CN and CPR both reported strong earnings growth in the third quarter of 2004.

CN reported net income of $346 million, an increase of 18% over the same period last year, on record high revenues of $1.7 billion.  The operating ratio of 65.4% for the period was also an improvement on last year.  All seven business units registered revenue gains for the period.  E. Hunter Harrison, President and CEO said: "these results demonstrate the power of CN's business model, franchise and people."

Canadian Pacific reported third quarter net income of $177 million compared to $91 million in the same period in 2003.  This is an increase of 195%.  This increase included an after-tax gain of $73 million on foreign exchange on long-term debt.  "I am very pleased with the ongoing growth in our business and the upward trend in CPR's yield and operating performance" said Rob Ritchie, President and CEO of CPR.  Volumes grew in six of CPR's seven lines of business.  Grain was the exception due to a late harvest.  CP's operating ratio for the period was 77.9% compared to 77.5% in the third quarter of 2003.

Source information from CN and CPR

COPYRIGHT 2010 ASSOCIATION OF REGIONAL RAILWAYS OF CANADA.
ALL RIGHTS RESERVED. Web Design by Pixelera.

[ ENSURE ALL INFORMATION IS PRINTED, CHOOSE LANDSCAPE ORIENTATION IN YOUR PRINT DIALOGUE BOX ]