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April 23, 2014 10:20 AM, EDT
Canadian Railroads’ 1Q Earnings Rise
Brent Lewin/Bloomberg News

Canada’s two major freight railroads reported higher first-quarter earnings from a year ago despite harsh winter conditions.

Canadian National reported a net income of C$623 million, or 75 cents per share, compared with net income of C$555 million, or 65 cents, a year ago.

Higher shipments of petroleum and chemicals offset higher weather-related costs such as fuel, according to the Montreal-based company.

Canadian National reaffirmed a December forecast that per-share profit in 2014 will increase by at least 10%.

Canadian Pacific’s net income rose 17% to C$254 million, or C$1.44 a share, the Calgary-based company said. Revenue increased 0.9% to C$1.51 billion.

Unseasonably cold weather forced CP to run slower trains, and the rail line said winter-related costs cut its first-quarter profit by 30 to 35 cents per share.