Blanchard Railroad Week in Review, First Quarter 2011

The Railroad Week in Review:
First Quarter 2011

Current Issues
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Week in Review, March 25
Some semblance of reason beginning to show up in Washington. Not so much in Ottawa. CP braves avalanches and record snow in the Rockies, Q1 earnings to take a hit. Goldman Sachs Outlook 2001 has encouraging words
Week in Review, March 18
Wisconsin announces $28 million in grants,loans and railroad matches for track improvement and railroad customer facilities. Why Morgan Stanley maintains "Attractive" view of railroads as investments. Feb year-over-year carloads down a bit at RailAmerica, up a bit at Genesee & Wyoming. CSX raises export coal tariff rates on unit trains 16-20%; analyst note excerpts.
Week in Review, March 11
CSX hosts another winning short line workshop; short lines to benefit from sharper pricing and improved car supply. Reading & Northern, Blacklands Railroad named winners in annual Railway Age awards. Tony Hatch on railroads and OGE. Maine DOT short list for MMA.
Week in Review, March 4
BNSF 2010 performance viewed through the lens of the Berkshire Hathaway Annual Letter to Shareholders. Impressive. What the AAR means by "seasonally adjusted" data. Watco and Kinder Morgan form energy-related transload network. Do Class I's make money on fuel surcharges? UBS' Rick Paterson thinks not. The 22d Annual CSX Short Line Meeting runs next Sunday-Tuesday. Bring questions.
Week in Review, February 25
RailAmerica's strong fourth quarter results position the company for an even stronger 2011. State of Maine draws five expressions of interest for the ex-BAR line up for bid. What CP shortline connections in the US can draw from CFO McQuade's BB&T presentation.
Week in Review, February 18
Why Wolfe Trahan sees intermodal prospects brightening. RMI RailConnect Index shows short lines moving more bulk and less manufactured goods. Table. Arguments in favor of shortline subsidies. Reason vs. regulation: Calming down the PTC mandate; STB reschedules rail competition hearings. Martin Feldstein makes the case for high taxes driving businesses offshore.
Week in Review, February 11
GWR fourth quarter results driven by acquisitions, smart operating practices. Small business optimism rose a tad in Jan; lack of conviction hampers short lines. Notes from all over re on-board truck computers, CP in the PRB, why intermodal is so hot, Iowa Gov trashes passenger train initiative.
Week in Review, February 4
Greetings: Comparing CSX reported results for 53 weeks with strict year-over-year 52-week results. Why NS is buying 1,500 open-top hopper cars for its coal franchise. Rail Industry Outlook from Zacks; three growth catalysts. Iowa Interstate and Ohio short lines reap infrastructure improvement subsidies in the $millions.
Week in Review, January 28
Class I earnings conclude. GWR reports Feb 8, RA Feb 24. General comments followed by a few paragraphs of detail on each call. Year-over-year vols encouraging, sequential quarterly vols less so with the rate of change slowing since the end of June, 2010. UBS' Rick Paterson provides the wrap.
Week in Review, January 21
A note on trading cars at interchange vs. trading stocks on the stock exchange. Union Pacific fourth quarter 2010 results. RMI awards heavy users. How CN and NECR increase car-turns, improve cycle time and boost car-miles per day.
Week in Review, January 14
The AAR numbers for the year 2010 Week 52 are strongly improved and the Association is re-configuring some commodity groups to reflect today's realities. GWR and RA report increases for December, 2010, the quarter and year. Is the STB stepping in where Congress failed with respect to rail rereg? A better mousetrap for bridge inspections.
Week in Review, January 7
CSX gets good marks for service and incremental margins. Area short lines' carload business holding its own and then some. P&W borrows $4 mm from a local bank for rails, T&S over key 14-mile stretch in Connecticut. Changing of the guard at Fort Worth & Western. Watco Facebook page posts newsletter and Annual Operating Plan insights. STB says thumbs down on the long-suffering MMA north-south line that was once the BAR's core. Retired Railway Age Publisher Bob Lewis passes at 94.

THE BLANCHARD COMPANY
2041 Christian Street - Philadelphia PA 19146-1338
Roy Blanchard.215-913-7740 mobile, royblan@icloud.com
Laura Blanchard, 215-985-1445, lblanchard@rblanchard.com