Canadian National Monday afternoon reported third-quarter net income of C$664 million (US$669 million), or C$1.52 per diluted share, up modestly from C$659 million, or C$1.46 per diluted share, in the third quarter of 2011. The results were in line with Wall Street consensus estimates of C$1.52 per share.
Railroads these days are enjoying good “fracking” business—no pun intended—and Wall Street has taken notice.
CN Wednesday said it plans a C$12 million expansion of its Locomotive Reliability Centre (LRC), located in Prince George, British Columbia.
CN Wednesday said it plans to begin acquiring more than 2,200 new freight cars and 1,300 containers by the end of this year “to support traffic growth and improve customer service.
CN said Monday the Class I railroad and Superior Silica Sands have reached a multi-year agreement to move frac sand from a new processing plant now under construction in northern Wisconsin.
Canadian National announced that it will build five extended sidings this year as part of a multiyear C$155 million program to expand capacity in the Edmonton, Alta.-Prince Rupert, B.C., corridor.
The worst kept secret in the railroad industry for more than a month has been the identity of the new chief executive of Canadian Pacific Railway. For the record, E. Hunter Harrison was named president and chief executive of CP on Friday, June 29.
Canadian Pacific Friday officially made its long-anticipated move of appointing E. Hunter Harrison president and chief executive officer, completing a significant revision of CP leadership through its revamped board of directors.
