Railpace Hot News
Keep up to date on the latest railroad news from the northeastern United States and Canada, edited by Carl Perelman.
July 29, 2022
CP Reports Strong Q2 Results; Momentum Accelerating in Second Half of the Year
Canadian Pacific Railway Limited announced its second-quarter 2022 results, including revenues of $2.20 billion, reported operating ratio (“OR”) of 60.6 percent, adjusted OR1 of 59.7 percent, reported diluted earnings per share (“EPS”) of $0.82 and core adjusted diluted EPS1 of $0.95.
July 29, 2022
Amtrak Service West of Albany Temporarily Suspended
Due to a potential safety concern with a non-Amtrak, privately owned building located near the tracks, Empire Service West of Albany and the Lake Shore Limited are temporarily suspended
July 28, 2022
SEPTA and Wawa Announce Station Naming Rights Agreement
SEPTA’s newest Regional Rail station will bear the name of a hometown institution thanks to a naming rights agreement announced today. The new Wawa Station will officially open for service on Sunday, August 21.
July 28, 2022
MTA Preliminary Budget Forecasts Fiscal Cliff Closer and Looms Larger as Ridership Recovery Delayed
The Metropolitan Transportation Authority (MTA) released its preliminary 2023 budget and four-year financial plan, including a reforecast of ridership recovery conducted by McKinsey & Company. The documents project the MTA fiscal cliff presented in February 2022 will occur in 2025, one year earlier than previously forecasted, with federal COVID-19 relief aid largely exhausted by 2024.
July 28, 2022
Rail Traffic for the Week Ending July 23, 2022
The Association of American Railroads (AAR) reported U.S. rail traffic for the week ending July 23, 2022. For this week, total U.S. weekly rail traffic was 498,901 carloads and intermodal units, down 0.8 percent compared with the same week last year.
Total carloads for the week ending July 23 were 232,565 carloads, up 1.1 percent compared with the same week in 2021, while U.S. weekly intermodal volume was 266,336 containers and trailers, down 2.5 percent compared to 2021.
July 27, 2022
FRA Issues Proposed Rule to Enhance Train Safety, Codify Train Crew Size Requirements
To enhance safety, the U.S. Department of Transportation’s Federal Railroad Administration (FRA) today announced a proposed rule requiring a minimum of two train crewmembers for over-the-road railroad operations, with some exceptions for certain low risk operations and circumstances where mitigating measures are in place to protect railroad employees, the public, and the environment.
July 27, 2022
CN Reports Second Quarter Results
CN today reported its financial and operating results for the second quarter ended June 30, 2022. Financial performance improved year-over-year with record adjusted diluted earnings per share (EPS) of C$1.93, up 30%. (1) For the same period, the Company reported diluted EPS up 32% to C$1.92. CN also delivered solid operational performance with improvements in key operating metrics such as origin train performance, car velocity, through dwell and record fuel efficiency, resulting in a lower operating ratio.
July 27, 2022
Norfolk Southern Reports Second Quarter 2022 Results
Norfolk Southern Corporation today announced second quarter 2022 financial results which included quarterly records for railway operating revenues, income from railway operations, and diluted earnings per share. Second quarter railway operating revenue was $3.3 billion, income from railway operations was $1.3 billion, net income was $819 million, and diluted earnings per share was $3.45.
July 27, 2022
MTA Announces Universal Subway Wireless Connectivity Plan
The Metropolitan Transportation Authority (MTA) today announced a public-private partnership to provide cell coverage throughout all 418 track miles of subway tunnels, along with an expansion of Wi-Fi service to all 191 above-ground subway and 21 Staten Island Railway stations. Transit customers currently enjoy cellular and Wi-Fi service at all 281 underground subway stations through Transit Wireless, a BAI Communications Company. A proposed expansion would transform the subway system into a fully digitally connected transit network that gives riders the ability to use their mobile devices throughout the entire subway system.
July 26, 2022
Biden Administration Announces Bipartisan Infrastructure Law Funding to Make Public Transportation Rail Stations Accessible for All
Thanks to President Biden’s Bipartisan Infrastructure Law, the Federal Transit Administration (FTA) announced today it will provide $1.75 billion to make it easier for people to get on board at the nation’s oldest rail public transportation systems, including $343 million in a notice of funding availability now.
