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Railroads and Unions Ink Tentative Labor Agreement, Averting Work Stoppage

Matthew Young, CFA Senior Equity Analyst

Analyst Note

| Matthew Young, CFA |

The U.S. Class-I railroads and two remaining union holdouts struck a tentative labor agreement, averting what seemed to be an imminent strike. Recall that last month a White House-appointed Presidential Emergency Board, or PEB, put forth a nonbinding proposal, which split the difference between both sides' proposals down the middle. Until the Sept. 14 bargaining session, the two largest (of 12) railroad unions had yet to agree to a settlement. We understand the finalized agreement largely reflects the PEB's proposal, with the addition of a few sweeteners related to time off. The agreement will now enter the ratification process (approval from the rank and file), and during that time the unions have agreed not to strike.

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Key Statistics CSX

Company Profile CSX

Business Description

Operating in the Eastern United States, Class I railroad CSX generated revenue near $12.5 billion in 2021. On its more than 21,000 miles of track, CSX hauls shipments of coal (13% of consolidated revenue), chemicals (22%), intermodal containers (16%), automotive cargo (9%), and a diverse mix of other bulk and industrial merchandise.

500 Water Street, 15th Floor
Jacksonville, FL, 32202
T +1 904 359-3200
Industry Railroads
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 21,700

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