Railroads Report Mixed 1Q Earnings

Norfolk Southern Corp. and Canadian Pacific reported their first-quarter profit increased but Canadian National said its profit declined.

Norfolk Southern’s net income increased to $450 million, or $1.41 per share, from $410 million, or $1.23, a year ago. Revenue fell 2% to $2.7 billion, the eastern U.S. freight railroad said.

Intermodal revenue rose 9% to $573 million.

Canadian Pacific’s net income increased to C$217 million, or C$1.24 per share, from C$142 million, or 82 cents, last year. Revenue rose 3% to C$1.5 billion.

Canadian National’s net income fell to C$555 million, C$1.30 per share, from C$775 million, or C$1.75, a year ago. Revenue rose 5% to C$2.5 billion.

Last week Union Pacific Corp. reported its first-quarter profit rose 11%, as higher prices drove freight revenue up.