Railroads Report Increased 3Q Earnings
Norfolk Southern Corp., Canadian Pacific and Canadian National Railway Co. reported their third-quarter profits increased.
Norfolk Southern’s net income increased to $482 million, or $1.53 per share, from $402 million, or $1.24, a year ago. Revenue increased 5% to $2.8 billion, the eastern U.S. freight railroad said.
Intermodal revenue rose 7% to $605 million.
“Norfolk Southern delivered strong results, led by growth in our chemicals, metals/construction, intermodal and automotive businesses, combined with ongoing productivity improvements,” CEO Wick Moorman said in a statement.
Canadian Pacific’s net income increased to C$324 million, or C$1.85 per share, from C$224 million, or $1.31, last year. Revenue rose 6% to C$1.5 billion, and intermodal revenue declined 6% to C340 million.
CP also announced that Chief Financial Officer Brian Grassby is retiring, but he will remain on the senior management team until the end of the year.
Canadian National’s net income rose to C$705 million, or C$1.67 per share, from C$664 million, or C$1.52, a year ago. Revenue rose 6% to C$2.7 billion, and intermodal revenue increased 13% to C$577 million.
The company attributed the increase in revenue to higher freight volumes because of strong energy markets as well as overall growth in the North American economy.
