Canada’s two major railroads reported increased revenue rises in the third quarter of 2011 compared to the prior year.
Canadian Pacific Railway said it had a profit of 186.8 million Canadian dollars (U.S. $184.2 million) in the third quarter of 2011 compared to C$197.3 million in the same 2010 period.
The railroad had revenue of C$1.31 billion, 4 percent more than the C$1.25 billion recorded in the same 2010 period.
“We currently see strength in our bulk franchise, but remain vigilant in monitoring economic signals from Asia,” stated Fred Green president and chief executive officer of CP. “We are focused on sustaining and improving service and productivity through investments in locomotives, infrastructure, people and technology.”
Canadian National Railway reported profit of C$659 million in the third quarter ending Sept. 30, 19 percent more than in the same 2010 period.
Revenues for third-quarter 2011 rose nine percent to C$2.3 billion, while carloadings grew four percent and revenue ton-miles increased six percent.
Revenues increased for metals and minerals (21 percent), intermodal (12 percent), automotive (9 per percent), forest products (7 percent), grain and fertilizers (6 percent), petroleum and chemicals (6 percent), and coal (1 percent). Other revenues increased by 6 percent.
Canadian railroads both improve in Q3
