Canadian Railroads’ 1Q Earnings Rise
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.
