US logistics players expand to boost their cross-border reach into Mexico
US surface logistics providers are expanding their reach across the southern border. Class I rail carriers ...
XOM: INCOME PLAYSTLA: BOUNCING FROM LOWSCHRW: A SLEW OF UPGRADES MAERSK: MOMENTUMAAPL: BOOOOMMMAMZN: CONF CALL TRANSCRIPT SCREENING ZIM: MAERSK BOOST DHL: SHRUGGING OFF CYBER TROUBLE SO FARGXO: WINCANTON RISK HEIGHTENSGXO: REMARKS THAT WERE NOT LIKEDMAERSK: SURGINGMAERSK: CLIENTS NOT EXPECTED TO PAY MORE FOR GEMINIMAERSK: NO GXO APPETITEMAERSK: 'NOT FULLY SATISFIED YET' MAERSK: 'GEMINI DESIGN' MAERSK: GEMINI NETWORK MOVING PARTSMAERSK: CAPITAL RETURNSMAERSK: CONSOLIDATION ON THE RADARMAERSK: CONF CALL
XOM: INCOME PLAYSTLA: BOUNCING FROM LOWSCHRW: A SLEW OF UPGRADES MAERSK: MOMENTUMAAPL: BOOOOMMMAMZN: CONF CALL TRANSCRIPT SCREENING ZIM: MAERSK BOOST DHL: SHRUGGING OFF CYBER TROUBLE SO FARGXO: WINCANTON RISK HEIGHTENSGXO: REMARKS THAT WERE NOT LIKEDMAERSK: SURGINGMAERSK: CLIENTS NOT EXPECTED TO PAY MORE FOR GEMINIMAERSK: NO GXO APPETITEMAERSK: 'NOT FULLY SATISFIED YET' MAERSK: 'GEMINI DESIGN' MAERSK: GEMINI NETWORK MOVING PARTSMAERSK: CAPITAL RETURNSMAERSK: CONSOLIDATION ON THE RADARMAERSK: CONF CALL
Union Pacific (UP) has the most to crow about among North America’s intermodal Q3 results, being the only carrier to report increased volumes and revenue.
Over the three months to October, UP experienced a 12% year-on-year revenue bump, to $1.24bn, despite revenue per unit (RPU) declining 6%, to $1,365. Volumes surged 19%, to more than 909,000 teu, driven by strong international demand.
CEO Jim Vine told investors it was “another really good quarter”, adding he was “pleased with how we flex to handle the 33% increase in international intermodal volume”.
EVP for marketing and sales Kenny Rocker added that intermodal volumes, both from domestic and international markets, remained strong, describing the international 33% uptick as “significantly outpacing growth seen in west coast imports”, while improved import figures “also drove increased domestic volume”.
This second strong quarterly showing allowed UP to wipe out the damage done in the first quarter and post a 3% year-on-year revenue increase of $3.46bn for the nine months to September, and year-to-date volumes up 9%, to 2.4m teu.
Meanwhile, at CSX, head of investor relations Matthew Korn noted a “solid, mid-single-digit” increase.
Domestically, he said, intermodal volumes for the period were “effectively flat”, leading to just a 3% quarterly bounce, to 730,000 teu, with revenue and RPU down 2%, to $509m, and 5%, to $697, year on year, respectively.
CSX’s year-to-date results fared a little better, with revenue up 1% on the same period of 2023, to $1.52bn, while volumes climbed 5%, to 2.1bn teu.
For Canadian Pacific-Kansas City, however, the quarter will be one best soon forgotten, with declines in revenue, -4% to C$624m ($449m), and volumes which fell 9% to 416,300 teu. RPU however, saw a 5% bump, to $1,079.
Even so, performances earlier in the year have kept year-to-date volume and revenue up, +7% (1.1m teu) and +5.4% ($1.36bn), respectively, despite a 1% RPU dip over the period, to $1,536.
And, after a flat first half, Canadian National saw that trend continue, with Q3 and year-to-date revenue flat, at $634m and around $2bn, respectively.
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