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Class 1 2017 3rd Quarter Earnings; 4th Quarter Dividends


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#11 CNJRoss

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Posted 11 November 2017 - 08:24 AM

BNSF 3rd Quarter Summary:

 

BNSF's Third-Quarter 2017 Financial Performance:

 

Nov. 3, 2017

Volumes, Revenues and Expenses

 

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Volumes and Revenues

Third quarter and first nine months of 2017 operating income were $2.0 billion and $5.3 billion, respectively, an increase of $73 million (4 percent) and $462 million (9 percent), respectively, compared to the same periods in 2016. Total revenues for the third quarter and first nine months of 2017 were up 3 percent and 8 percent, respectively, compared with the same periods in 2016. This is a result of increases in unit volume for the third quarter and first nine months of 2017 of 3 percent and 6 percent, respectively, and higher average revenue per car/unit in the first nine months of 2017.    

 

The increase in average revenue per car/unit in the first nine months of 2017 was primarily due to higher fuel surcharges and increased rates per car/unit.

 

Business unit third quarter and first nine months of 2017 volume highlights:

  • Consumer Products volumes were up 7 percent and 6 percent for the third quarter and the first nine months of 2017, respectively, compared with the same periods in 2016, due to higher domestic intermodal, international intermodal and automotive volumes. The increases were primarily due to improving economic conditions, normalizing of retail inventories, new services, and higher market share.  
  • Industrial Products volumes increased 2 percent for the third quarter and the first nine months of 2017, compared with the same periods in 2016, primarily due to higher sand and other commodities that support drilling. In addition, broad strengthening in the industrial sector drove greater demand for steel and taconite. The volume increase was partially offset by lower petroleum products volume due to pipeline displacement of U.S. crude rail traffic as well as lower aggregates and plastics volume.
  • Agricultural Products volumes were down 12 percent and up 1 percent for the third quarter and the first nine months of 2017, respectively, compared with the same periods in 2016.  The volume decrease in the third quarter was driven by lower grain exports, partially offset by higher domestic grain. The volume growth in the first nine months of 2017 was primarily due to higher shipments of domestic grain as well as ethanol and other grain products, partially offset by lower grain exports.
  • Coal volumes increased 2 percent and 12 percent for the third quarter and the first nine months of 2017, respectively, compared with the same periods in 2016, due to continued effects of higher natural gas prices, which led to increased utility coal usage. This was partially offset by the effects of unit retirements of coal generating facilities, increased renewable generation, and coal inventory adjustments at customer facilities.

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Expenses

Operating expenses for the third quarter and first nine months of 2017 were up 2 percent and 8 percent, respectively, compared with the same periods in 2016, as a result of increased volumes and inflation, including higher fuel prices. A significant portion of the increase is due to the following factors:

  • Compensation and benefits decreased 3 percent and increased 4 percent for the third quarter and first nine months of 2017, respectively, compared with the same periods in 2016. The third quarter decrease was due to lower wages and headcount, partially offset by higher health and welfare costs and volume-related increases. The year-to-date increase was primarily due to higher health and welfare costs and volume related increases, partially offset by lower headcount.
  • Purchased services increased 8 percent and 3 percent in the third quarter and first nine months of 2017, respectively, due to higher purchased transportation costs of our logistics services business and a prior year insurance recovery which reduced expenses in 2016.
  • Fuel expense was up 12 percent and 31 percent in the third quarter and first nine months of 2017, respectively, compared with the same periods in 2016. The third quarter increase was due to higher average fuel prices and lower efficiency of 2 percent. The first nine months increase was due to higher average fuel prices and increased volumes, partially offset by improved fuel efficiency of 1 percent. Locomotive fuel price per gallon increased 10 percent and 24 percent for the third quarter and first nine months of 2017, respectively, to $1.69.
  • Depreciation expense was up 11 percent for the third quarter and first nine months of 2017, compared to the same periods in 2016, primarily due to a larger depreciable asset base.
  • Materials and other decreased 20 percent and 5 percent in the third quarter and first nine months of 2017, respectively. These declines resulted from lower personal injury and other casualty related costs offset by higher equipment related material costs.

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Capital Activities

BNSF continues to invest in its network, with a focus on ensuring BNSF continues to operate a safe and reliable network that meets our customers’ expectations. Our 2017 planned capital commitments were reduced by $100 million to $3.3 billion as we completed certain projects at a lower cost, delayed the timing of certain projects, and made modifications to equipment acquisitions.

 

The 2017 capital program focus continues to be maintenance and replacement of BNSF’s network and related assets to ensure BNSF continues to operate a safe and reliable network. This year that component is expected to be $2.4 billion. These projects will primarily go toward replacing and upgrading rail, rail ties and ballast and maintaining rolling stock. BNSF will spend $400 million on expansion projects, $100 million for continued implementation of positive train control and $400 million on locomotives, freight cars and other equipment acquisitions. 

 

Complete summary report w/charts.



#12 CNJRoss

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Posted 18 November 2017 - 05:31 PM

UP news release:

 
Union Pacific Corporation Announces a 10 Percent Dividend Increase for Fourth Quarter 2017

 

Omaha, Neb., November 16, 2017

 

Union Pacific Corporation (NYSE: UNP) announced that its Board of Directors today voted to increase the quarterly dividend on the Company’s common shares by 10 percent to 66.5 cents per share. The increased dividend is payable December 28, 2017, to shareholders of record as of November 30, 2017.

 

Union Pacific has paid dividends on its common stock for 118 consecutive years.

 



#13 CNJRoss

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Posted 23 November 2017 - 08:34 AM

CP news release:

 
Canadian Pacific Railway Limited declares dividend
 
November 22, 2017 Calgary, AB

 

The Board of Directors of Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) today declared a quarterly dividend of $0.5625 per share on the outstanding Common Shares. 

 

The dividend is payable on January 29, 2018 to holders of record at the close of business on December 29, 2017, and is an "eligible" dividend for purposes of the Income Tax Act (Canada) and any similar provincial/territorial legislation.

 

 






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