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Researched by Industrial Info Resources (Sugar Land, Texas)--CSX Corporation (NYSE:CSX) (Jacksonville, Florida) expects to complete key terminal projects in Ohio and Quebec in the late fourth-quarter, officials with the railway said Wednesday. The company reported third-quarter net earnings of $509 million, up 12% from the same quarter a year earlier; and revenue of $3.22 billion, up 8%.
Industrial info is tracking 62 CSX projects, worth $3.92 billion. The largest project, the Cincinnati 2015 freight rail state-wide network upgrade/rehabilitation program in Ohio, has a total investment value of $120 million. It includes upgrades and rehabilitation for the state-wide freight rail system, including five rail yards, four intermodal terminals, five TRANSFLO terminals, and three automotive distribution centers, plus supporting equipment and systems. Project kickoff is scheduled for the first quarter of 2015, with completion by the end of the year.
View Project Report - 300129785
CSX, which operates primarily in the eastern U.S., expects to invest $300 million in capital projects this year, and roughly the same amount next year.
Speaking at the company's third-quarter earnings conference call, Executive Vice President Clarence Gooden told investment analysts that he expects a new terminal to open near Montreal, Quebec, by the end of the fourth quarter.
The grassroot intermodal rail terminal at Salaberry-De-Valleyfield has a total investment value of $107 million, according to Industrial Info, and is expected handle 100,000 containers per year. The project kicked off in the second quarter of 2013.
Gooden also said he expects a rail hub expansion in northwest Ohio to be completed in the fourth quarter.
The North Baltimore, Ohio, intermodal terminal expansion has a total investment value of $42 million, according to industrial Info. It includes the extension of eight process tracks and crane rails by 2,300 linear feet, as well as expansion of the container stacking areas, mechanical, electrical lighting and communication systems for the facility, and an additional 10,000-foot-long receiving and departing track and additional support tracks. Construction kicked off in the second quarter of this year.
View Project Report - 300169151
CSX Chief Operating Officer and Vice President Oscar Munoz said during the conference call that the railroad was still working to restore customer service levels. Harsh winter weather conditions earlier this year impacted service levels.
The railroad has added 300 train and engineering crew workers, and expects to have 1,300 crew members in training by the end of 2014, he said. The company also has 300 more locomotives on order, he said.
Looking forward, Gooden said the company expects to see favorable markets for chemicals, food and consumer items, steel and domestic coal, as well as intermodal volume. The company had a neutral outlook for forest and agricultural products, as well as automotive items. The railway expects transportation of thermal coal for exports to continue to decrease.
Company executives did not discuss reports that CSX had rejected a merger proposal by Canadian Pacific Railway (NYSE:CP) (Calgary, Alberta).
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
Industrial info is tracking 62 CSX projects, worth $3.92 billion. The largest project, the Cincinnati 2015 freight rail state-wide network upgrade/rehabilitation program in Ohio, has a total investment value of $120 million. It includes upgrades and rehabilitation for the state-wide freight rail system, including five rail yards, four intermodal terminals, five TRANSFLO terminals, and three automotive distribution centers, plus supporting equipment and systems. Project kickoff is scheduled for the first quarter of 2015, with completion by the end of the year.
View Project Report - 300129785
CSX, which operates primarily in the eastern U.S., expects to invest $300 million in capital projects this year, and roughly the same amount next year.
Speaking at the company's third-quarter earnings conference call, Executive Vice President Clarence Gooden told investment analysts that he expects a new terminal to open near Montreal, Quebec, by the end of the fourth quarter.
The grassroot intermodal rail terminal at Salaberry-De-Valleyfield has a total investment value of $107 million, according to Industrial Info, and is expected handle 100,000 containers per year. The project kicked off in the second quarter of 2013.
Gooden also said he expects a rail hub expansion in northwest Ohio to be completed in the fourth quarter.
The North Baltimore, Ohio, intermodal terminal expansion has a total investment value of $42 million, according to industrial Info. It includes the extension of eight process tracks and crane rails by 2,300 linear feet, as well as expansion of the container stacking areas, mechanical, electrical lighting and communication systems for the facility, and an additional 10,000-foot-long receiving and departing track and additional support tracks. Construction kicked off in the second quarter of this year.
View Project Report - 300169151
CSX Chief Operating Officer and Vice President Oscar Munoz said during the conference call that the railroad was still working to restore customer service levels. Harsh winter weather conditions earlier this year impacted service levels.
The railroad has added 300 train and engineering crew workers, and expects to have 1,300 crew members in training by the end of 2014, he said. The company also has 300 more locomotives on order, he said.
Looking forward, Gooden said the company expects to see favorable markets for chemicals, food and consumer items, steel and domestic coal, as well as intermodal volume. The company had a neutral outlook for forest and agricultural products, as well as automotive items. The railway expects transportation of thermal coal for exports to continue to decrease.
Company executives did not discuss reports that CSX had rejected a merger proposal by Canadian Pacific Railway (NYSE:CP) (Calgary, Alberta).
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
