Canada’s major railways continue to generate record revenues and record profits.
Third quarter revenues at Canadian National Railway reached a record $3.12 billion in the three-month period ending Sept. 30. Net income for the quarter rose 21 percent to $853 million, compared $705 million in the same period last year.
Revenue and profit at rival Canadian Pacific Railway also set a new record. CP’s third-quarter revenue was $1.67 billion and net income reached $400 million, up 23 percent from the same quarter a year ago.
Both companies reported their third quarter financial results Oct. 21.
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“Clearly we are growing much faster than the economy, which is our game plan,” CN chief executive officer Claude Mongeau said during a conference call with investors.
“The results underscore CN’s commitment to investing ahead of the curve in resources and rail infrastructure and playing our role as a true backbone of the economy.”
Freight revenues derived from grain played prominently in both companies’ third quarter performances.
At CP, third quarter freight revenues from Canadian grain hauling rose to $248 million, up from $212 million during the same quarter last year.
Year-to-date grain revenues from only Canadian grain were listed at $721 million, up from $606 million last year.
At CN, third quarter revenues derived from hauling North American grain and fertilizer rose to $469 million, up from $363 million during the same quarter last year.
CP recently bid for CSX Corp., the No. 3 railroad in the United States, but the offer was rebuffed.
CSX would have allowed CP to reach into the eastern seaboard of the U.S., and alleviate congestion at Chicago, a key bottleneck.
“The North American rail industry is confronted today with the challenges of moving more freight than ever and the prospect of moving even more as oil production, crop yields and consumer demand grow alongside the economy,” CP said in a release.
