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10/22/2001



Rail News: Rail Industry Trends

Third quarter bucks economic malaise for CPR, UP


A little more than two weeks into its independence, Canadian Pacific Railway received some good third-quarter performance news.
The Class I Oct. 22 reported net income of $99 million — excluding current period charges tied to the spin-off — a $3 million increase compared with third-quarter 2000.
Meanwhile, total expenses of $676 million decreased 2 percent, freight revenue of $859 million was steady and operating income of $222 million held firm compared with a similar period last year.
CPR's operating ratio improved slightly to 75.3 compared with third-quarter 2000, while its year-to-date operating ratio of 78.9 increased 1.4 percent compared with a similar 2000 period.
"Yield, measured as revenue per ton-mile, increased a solid 1.9 percent over the previous quarter, reflecting healthy price gains in the bulk sector, modest intermodal and carload price gains, and growth in short-haul business," said Robert Ritchie, CPR president and chief executive officer, in a prepared statement.
CPR's positive third-quarter results mirrored Union Pacific Railroad, which Oct. 18 reported a 4-percent earnings increase compared with third-quarter 2000 and an operating ratio of 79.7 — its best quarterly ratio since 1996 — compared with 80.1 during the same period last year.


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