Canadian Railroads Report Mixed Earnings

Canadian National Railway Co. said its second-quarter net income rose to C$538 million, or C$1.18 cents per share, from C$534 million, or C$1.13 per share, a year earlier.

Revenue rose 8% to C$2.26 billion, the Montreal-based railroad said in a statement.

Revenue grew in most commodity groups in the quarter, led by a 17% gain in metals and minerals. Revenue ton-miles increased 5% in the quarter.

Canadian Pacific said Wednesday its second-quarter net income dropped to C$128 million, or 75 cents per share, from C$166.6 million, or 98 cents, a year earlier.

Revenue and expense results were unfavorably impacted by extensive flooding, the rail line said in a statement.

Revenue increased to C$1.3 billion, CP said. Intermodal revenue fell to C$320.8 million from C$335.8 million.