Canadian National Reports Higher 1Q Profit

Canadian National Railway Co. said its first-quarter net income increased 30.7% to C$668 million, or C$1.45 per share, from C$511 million or C$1.08 per share, a year earlier.

Revenue increased 6% to C$2.08 billion, the Montreal-based railroad said Tuesday.

Revenue grew in most commodity groups in the quarter. Automotive and metals and minerals both fell, while coal did not change.

Revenue ton-miles increased 5% in the quarter and freight revenue per revenue ton-mile gained 2%.

Canadian Pacific, another Canadian railroad, said its first-quarter net income dropped to C$33.7 million, or 20 cents per share, from C$101 million, or 60 cents, a year earlier. Income fell due to severe weather, which decreased volumes and increased costs, the rail line said in a statement.

Revenue fell slightly to C$1.1 billion, CP said. Intermodal revenue decreased to C$311.8 million from C$312.3 million.