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."
FRA: Freight Rail Fuel Efficiency Up
Nov. 20, 2009 | 03:05 p.m. CST
The Federal Railroad Administration (FRA) Nov. 19 released a study showing vast improvements in freight rail fuel efficiency over the last two decades, approximately 22 percent between 1990 and 2006. More...
Freight Volume Down During Holiday Week
Nov. 20, 2009 | 02:55 p.m. CST
U.S. railroads reported originating 281,218 carloads for the Veterans Day holiday week ended Nov. 14, down 8.9 percent compared to the same week in 2008 and down 17 percent from from the same week in 2007, reports the Association of American Railroads. More...
New Jersey Transit Joins Safety Pilot Program
Nov. 20, 2009 | 02:40 p.m. CST
New Jersey Transit has started its participation in the Close Call Project, a safety pilot program designed to give rail employees the ability to voluntarily and anonymously report "close call" incidents that could have resulted in an accident but did not. More...
STB: Rails Cut More Jobs
Nov. 18, 2009 | 02:00 p.m. CST
The U.S. lines of the seven Class I railroads trimmed another 408 jobs as of mid-October from a month earlier, taking their total employment level down to a new low. More...
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