President and Chief Executive Officer Patrick J. Ottensmeyer. “In spite of these events, KCS’ third quarter carloads grew 5% sequentially with strength seen in both the Automotive and Energy commodity groups.  Overall, the Company remains committed to growth and we continue to invest and prepare for the many long-term opportunities on the horizon.” 

 

CONTINUE here.

[CNJRoss]

UP news release:

 

Union Pacific Reports Third Quarter 2016 Results

Third Quarter Operating Ratio of 62.1 percent

 

Omaha, Neb., October 20, 2016

 

Union Pacific Corporation (NYSE: UNP) today reported 2016 third quarter net income of $1.1 billion, or $1.36 per diluted share compared to $1.3 billion, or $1.50 per diluted share, in the third quarter 2015.

Third Quarter Results

• Diluted earnings per share of $1.36 declined 9 percent.

• Operating income totaled $2.0 billion, down 11 percent.

• Operating ratio of 62.1 percent, up 1.8 points.

"Continued momentum from our productivity initiatives, as well as positive core pricing, helped partially offset the decline in total carload volumes. While many of the same volume challenges have continued throughout the year, we are keeping a laser focus on our six value tracks. This strategy ensures we provide our customers with an excellent value proposition and service experience, while efficiently and safely managing our resources," said Lance Fritz, Union Pacific chairman, president and chief executive officer.

 

Third Quarter Summary

Operating revenue of nearly $5.2 billion was down 7 percent in the third quarter 2016 compared to the third quarter 2015. Third quarter business volumes, as measured by total revenue carloads, declined 6 percent compared to 2015. While shipments of agricultural products grew 11 percent, volumes declined in the remaining five business groups. In addition:

• Quarterly freight revenue decreased 7 percent compared to the third quarter 2015, as volume declines and lower fuel surcharge revenue more than offset core pricing gains.
• Union Pacific's 62.1 percent operating ratio was unfavorable by 1.8 points compared to the record third quarter 2015, but improved 3.1 points sequentially.
• The $1.57 per gallon average quarterly diesel fuel price in the third quarter 2016 was 13 percent lower than the third quarter 2015.
• Quarterly train speed, as reported to the Association of American Railroads, was 26.0 mph, 2 percent faster than the third quarter 2015.
• The Company repurchased 9 million shares in the third quarter 2016 at an aggregate cost of $851 million.

Summary of Third Quarter Freight Revenues

• Agricultural Products up 6 percent
• Chemicals down 1 percent
• Automotive down 8 percent
• Intermodal down 9 percent
• Industrial Products down 13 percent
• Coal down 19 percent

2016 Outlook

"The macroeconomic environment still has its challenges - an unstable global economy, the relatively strong U.S. dollar, and continued soft demand for consumer goods. However, certain segments of the economy, such as grain and energy, are showing signs of life," Fritz said. "Closing out 2016 and heading into next year, we are optimistic about the opportunities that lie ahead. In the coming months we will continue to do what Union Pacific does best - operate a safe, efficient, and productive network while providing an excellent customer experience and delivering solid shareholder returns."

[CNJRoss]

Financial Post, 10/21:
 

CP Rail and Union Pacific heading in opposite directions

 

Union Pacific Corp. was slapped with a downgrade as a result of falling pricing trends, but railroad peer Canadian Pacific Railway Ltd. received a vote of confidence.

 

RBC Capital Markets analyst Walter Spracklin lowered his recommendation on UNP to sector perform, and cut his price target to US$98 from US$107, citing management’s commentary on pricing trends Thursday.

 

SNIP

 

Meanwhile, CP Rail is benefiting from an increase in bulk-orientated traffic, something Steve Hansen at Raymond James expects will continue for the remainder of 2016 and in 2017.

 

The analyst reiterated his outperform rating and $230 price target on CP Rail shares, despite the company’s Q3 earnings coming in slightly below analysts’ forecasts.

 

More here.