'Our third quarter results represent another step in our company's transformation. We demonstrated our ability to efficiently adjust to a sharp rebound in volume, which increased 19% from the second quarter, while operating expenses, excluding fuel price changes, increased only 11% sequentially,' said
Third Quarter Summary
Operating revenue of
Quarterly freight revenue declined 11%, compared to third quarter 2019, as core pricing gains were more than offset by lower volumes, a less favorable business mix, and decreased fuel surcharge revenue.
The
Quarterly freight car velocity was 220 daily miles per car, a 3% improvement compared to third quarter 2019.
Quarterly locomotive productivity was 138 gross ton-miles per horsepower day, an all-time quarterly record and an 11% improvement compared to third quarter 2019.
Quarterly workforce productivity was 998 car miles per employee, an all-time quarterly record and a 13% improvement compared to third quarter 2019.
Average maximum train length was 8,984 feet, a 13% increase compared to third quarter 2019.
Summary of Third Quarter Freight Revenues
Bulk down 12%
Industrial down 18%
Premium down 1%
2020 Outlook
'The results we are delivering, both operationally and financially, deepen our conviction that the changes we're making to transform our railroad are on target and on track,' said Fritz. 'An improved customer experience, coupled with a lower cost structure, is opening up new markets and opportunities to grow our business as we win with customers and convert more freight to rail.'
Third Quarter 2020 Earnings Conference Call
About
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