• ITVI.USA
    15,493.230
    -192.560
    -1.2%
  • OTLT.USA
    2.807
    -0.010
    -0.4%
  • OTRI.USA
    21.560
    -0.300
    -1.4%
  • OTVI.USA
    15,477.520
    -195.870
    -1.2%
  • TSTOPVRPM.ATLPHL
    3.300
    -0.240
    -6.8%
  • TSTOPVRPM.CHIATL
    2.950
    -0.020
    -0.7%
  • TSTOPVRPM.DALLAX
    1.440
    0.000
    0%
  • TSTOPVRPM.LAXDAL
    3.310
    0.060
    1.8%
  • TSTOPVRPM.PHLCHI
    2.150
    0.020
    0.9%
  • TSTOPVRPM.LAXSEA
    3.950
    -0.100
    -2.5%
  • WAIT.USA
    126.000
    1.000
    0.8%
  • ITVI.USA
    15,493.230
    -192.560
    -1.2%
  • OTLT.USA
    2.807
    -0.010
    -0.4%
  • OTRI.USA
    21.560
    -0.300
    -1.4%
  • OTVI.USA
    15,477.520
    -195.870
    -1.2%
  • TSTOPVRPM.ATLPHL
    3.300
    -0.240
    -6.8%
  • TSTOPVRPM.CHIATL
    2.950
    -0.020
    -0.7%
  • TSTOPVRPM.DALLAX
    1.440
    0.000
    0%
  • TSTOPVRPM.LAXDAL
    3.310
    0.060
    1.8%
  • TSTOPVRPM.PHLCHI
    2.150
    0.020
    0.9%
  • TSTOPVRPM.LAXSEA
    3.950
    -0.100
    -2.5%
  • WAIT.USA
    126.000
    1.000
    0.8%
American ShipperIntermodal

CP Rail earnings gain on tunnel sale

CP Rail earnings gain on tunnel sale

Canadian Pacific Railway said it had second quarter net profit of $157 million Canadian ($145 million), a 2 percent increase from the same 2008 period

   Revenue was C$1 billion ($924 million), down 21 percent from the second quarter of 2008.

   The impact on net income from a decline in freight volumes was offset by a net gain after tax on the sale of a portion of CP's interest in the Detroit River Tunnel Partnership of C$69 million ($64 million).

   'The recession continues to have a significant impact on our business, and although freight volumes appear to have stabilized, we have not yet seen a sustained recovery in traffic,' said Fred Green, president and chief executive officer. “In this economic climate we continue to manage what is in our control and I am pleased with our cost management efforts.”

   Grain revenue in the second quarter was up 20 percent when compared to the prior year period. All other categories were down: coal, down 46 percent; sulphur and fertilizer, 54 percent; forest products, 33 percent; industrial and consumer products, 24 percent; automotive, 43 percent; and intermodal, down 22 percent.

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