Canadian Railroads Report 1Q Profit Increases

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he two largest Canadian freight rail lines, Canadian National and Canadian Pacific, each reported higher first-quarter profits.

CN, the country’s largest railroad, reported it earned C$362 million or 66 cents a share, up from C$299 million or 52 cents a year earlier.

Revenue rose to $1.8 billion from $1.7 billion, and operating income rose 19% to C$625 million.

CP’s first-quarter profit rose 38%, on higher freight rates. Net income rose to C$111 million or 69 cents a share, from C$80.7 million or 50 cents a year earlier.

Revenue rose 10% to C$1.11 billion, CP said. It retained its forecast of C$3.60 to C$3.85 a share for the full year.