Blanchard Railroad Week in Review,First Quarter 2010

The Railroad Week in Review:
First Quarter 2010

Current Issues
Available in Adobe Acrobat format only. You will need the free Adobe Acrobat reader.

Week in Review, March 26, 2010
Why domestic intermodal is a great tool for managing inventory; ways to make boxcar behave like intermodal (hint: it takes volumes and regular switching). Morgan Stanley predicts double-digit growth in revenue units for 2010. The double-whammy of RSAC plus ObamaCare on small short lines. Chlorine Institute picks a fight with the FRA and AAR. Further thoughts on railroad paying their own ways. How to get competitive traffic information delivered to your desk top.
Week in Review, March 19, 2010
How local governments can help short lines -- but first they have to pass Econ 101. Railroads in NY sense $100 mm has gone missing from a railroad bond issue. ASLRRA wins Hours of Service relief for short lines. Greenville & Western, Northern Plains win Railway Age awards. Car builders stocks are up but are their sales? WCOR enters the six-axle world. Week 10 carload gains encouraging. Time for Class Is to buy back shares?
Week in Review, March 12, 2010
Lead item this week has to do with the highly successful CSX Shortline Workshop that ran Sun-Tues. RailConnect shortline carloads to date plus Feb and YTD carload comps for RA and GWR. Outlook for 2010 from RW Baird. Dan Behr on the financial travails of the small truckers. Chop Hardenbergh adds color to the MMA story thus far.
Week in Review, March 5, 2010
Excerpts from a Matt Rose interview on Bloomberg TV. Lessons for short lines in the 2009 Berkshire Shareholder Letter. The plight of the Montreal, Maine & Atlantic Railroad and why it's not a 501(c)(3) organization. California ethanol mandates could do grievous damage to short lines in the corn states. Rick Paterson calls RR re-reg bill "toast." Dennis Gartman on the ethanol follies nation-wide.
Week in Review, February 26, 2010
RailAmerica reports Q4 and FY 2009: Lots of noise but making all the right moves in preparation for better days. Jim Giblin on recapturing the boxcar business. Short lines get short shrift in TIGER grants. Betke on the perils of getting greedy at the federal trough. Rick Paterson on why PTC could wind up hurting capacity.
Week in Review, February 19, 2010
One short liner's view on hiring in today's economy. The link between HSR dollars and freight service; the cleverness of some communities toward rail freight offset by the stupidity of others. Genesee & Wyoming to operate iron ore railroad in Labrador. Congress waffling on ethanol tax credits and tariffs could harm farmers and railroads.
Week in Review, February 12, 2010
Genesee & Wyoming posts strong fourth quarter and full year results. RailAmerica January carloads up five percent year over year yet there was little month-to-month change. BNSF shareholders approve Berkshire Hathaway transaction; why Berkshire shares are poised for a move up. Why the AAR carload data are "seasonally-adjusted." Corn Belt short lines still need to be long cars. Art Cashin on small business employment and link to shortline fortunes.
Week in Review, February 5, 2010
KCS rounds out fourth quarter earnings calls with some promising results, up where others are down and, where down, down less than the other Class Is. KCS Quarterly Investors' Report a welcome addition. Table summarizing all Class I results following disclaimer. Corn futures trending lower, how railroad car supply may be affected. Tony Hatch on Class I railroad frustration with the Washington scene. Mixed signals from the coal fields. Supplier stock tips. Matt Rose interview video with RA Editor Bill Vantuono.
Week in Review, January 29, 2010
Earnings Week concludes. Notes on NS, CN, CP herewith; KCS will wait a week while I collect some supporting data. Constant themes throughout: (1) Using downturn to make the railroads run better so more cars can be brought on-line at small incremental expense. (2) More government regulation, red tape and restrictions will harm our ability to add capacity where it's needed.
Week in Review, January 22, 2010
Some comments on monetary trends and their portents for short lines. CSX, UP, BNSF report fourth quarter and full year earnings. Common thread: carloads increasing but still a long way to go if 2007 levels are to be recovered; railroads running better than ever meaning more of new revs can go straight to the bottom line. Berkshire B shares split fifty for one.
Week in Review, January 15, 2010
Gartman on the huge "miss" on the experts' predictions of corn and bean harvests. AAR's John Gray on why the RRs are happy to have 2009 behind them. Outlook for utility coal not glowing. One point of view regarding the privatization of BNSF and what it could mean for short lines everywhere. Scotia Capital's new 114-page rail industry analysis is a winner. Art Cashin on the VIX and some cautionary words.
Week in Review, January 8, 2010
The 52-week car counts for 2009 are in and it's a long way back to 2007 volume levels. How one short line is making money saving its customers money. BNSF short line tidbits; that ISAs are still not working is a concern. How will health care changes affect short lines? Reader response invited. Short the dollar against the Loonie? RailAmerica exits CP lease.
[No Week in Review, January 1, 2010]

THE BLANCHARD COMPANY
2041 Christian Street - Philadelphia PA 19146-1338 (215) 985-1110 voice - (215) 985-1446 fax
Roy Blanchard, rblanchard@rblanchard.com
Laura Blanchard, lblanchard@rblanchard.com