Industry News
CP Profit Rises, Revenue Tumbles
October 27, 2009 | 10:40 a.m. CDT
Canadian Pacific Railway Limited announced third-quarter net income of $195 million, an increase of 14 percent from $171 million in 2008.
Diluted earnings per share were $1.16, an increase of 5 percent from $1.10 in third-quarter 2008. Foreign exchange gain and loss on long-term debt and other specified items after tax, including the sale of two large properties, had an impact on earnings of $0.31. Excluding these items, adjusted diluted earnings per share were $0.85.
The railway's revenue from operations fell 20 percent as most of its freight segments showed the effect of a slow economy. Operating income fell to C$144 million, or 85 Canadian cents per share, for the quarter ended Sept. 30, down from C$184 million, or C$1.19, a year earlier. CP reported a third-quarter operating ratio of 76.0.
"We delivered strong cost control and tight resource management this quarter while traffic volumes remained under pressure," said President and CEO Fred Green. "We are continuing to refine and optimize our business processes to further drive structural cost improvements. This increases our flexibility and positions us well to respond to changes in volumes as the economy begins to recover."
Daylight Saving Time Begins Sunday
Mar. 12, 2010 | 09:41 a.m. CST
Employees prepare for Daylight Saving Time, Sunday, March 14, at 2 a.m. More...
Intermodal, Carload Freight Up from Last Year
Mar. 11, 2010 | 02:25 p.m. CST
Rail freight volume on U.S. railroads is continuing to show some signs of recovery, with both carload freight and intermodal traffic during the week ended March 6 registering gains from last year. More...
Knight Discusses UP's Franchise, Business Initiatives
Mar. 9, 2010 | 12:45 p.m. CST
Rob Knight will address the J.P. Morgan Aviation, Transportation and Defense Conference Wednesday, March 10, at 11:15 a.m. ET. More...
KCS Acquires Mexico Intermodal Facility
Mar. 9, 2010 | 12:30 p.m. CST
Kansas City Southern announced March 8 that it acquired the Puerta Mexico intermodal facility at Toluca in the State of Mexico. Later this month, Kansas City Southern de Mexico, S.A. de C.V. (KCSM) will add direct train service from Lazaro Cardenas to Puerta Mexico, providing Mexico City import and export shippers with a service alternative. More...
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