12 replies to this topic

[CNJRoss]

CN news release:

 

CN announces 20 per cent increase in quarterly cash dividend

MONTREAL, Jan. 26, 2016 /CNW/ - CN (TSX: CNR) (NYSE: CNI) announced today that its Board of Directors has approved a 20 per cent increase in the Company's quarterly cash dividend. With this increase, CN's dividend on an annualized basis is C$1.50 per common share.

 

Luc Jobin, CN executive vice-president and chief financial officer, said: "We are pleased to uphold our track record of consistently returning cash to shareholders. This dividend increase is testimony to our confidence in the strong cash flow generation capacity of CN throughout business cycles, and reaffirms our objective of gradually increasing the dividend payout ratio toward 35 per cent."

 

A quarterly dividend of thirty-seven-and-one-half cents (C$0.375) per common share will be paid on March 31, 2016, to shareholders of record at the close of business on March 10, 2016.

 

Including today's announcement, CN has declared annual increases to its dividend 20 consecutive times, averaging 17 per cent per year, since its initial public offering of shares in 1995.

[CNJRoss]

NS News Release:

 

Norfolk Southern declares quarterly dividend

Norfolk, Va. - Jan 26, 2016

 

Norfolk Southern Corporation (NYSE: NSC) today announced the regular quarterly dividend of 59 cents per share on its common stock, payable on March 10 to stockholders of record on Feb. 5.

 

Since its inception in 1982, Norfolk Southern has paid dividends on its common stock for 134 consecutive quarters.

[CNJRoss]

KCS news release:

KCS Declares Dividends on 4% Non-Cumulative Preferred Stock and Common Stock; Establishes Annual Meeting Date

 

Kansas City, Mo., January 28, 2016.  Kansas City Southern’s (KCS) (NYSE:KSU) Board of Directors on January 28, 2016 declared a regular dividend of $0.25 per share on the outstanding KCS 4% non-cumulative preferred stock.  The dividend is payable on April 5, 2016 to preferred stockholders of record at the close of business on March 14, 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 April 6, 2016, to common stockholders of record at the close of business on March 14, 2016.

 

The Board of Directors also set the Annual Meeting of Stockholders to be held in Kansas City, Missouri on Thursday, May 5, 2016.  Stockholders of record of KCS’s common stock and KCS’s 4% non-cumulative preferred stock as of March 7, 2016, will be entitled to notice of the meeting and to vote at such meeting. 

 

[CNJRoss]

UP news release, 2/4:
 

Union Pacific Corporation Announces a $3.75 Billion Capital Plan for 2016 and Declares First Quarter 2016 Dividend

 

Omaha, Nebraska, February 4, 2016

The Board of Directors of Union Pacific Corporation (NYSE: UNP) today approved the Company's 2016 capital plan of approximately $3.75 billion, down about $550 million versus 2015. The plan includes $375 million to further implement Positive Train Control.

 

"Given the decline in volume, we have taken a hard look at our capital plan and continue to invest for safety, productivity and where returns meet our threshold of reinvestability," said Rob Knight, Union Pacific chief financial officer.  "These investments will create value for our customers and strong returns for our shareholders in the years ahead."

 

The Board also declared a quarterly dividend of 55 cents per share on the company’s common stock, payable March 31, 2016, to shareholders of record February 29, 2016.

 

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

 

[CNJRoss]

CSX news release:

 

 

February 11, 2016

CSX Corporation Declares Quarterly Dividend

JACKSONVILLE, Fla. – February 11, 2016 – Yesterday, 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 March 15, 2016, to shareholders of record at the close of business on February 29, 2016. 

[CNJRoss]

CP news release:

 

Canadian Pacific Railway Limited declares dividend

February 23, 2016 Calgary, AB

​​

​​​​​The Board of Directors of Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) today declared a quarterly dividend of thirty-five cents ($0.35) Canadian per share on the outstanding Common Shares.​

 

The dividend is payable on April 25, 2016 to holders of record at the close of business on March 24, 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 Express

 

April 12, 2016

CSX Corporation Announces First Quarter Earnings

Highlights:

• Service improvements, significant efficiency and resource alignment savings combined  to help offset the impact of lower volume
• Continued low commodity prices, strong U.S. dollar and energy market transition will challenge second quarter and full-year 2016 performance

JACKSONVILLE, Fla. – April 12, 2016 – CSX Corporation (Nasdaq: CSX) today announced first quarter 2016 net earnings of $356 million, or $0.37 per share, down from $442 million, or $0.45 per share, in the same period of last year. 

“As we managed through the impact of the continued coal decline and other market forces during the first quarter, CSX took aggressive actions to improve efficiency, reduce costs and streamline resources across the network to further reshape the company,” said Michael J. Ward, chairman and chief executive officer. 

Revenue for the quarter declined 14 percent, reflecting lower fuel recovery, a 5 percent volume decline and a $95 million year-over-year decline in other revenue related to payments received in 2015 from customers that did not meet their minimum volume commitments. These impacts more than offset pricing gains across nearly all markets from an improving service product and volume growth in automotive, intermodal, minerals and waste and equipment. 

Expenses decreased 12 percent, driven by efficiency gains of $133 million and lower volume-related costs of $64 million as CSX reduced its cost structure in the face of the challenging market environment. In addition, the reduction in the price of fuel decreased fuel expense by $78 million for the quarter. 

Including the impact of these cost savings and the decline in other revenue, operating income decreased $139 million to $704 million. At the same time, the operating ratio increased 90 basis points year-over-year to 73.1 percent.

“While CSX delivered strong efficiency gains in the first quarter, we continue to expect full-year earnings per share to decline in 2016 as a result of ongoing coal headwinds combined with other market fundamentals,” said Ward. “At the same time, CSX remains focused on meeting and exceeding customer expectations while driving further efficiency savings to maximize shareholder value and achieve a mid-60s operating ratio longer term.”

CSX executives will conduct a quarterly earnings conference call with the investment community on April 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.

About CSX and its Disclosures

CSX, based in Jacksonville, Florida, is a premier transportation company.  It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products.  For nearly 190 years, CSX has played a critical role in the nation's economic expansion and industrial development.  Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population resides.  It also links more than 240 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike.

This announcement, as well as additional financial information, is available on the company's website at http://investors.csx.com. CSX also uses social media channels to communicate information about the company. Although social media channels are not intended to be the primary method of disclosure for material information, it is possible that certain information CSX posts on social media could be deemed to be material. Therefore, we encourage investors, the media, and others interested in the company to review the information we post on Twitter (http://twitter.com/CSX) and on Slideshare (http://www.slideshar...owTomorrowMoves).  The social media channels used by CSX may be updated from time to time.

More information about CSX Corporation and its subsidiaries is available at www.csx.com and on Facebook (http://www.facebook.com/OfficialCSX).
 

[CNJRoss]

KCS news release:

 

Kansas City Southern Reports First Quarter 2016 

 

First Quarter 2016 Results

 

• Revenue of $563 million, a decrease of 7% from first quarter 2015.
• Operating income of $188 million, 5% higher than a year ago. Excluding lease termination costs in 2015, operating income was flat compared to first quarter 2015.
• Operating ratio of 66.6%, compared with 70.5% in first quarter 2015. Excluding lease termination costs in 2015, adjusted operating ratio decreased 2.3 points compared to first quarter 2015.
• Diluted earnings per share of $0.99. Adjusted diluted earnings per share of $1.03 for first quarter 2016, which was flat compared to first quarter 2015.

 

Kansas City, Mo., April 19, 2016.  Kansas City Southern (KCS) (NYSE:KSU) reported first quarter 2016 revenues of $563 million. Overall, carload volumes were 5% lower than in first quarter 2015. Excluding the estimated impacts of Mexican peso depreciation and lower U.S. fuel prices, revenue declined 1% compared to the first quarter of 2015.

 

Operating expenses in the first quarter were $375 million, 12% lower than 2015. Excluding the estimated impacts of Mexican peso depreciation and lower U.S. fuel prices, adjusted operating expenses decreased 3% compared to the first quarter of 2015.

 

Operating income for the first quarter of 2016 was $188 million, which was flat compared to first quarter 2015 when excluding 2015 lease termination costs. KCS reported a first quarter 2016 operating ratio of 66.6%, a 2.3 point improvement from first quarter 2015, when excluding 2015 lease termination costs. Reported net income in the first quarter of 2016 totaled $108 million, or $0.99 per diluted share, compared with $101 million, or $0.91 per diluted share, in the first quarter of 2015.  Excluding the impacts of foreign exchange rate fluctuations and 2015 lease termination costs, adjusted diluted earnings per share for first quarter 2016 was $1.03 which was flat compared to 2015. 

  

“Despite flooding that shut down key portions of our U.S. rail network for over three weeks, KCS delivered solid earnings and operating results,” stated KCS Chief Executive Officer David L. Starling. “That we overcame this very significant challenge while simultaneously scaling costs across the network clearly demonstrates KCS’ ability to react quickly to rapid and unexpected changes to its operating environment.” 

 

Continue here for GAAP Reconciliation and Consolidated Statement of Income and Expenses

[CNJRoss]

CP news release, 4/20:

CP reports record Q1 results

April 20, 2016  |  Calgary, AB

​​​​​​​​​

OR falls to Q1 record 58.9 percent; double digit EPS growth

 

Calgary, AB – Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) today announced its lowest-ever first-quarter operating ratio of 58.9 percent and reported diluted earnings per share of $3.51 or $2.50 on an adjusted diluted earnings per share basis.

 

CP's operating ratio improved by 430 basis points year-over-year and for a third straight quarter was below 60 percent. At 58.9 percent the OR is the lowest-ever when compared to adjusted operating ratios in previous quarters.[1]  ​​​​​

 

Reported diluted earnings per share increased 83 percent to $3.51 from $1.92 and adjusted diluted earnings per share grew 11 percent to $2.50 from $2.26.

"The precision railroading model works in all economic environments," said E. Hunter Harrison, CP's Chief Executive Officer. "Despite weakness in the economy and volume headwinds, we focused on what we can control – our costs and our commitment to providing reliable service – and delivered a record performance."

FIRST-QUARTER HIGHLIGHTS

• ​​Revenues were down 4 percent to $1.59 billion from $1.67 billion 
• Operating income advanced 7 percent to $653 million from $612 million 
• Net income rose 69 percent to $540 million from $320 million, adjusted income was up 2 percent to $384 million from $375 million

"I am proud of what the team continues to produce quarter after quarter in these difficult times and we remain optimistic in our outlook given signs of stabilization within the Canadian economy and in key global markets," said Harrison. "As market conditions improve and volumes increase, our team of professional railroaders will be ready. Furthermore, we are confident in our plan to deliver shareholder value, which includes the announcement of a new share repurchase program that demonstrates our continued confidence over the long-term."

​

[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. ​​

​​view the first-quarter 2016 earnings release and financial reports​​​​​​​​

[CNJRoss]

NS news release:

 

Norfolk Southern reports strong first-quarter 2016 results

Achieves record quarterly operating ratio and double-digit improvements in operating income, net income, and earnings per share

 

FIRST-QUARTER 2016 RESULTS

 

• Railway operating revenues totaled $2.4 billion, down 6 percent year-over-year.
• Railway operating expenses were $1.7 billion, down 13 percent year-over-year on the 2 percent reduction in traffic volumes.
• Income from railway operations was $723 million, up 19 percent year-over-year.
• Net income was $387 million, up 25 percent year-over-year.
• Diluted earnings per share were $1.29, up 29 percent year-over-year.
• Railway operating ratio was 70.1 percent, an improvement of 8 percent over the prior year and a Norfolk Southern first-quarter record.

 

NORFOLK, Va., April 21, 2016 – Norfolk Southern Corporation (NYSE: NSC) today reported financial results for first-quarter 2016. Net income for the quarter was $387 million, 25 percent higher compared with $310 million during the same period of 2015. Diluted earnings per share were $1.29, up 29 percent compared with $1.00 diluted earnings per share in the first quarter last year.

 

“Our strong first-quarter results demonstrate the significant progress we are making in line with our strategic plan,” said Chairman, President, and CEO James A. Squires. “Since I became CEO in June, our team has been committed to streamlining operations, reducing expenses and maintaining superior customer service levels. Our focus on strengthening Norfolk Southern is yielding results, and the company is now on track to achieve productivity savings of about $200 million and an operating ratio below 70 in 2016. We are confident the continued execution of our strategic plan will deliver superior shareholder value by best positioning Norfolk Southern to succeed while ensuring the company is prepared to capture revenue and volume growth opportunities in 2016 and beyond.”

 

As previously announced, Norfolk Southern is implementing a strategic plan to reduce costs, drive profitability, and enhance value for all Norfolk Southern shareholders.  Through this plan, the company expects to achieve annual productivity savings of more than $650 million by 2020 and an operating ratio below 65 percent by 2020.

 

FIRST-QUARTER SUMMARY

• Railway operating revenues were $2.4 billion, 6 percent lower compared with the first quarter of 2015. Volume declined 2 percent, the result of lower coal volumes. Average revenue per unit decreased 3 percent as the effects of higher rates were more than offset by a $114 million, or 70 percent, decline in fuel surcharge revenues.  

• Merchandise revenues were $1.5 billion, 2 percent higher than the same period last year. Led by an 18 percent increase in automotive traffic, volume grew in all business groups except chemicals, which was impacted by fewer crude oil shipments due to low oil prices.  The five merchandise commodity groups reported the following year-over-year revenue results:

• Chemicals: $419 million, down 3 percent
• Agriculture: $386 million, up 3 percent
• Metals/Construction: $300 million, down 3 percent
• Automotive: $254 million, up 16 percent
• Paper/Forest: $190 million, up 3 percent

• Intermodal revenues were $522 million, down 12 percent compared with first quarter 2015. Volume was even for the quarter as growth in international volumes was offset by lower domestic volumes due to the restructuring of the company’s Triple Crown Services subsidiary.

• Coal revenues were $349 million, 23 percent lower compared with first quarter of 2015. Mild winter temperatures, low natural gas prices, and a weak global export market combined to decrease volume by 23 percent year-over-year.

• Railway operating expenses decreased $264 million, or 13 percent, to $1.7 billion compared with same period of 2015, due to lower fuel costs and targeted expense reduction initiatives.

• Income from railway operations was $723 million, 19 percent higher compared with the same period in 2015.

• The operating ratio, or operating expenses as a percentage of revenues, was 70.1 percent, a first-quarter record, and an 8 percent improvement compared with first-quarter 2015.