Net Earnings: Increased 5% to $1.3 billion from $1.2 billion Earnings Per Share: n/a – not publicly traded Revenue: Stayed flat at $5.4 billion Operating Income: Increased 4% to $1.9 billion from $1.8 billion Operating Expenses: Decreased 2% to $3.5 billion from $3.6 billion Operating Ratio: Improved 1.5% to 63.7% from 65.2%
Net Earnings: Decreased 4% to C$974 million from C$1.011 million Diluted Earnings Per Share: Decreased 4% to C1.37 from C$1.42 Revenue: Stayed relatively flat, with a slight decrease to C$3.535 million from C$3.545 million Operating Income: Increased 9% to C$1.327 million from C$1.215 million Operating Expenses: Stayed relatively flat, with a slight decrease to C$2.208 million from C$2.330 million Operating Ratio: Improved 3.2 points to 62.5% from 65.7%
Net Earnings: Increased 47% to C$602 million from C$409 million Diluted Earnings Per Share: Increased 51% to $4.50 from $2.98 Revenue: Decreased 4% to C$1.96 billion from C$2.04 billion Operating Income: Decreased 6% to C$780 million from C$834 million Operating Expenses: Decreased 2% to C$1.179 million from C$1.209 million Operating Ratio: Worsened 100 points to 60.2% from 59.2%
Net Earnings: Decreased 8% to $706 million from $770 million Earnings Per Share: Decreased 7% to $0.93 per share from $1.00 per share Revenue: Decreased 1% to $2.81 billion from $2.86 billion Operating Income: Decreased 7% to $1.10 billion from $1.18 billion Operating Expenses: Increased 2% to $1.71 billion from $1.68 billion Operating Ratio: Worsened by 220 basis points to 60.9% from 58.7%
Net Earnings: Increased 1% to $153 million from $152 million Diluted Earnings Per Share: Increased 6% to $1.68 from $1.58 Revenue: Decreased 4% to $706 million from $732 million Operating Income: Decreased 13% to $253 million from $289 million Operating Expenses: Increased 2% to $453 million from $443 million Operating Ratio: Worsened 3.7 points to 64.2% from 60.5%
Net Earnings: Increased 77% to $673 million from $381 million Diluted Earnings Per Share: Increased 81% to a first-quarter record of $2.66 from $1.47 Revenue: Increased 1% to $2.64 billion from $2.63 billion Operating Income: Increased 79% to a first-quarter record of $1.0 billion from $568 million Operating Expenses: Decreased 21% to $1.6 billion from $2.1 billion Operating Ratio: Improved to an all-time quarterly record of 61.5% from 78.4%
Net Earnings: Decreased 9% to $1.3 billion from $1.5 billion Earnings Per Share: Decreased 7% to $2.01 per share from $2.15 per share Revenue: Decreased 4% to $5.0 billion from $5.2 billion Operating Income: Decreased 7% to $2.0 billion from $2.1 billion Operating Expenses: Decreased 3% to $3.0 billion from $3.1 billion Operating Ratio: Worsened 1.1 points to 60.1% from 59.0%
Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
All comparisons are made to 2020’s first-quarter results for each railroad.
All figures for CN & CP are in Canadian currency, except for earnings per share for CP
4th Quarter 2020 Net Earnings: Increased 5% to $1.5 billion from $1.4 billion Earnings Per Share:n/a – BNSF is not publicly traded Revenue: Decreased 3% to $5.7 billion from $5.8 billion Operating Income: Increased 3% to $2.2 billion from $2.1 billion Operating Expenses: Decreased 6% to $3.5 billion from $3.7 billion Operating Ratio: Improved to 60.3% from 62.8%
2020 Annual Earnings Net Earnings: Decreased 6% to $5.2 billion from $5.5 billion Earnings Per Share: n/a – BNSF is not publicly traded Revenue: Decreased 11% to $20.9 billion from $23.5 billion Operating Income: Decreased 4% to $7.7 billion from $8.1 billion Operating Expenses: Decreased 15% to $13.1 billion from $15.4 billion Operating Ratio: Improved to 61.6% from 64.5%
4th Quarter 2020 Net Earnings: Increased 17% to C$1,021 million from C$873 million Earnings Per Share:Increased 17% to C$1.44 per share from C$1.22 per share Revenue: Increased 2% to C$3,656 million from C$3,584 million Operating Income: Increased 16% to C$1,411 from C$1,218 million Operating Expenses:Decreased 5% to C$2,245 million from C$2,366 million Operating Ratio: Improved 4.6 points to 61.4% from 66.0%
2020 Annual Earnings Net Earnings: Decreased 16% to C$3,562 million from C$4,216 million Earnings Per Share: Decreased 14% to C$5.01per share from C$5.85 per share Revenue: Decreased 7% to C$13,819 million from C$14,917 million Operating Income: Decreased 15% to C$4,777 million from C$5,593 million Operating Expenses:Decreased to C$9,042 million from C$9,324 million Operating Ratio:Worsened by 2.9 points to 65.4% from 62.5%
4th Quarter 2020 Net Earnings: Increased 21% to C$802 million from C$664 million Earnings Per Share:Improved 23% to C$5.97 per share from C$4.84 per share Revenue: Decreased 3% to C$2.01 billion from C$2.07 billion Operating Income: Increased by 4% to C$928 million from C$890 million Operating Expenses:Decreased 8% to C$1,084 billion from C$1.18 billion Operating Ratio: Improved by 310 basis points to a record-low 53.9% from 57.0%
2020 Annual Earnings Net Earnings: Increased to C$2,444 billion from C$2,440 billion Earnings Per Share: Increased 3% to a record C$18.05 per share from C$17.58 per share Revenue: Decreased 1% to C$7.71 billion from C$7.79 billion Operating Income: Increased 6% to C$3,311 billion from C$3,124 billion Operating Expenses:Decreased 6% to C$4,399 billion from C$4,67 billion Operating Ratio: Improved 280 basis points to a record-low 57.1% from 59.9%
4th Quarter 2020 Net Earnings: Decreased 1% to$760 million from $771 million Earnings Per Share:Stayed flat at $0.99 per share Revenue: Decreased 2% to $2,825 million from $2,885 Operating Income: Increased 5% to $1,215 million from$1,154million Operating Expenses:Decreased 7% to $1,610 million from $1,731 million Operating Ratio: Improved 300 basis points to a record 57.0% from 60.0%
2020 Annual Earnings Net Earnings: Decreased 17% to $2,765 million from $3,331 million Earnings Per Share: Decreased 14% to $3.60 per share from $4.17 per share Revenue: Decreased 11% to $10,583 million from $11,937 million Operating Income: Decreased 12% to $4,362 million from $4,965 million Operating Expenses:Decreased 12% to $4,326 million from $4,965 million Operating Ratio: Worsened to 58.8% from 58.4%
4th Quarter 2020 Net Earnings: Increased to $165.7 millionfrom $127.2 million Earnings Per Share:Increased 38% to $1.81 per share from $1.31 per share Revenue: Decreased 5% to $693.4 million from $729.5 Operating Income: Increased to $262.3 million from $236.0 million Operating Expenses:Decreased to $431.1 million from $493.5 million Operating Ratio: Improved 5.4 points to 62.2% from 67.6%
2020 Annual Earnings Net Earnings: Increased to $617.0 million from $538.9 million Earnings Per Share: Increased to $6.57 per share from $5.42 per share Revenue: Decreased 8% to $2,632.6 million from $2,866.0 million Operating Income: Increased to $1,003.0 million from $886.3 million Operating Expenses:Decreased to $1,629.6 million from $1,979.7 million Operating Ratio:Improved to 61.9% from 69.1%
4th Quarter 2020 Net Earnings: Increased 1% to $671 million from $666 million Earnings Per Share:Increased 4% to $2.64 per share from $2.55 per share Revenue: Decreased 4% to $2.6 billion from $2.7 billion Operating Income: Increased 2% to $1.0 billion from $962 million Operating Expenses:Decreased 8% to $1.59 billion from $1.73 billion Operating Ratio: Improved 4% to an all-time quarterly record of 61.8% from 64.2%
2020 Annual Earnings Net Earnings: Decreased 13% to $2.0 billion from $2.7 billion Earnings Per Share: Decreased 10% to $7.84 per share from $10.25 per share Revenue: Decreased 13% to $9.8 billion from $11.3 billion Operating Income: Decreased 13% to $3.0 billion from $4.0 billion Operating Expenses:Decreased 7% to $6.8 billion from $7.3 billion Operating Ratio: Worsened to 69.3% from 64.7%
4th Quarter 2020 Net Earnings: Decreased 2% to $1.38 billion from $1.40 billion Earnings Per Share:Increased 1% to $2.05 per share from $2.03 per share Revenue: Decreased 1% to $5.1 billion from $5.2 billion Operating Income: Decreased4% to $2.0 billion from $2.1 billion Operating Expenses:Increased 1% to $3.1 3 billion from $3.11 billion Operating Ratio: Worsened 1.3 points to 61.0% from 59.7%
2020 Annual Earnings Net Earnings: Decreased 10% to $5.3 billion from $5.9 billion Earnings Per Share: Decreased 6% to $7.90 per share from $8.41 per share Revenue: Decreased 10% to $19.5 billion from $21.7 billion Operating Income: Decreased 8% to $7.8 billion from $8.6 billion Operating Expenses:Decreased 11% to $11.7 billion from $13.2 billion Operating Ratio: Improved 0.7 points to 59.9% from 60.6%
Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
All comparisons are made to 2019’s fourth quarter and annual financial results respectively for each railroad.
CN and CP financial results are in Canadian currency
Net Earnings: Decreased 5% to $1.19 billion. Revenue: Decreased 6% to $5.4 billion. Operating Income: Increased 2% to $1.8 billion. Operating Expenses:Decreased 6.7% to $3.6 billion. Operating Ratio: Improved by 4 points to 65.2%.
Net Earnings: Increased to C$1.01 billion from C$786 million. Earnings Per Share: Diluted earnings per share increased 31% to C$1.42 from C$1.08 and adjusted diluted EPS increased by 4% to C$1.22. Revenue: Remained flat at C$3.5 billion. Operating Income: Increased to C$1.215 million from C$1.08 billion. Operating Expenses: Decreased 5% to C$2.33 billion from C$2.46 billion. Operating Ratio: Improved by 3.8 points to 65.7%; Adjusted operating ratio improved 1.5 points to 65.7% from 67.2%.
Net Earnings: Decreased to C$409 million from C$434 million. Earnings Per Share: Diluted earnings per share decreased 4% to $2.98; adjusted diluted earnings per share increased 58% to $4.42. Revenue: Increased 16% to C$2.04 billion from C$1.77 billion. Operating Income: Increased 54% to C$834 million from C$534 million. Operating Expenses: Decreased to C$1.209 billion from C$1.224 billion. Operating Ratio: Improved 1,010 basis points to 59.2%.
Net Earnings: Decreased 8% to $770 million from $834 million. Earnings Per Share: Decreased 2% to $1.00. Revenue: Decreased 5% to $2.85 billion from $3.01 billion. Operating Income: Decreased 3% to $1.17 billion from $1.22 billion. Operating Expenses: Decreased 7% to $1.68 billion. Operating Ratio: Improved to a first quarter record of 58.7% from 59.5%
Net Earnings: Increased to $151.7 million from $102.7 million. Earnings Per Share: Increased to $1.58 per diluted share from $1.02. Revenue: Increased 8% to a record $731.7 million from $674.8 million Operating Income: Increased to $288.8 million from $160.3 million. Operating Expenses: Decreased to $442.9 million from $514.5 million Operating Ratio: Improved 15.7 points to 60.5% from 76.2%; adjusted operating ratio improved 6.5 points to 59.7% from 66.2%
Net Earnings: Decreased 44% to $381 million from $677 million. Earnings Per Share: Diluted earnings per share decreased to $1.47 from $2.51. Revenue: Decreased to $2.63 billion from $2.8 billion. Operating Income: Decreased to $568 million from $966 million. Operating Expenses: Increased to $2.06 billion from $1.87 billion. Operating Ratio: Declined to 78.4% from 66.0%.
Net Earnings: Increased to $1.5 billion from $1.4 billion. Earnings Per Share: Increased to $2.15 per diluted share from $1.93 per diluted share Revenue: Decreased 3% to $5.2 billion from $5.4 billion Operating Income: Increased 9% to $2.14 billion from $1.96 billion Operating Expenses: Decreased 10% to $3.09 billion from $3.4 billion Operating Ratio: Improved 4.6 points to 59.0% from 63.6%
Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
All comparisons are made to 2019’s first-quarter results for each railroad.
All figures for CN & CP are in Canadian currency, except for earnings per share for CP
4th Quarter 2019 Net Earnings: Increased 4% to $1.42 billion from $1.37 billion Earnings Per Share: n/a – BNSF is not publicly traded Revenue: Decreased 6% to $5.84 billion from $6.21 billion Operating Income: Increased 2% to $2.11 billion from $2.06 billion Operating Expenses: Decreased 10% to $3.73 billion from $4.14 billion Operating Ratio: Improved to 62.8% from 65.6%
2019 Annual Earnings Net Earnings: Increased 5% to $5.5 billion from $5.2 billion Earnings Per Share: n/a – BNSF is not publicly traded Revenue: Decreased 1% to $23.5 billion from $23.9 billion Operating Income: Increased 3% to $8.1 billion from $7.8 billion Operating Expenses: Decreased 4% to $15.4 billion from $16.1 billion Operating Ratio: Improved to 64.5% from 66.2%
4th Quarter 2019 Net Earnings: Decreased 24% to C$873 million from C$1.14 billion Earnings Per Share: Diluted earnings per share decreased 22% to $1.22 from $1.56 Revenue: Decreased 6% to C$3.6 billion from C$3.8 billion Operating Income: Decreased 16% to C$1.22 billion from C$1.45 billion Operating Expenses: Increased to C$2.36 billion from C$2.35 billion Operating Ratio: Worsened by 4.1 points to 66% from 61.9%
2019 Annual Earnings Net Earnings: Decreased 3% to C$4.2 billion from C$4.3 billion Earnings Per Share: Diluted Earnings Per Share decreased 1% to $5.83 from $5.87 Revenue: Increased 4% to C$14.9 billion from C$14.3 billion Operating Income: Increased 2% to C$4.6 billion from C$5.5 billion Operating Expenses: Increased from C$8.8 billion to C$9.3 billion Operating Ratio: Worsened 0.9 points to 62.5% from 61.6%
4th Quarter 2019 Net Earnings: Increased 22% to C$664 million from C$545 million Earnings Per Share: Diluted earnings per share improved 26% to $4.82 from $3.83 Revenue: Increased 3% to C$2.07 billion from C$2.01 billion Operating Income: Increased 2% to C$890 million from C$874 million Operating Expenses: Increased 4% to C$1.18 billion from C$1.13 billion Operating Ratio: Worsened 50 basis points to 57.0% from 56.5%
2019 Annual Earnings Net Earnings: Increased 25% to C$2.44 billion from C$1.95 billion Earnings Per Share: Diluted EPS increased 29% to a record $17.52 from $13.61 Revenue: Increased 7% to a record C$7.79 billion from C$7.32 billion Operating Income: Increased 10% to C$3.12 billion from C$2.83 billion Operating Expenses: Increased 4% to C$4.65 billion from C$4.49 billion Operating Ratio: Improved 140 basis points to 59.9% from 61.3%
4th Quarter 2019 Net Earnings: Decreased 9% from $848 million to $771 million Earnings Per Share: Decreased from $1.01 to $0.99 per share Revenue: Decreased 8% to $2.89 billion from $3.14 billion Operating Income: Decreased 8% to $1.15 billion from $1.25 billion Operating Expenses: Decreased 9% to $1.73 billion from $1.9 billion Operating Ratio: A fourth-quarter record of 60.0%, down from 60.3%
2019 Annual Earnings Net Earnings: Increased 1% to $3.33 billion from $3.31 billion Earnings Per Share: Increased 9% to $4.17 per share from $3.84 per share Revenue: Decreased 3% to $11.94 billion from $12.25 billion Operating Income: Increased 2% to $4.97 billion from $4.87 billion Operating Expenses: Decreased 6% to $6.97 billion from $7.38 billion Operating Ratio: A U.S. Class I railroad record of 58.4%, down from 60.3%
4th Quarter 2019 Net Earnings: Decreased to $127.9 million from $161.8 million Earnings Per Share: Decreased 18% to $1.30 per diluted share from $1.59 per diluted share Revenue: Increased 5% to $729.5 million from $694.0 million Operating Income: Decreased to $236.0 million from $256.4 million Operating Expenses: Increased to $493.5 million from $437.6 million Operating Ratio: Worsened 450 basis points to 67.6% from 63.1%
2019 Annual Earnings Net Earnings: Decreased to $540.8 million from $629.4 million Earnings Per Share: Decreased 12% to $5.40 per diluted share from $6.13 per diluted share Revenue: Increased 6% to $2.9 billion from $2.7 billion Operating Income: Decreased to $886.3 million from $986.3 million Operating Expenses: Increased to $1.98 billion from $1.73 billion Operating Ratio: Worsened 540 basis points to 69.1% from 63.7%
4th Quarter 2019 Net Earnings: Decreased 5% to $666 million from $702 million Earnings Per Share: Decreased 1% to $2.55 per diluted share from $2.57 per diluted share Revenue: Decreased 7% to 2.7 billion from $2.9 billion Operating Income: Decreased 11% to $1.0 billion from $1.1 billion Operating Expenses: Decreased 5% to $1.7 billion from $1.8 billion Operating Ratio: Worsened to 64.2% from 62.8%
2019 Annual Earnings Net Earnings: Increased 2% to $2.72 billion from $2.67 billion Earnings Per Share: Increased 8% to $10.25 per diluted share from $9.51 per diluted share Revenue: Decreased 1% to $11.3 billion from $11.5 billion Operating Income: Increased 1% to $3.989 billion from $3.959 billion Operating Expenses: Decreased 3% to $7.3 billion from $7.5 billion Operating Ratio: Improved to a record 64.7% from 65.4%
4th Quarter 2019 Net Earnings: Decreased 10% to $1.4 billion from $1.6 billion Earnings Per Share: Decreased 5% to $2.02 per diluted share from $2.12 per diluted share Revenue: Decreased 9% to $5.2 billion from $5.8 billion Operating Income: Decreased 5% to $2.1 billion from $2.2 billion Operating Expenses: Decreased 12% to $3.1 billion from $3.5 billion Operating Ratio: Increased 1.9 points to a record 59.7% from 61.6%
2019 Annual Earnings Net Earnings: Decreased 1% to $5.91 billion from $5.97 billion Earnings Per Share: Increased 6% to $8.38 per diluted share from $7.91 per diluted share Revenue: Decreased 5% to $21.7 billion from $22.8 billion Operating Income: Stayed flat at $8.6 billion Operating Expenses: Decreased 8% to $13.2 billion from $14.3 billion Operating Ratio: Decreased 2.1 points to 60.6% from 62.7%
Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
All comparisons are made to 2018’s fourth quarter and annual financial results respectively for each railroad.
All figures for CN & CP are in Canadian currency, except for earnings per share
Net Earnings: $1.466 billion, a slight increase from the $1.4 billion in 2018’s third quarter Revenue: $6.021 billion, a decrease of 2% from the same period in 2018 Operating Income: $1.9 billion, an increase of 3.3% from the same period in 2018 Operating Expenses: $3.809 billion, a decrease of 4.9% from the same period in 2018 Operating Ratio: Improved to 63.3%
Net Earnings: Increased to C$1,195 million from C$1,134 million Diluted Earnings Per Share: Increased 8% to $1.66 from $1.44 Revenue: Increased 4% to C$3.830 million from C$3,688 million Operating Income: Increased 8% to C$1,613 million Operating Expenses: Increased 1% to C$2,217 million from C$2,196 million Operating Ratio: Improved 1.6 points to 57.9% from 59.5%
Net Earnings: Decreased 1% to C$618 million from C$622 million Diluted Earnings Per Share: Increased 3% to $4.46 from $4.35 Revenue: Increased 4% to a record C$1.98 billion from C$1.90 billion Operating Income: Increased 10% to C$869 million from C$790 million Operating Expenses: Increased to C$1.11 billion from C$1.10 billion Operating Ratio: Improved 220 basis points to a record-low 56.1% from 58.3%
Net Earnings: Decreased 4% to $856 million from $894 million Earnings Per Share: Increased 3% to $1.08 per share from $1.05 per share Revenue: Decreased 5% to $2.98 billion from $3.13 billion Operating Income: Stayed flat at $1.29 billion Operating Expenses: Decreased 8% to $1.69 billion from $1.84 billion Operating Ratio: Improved 1.9 points to a record 56.8% from 58.7%
Net Earnings: Increased to $180.6 million from $174 million Diluted Earnings Per Share: Increased 6% to $1.81 from $1.70. Adjusted Diluted EPS increased 24% to a record $1.94 from $1.57 Revenue: Increased 7% to a record $747.7 million from $699.0 million Operating Income: Increased to $282 million from $265.4 million. Adjusted Operating Income increased 15% to a record $294 million Operating Expenses: Increased to $465.7 million from $433.6 million Operating Ratio: Worsened 0.3 points to 62.3% from 62.0%
Net Earnings: Decreased 6% to $657 million from $702 million Diluted Earnings Per Share: Decreased 1% to $2.49 from $2.52 Revenue: Decreased 4% to $2.8 billion from $2.9 billion Operating Income: Decreased $24 million to $1.0 billion Operating Expenses: Decreased 4% or $82 million to $1.8 billion from $1.9 billion Operating Ratio: Improved to a third quarter record 64.9% from 65.4%
Net Earnings: Decreased 2% to $1.55 billion from $1.59 billion Diluted Earnings Per Share: Increased 3% to $2.22 from $2.15 Revenue: Decreased 7% to $5.5 billion from $5.9 billion Operating Income: Decreased 2% to $2.2 billion from $2.3 billion Operating Expenses: Decreased 10% to $3.3 billion from $3.7 billion Operating Ratio: Improved 2.2 points to a quarterly record 59.5% from 61.7%
Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
All comparisons are made to 2018’s third quarter results for each railroad.
All figures for CN & CP are in Canadian currency, except for earnings per share
Net Earnings: Increased 9.4% to $1.25 billion Revenue: Increased 2.5% to $5.57 billion Operating Income: Increased 2.3% to $1.78 billion Operating Expenses:Increased 2.5% to $3.79 billion Operating Ratio: Improved by 2 points to 66.5%
Net Earnings: Increased 6% to C$786 million from C$741 million Earnings Per Share: Diluted earnings per share increased 8% to C$1.08 from C$1.00 and adjusted diluted EPS increased by 17% to C$1.17 Revenue: Increased by 11% to C$3.5 billion from C$3.2 billion Operating Income: Increased 5% to C$1.08 billion from C$1.03 billion Operating Expenses: Increased 14% to C$2.5 billion from C$2.2 billion Operating Ratio: Worsened by 1.7 points to 69.5%; Adjusted operating ratio improved 0.6 points to 67.2%
Net Earnings: Increased 25% to C$434 million from C$348 million Earnings Per Share: Diluted earnings per share increased 28% to $3.09 from $2.41; adjusted diluted earnings per share increased 3% to $2.79 from $2.70 Revenue: Increased 6% to C$1.77 billion from C$1.66 billion Operating Income: Increased 1% to C$543 million from C$540 million Operating Expenses: Increased 9% to C$1.2 billion from C$1.1 billion Operating Ratio: Worsened 180 basis points to 69.3% from 67.5%
Net Earnings: Increased 20% to $834 million from $695 million Earnings Per Share: Increased 31% to $1.02 from $0.78 per share Revenue: Increased 5% to $3.01 billion from $2.9 billion Operating Income: Increased 17% to $1.22 billion from $1.04 billion Operating Expenses: Decreased 2% to $1.79 billion from $1.83 billion Operating Ratio: Improved to a first quarter record of 59.5% from 63.7%
Net Earnings: Decreased to $103.2 million from $145 million Earnings Per Share: Decreased 27% to $1.02 from $1.40; adjusted diluted earnings per share increased 18% to $1.54 from $1.30 Revenue: Increased 6% to a record $675 million from $639 million Operating Income: Decreased to $160.3 million from $219 million; adjusted operating income increased 10% to a record $242 million Operating Expenses: Decreased to $514.5 million from $515 million Operating Ratio: Worsened 10.4 points to 76.2% from 65.8%; adjusted operating ratio improved 1.6 points to 64.2% from 65.8%
Net Earnings: Increased 23% to $677 million from $552 million Earnings Per Share: Diluted earnings per share increased 30% to $2.51 from $1.93 Revenue: Increased 5% to a first-quarter record of $2.8 billion from $2.7 billion Operating Income: Increased 16% to a first-quarter record of $966 million from $835 million Operating Expenses: Decreased by $8 million to $1.874 billion from $1.882 billion Operating Ratio: Improved to a first-quarter record 66.0% from 69.3%
Net Earnings: Increased 6% to $1.4 billion from $1.3 billion Earnings Per Share: Increased 15% to $1.93 per diluted share from $1.68 per diluted share Revenue: Decreased 2% to $5.4 billion from $5.5 billion Operating Income: Increased 1% to $2.0 billion from $1.93 billion Operating Expenses: Decreased 3% to $3.4 billion from $3.5 billion Operating Ratio: Improved 1.0 point to 63.6% from 64.6%
Net Earnings: Decreased to $38.8 million from $76.0 million Earnings Per Share: Diluted earnings per share decreased 42.9% to $0.68 from $1.19 Revenue: Increased 2.1% to $332.4 million from $325.6 million Operating Income: Decreased 5.3% to $69.3 million from $73.2 million; adjusted operating income decreased 4.2% to $70.3 million from $73.4 million Operating Expenses: Increased to $263.1 million from $252.5 million Operating Ratio: Worsened to 79.1% from 77.5%; adjusted operating ratio worsened to 78.9% from 77.5%
Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
All comparisons are made to 2018’s first-quarter results for each railroad.
Figures for G&W are for North American operations only, with the exception of Net Earnings & Earnings Per Share, which includes all G&W operations, as solely North American figures were unavailable in these categories.
All figures for CN & CP are in Canadian currency, except for earnings per share for CP
Net Earnings: Increased 18 percent to C$1,134 million Earnings Per Share: Diluted earnings per share increased 21 percent to C$1.54 Revenue: Increased 14 percent to a record C$3,688 million Operating Income: Increased 8 percent to C$1,492 million Operating Expenses: Increased 19 percent to C$2,196 Operating Ratio: Increased 2.3 points to 59.5 percent
Net Earnings: Increased 22 percent to C$622 million Earnings Per Share: Diluted earnings per share increased 24 percent to a record C$4.35 Revenue: Increased 19 percent to a record C$1.9 billion Operating Income: Increased 27 percent to C$790 million Operating Expenses: Increased 14 percent to C$1,108 million Operating Ratio: Decreased 270 points to a record low of 58.3 percent
Net Earnings: Increased 106 percent to $894 million Earnings Per Share: Increased to $1.05 per share from $0.51 per share Revenue: Increased 14 percent to $3.13 billion Operating Income: Increased 49 percent to $1.29 billion Operating Expenses: Declined 2 percent to $1,84 billion Operating Ratio: Improved 970 basis points to a record 58.7 percent
Net Earnings: Increased to $174 million from $129 million Earnings Per Share: Diluted earnings per share increased 38 percent to $1.70 Revenue: Increased 6 percent to a record $699 million Operating Income: Increased 14 percent to $265 million Operating Expenses: Increased to $433.6 million from $422.8 million Operating Ratio: Improved 2.4 basis points to 62 percent
Net Earnings: Increased 39 percent to $702 million Earnings Per Share: Diluted earnings per share increased 44 percent to a third quarter record of $2.52 Revenue: Increased 10 percent to $2.9 billion Operating Income: Increased 14 percent to a third quarter record of $1.0 billion Operating Expenses: Increased 9 percent to $1.9 billion Operating Ratio: Declined 1.1 basis points to a record 65.4 percent
Net Earnings: Increased from $1.2 billion to $1.6 billion Earnings Per Share: Increased 43 percent from $1.50 to a record $2.15 per diluted share Revenue: Increased 10 percent to $5.9 billion Operating Income: Increased 9 percent to $2.3 billion Operating Expenses: Increased 10 percent from $3.3 billion to $3.7 billion Operating Ratio: Stayed flat at 61.7 percent
Net Earnings: Increased to $69.6 million from $50.2 million Earnings Per Share: Increased 45 percent to $1.16 Revenue: Increased 11.5 percent to $355.7 million from $318.9 million Operating Income: Increased 24.7 percent to $102.5 million, up from $82.2 million Operating Expenses: Increased to $253,225 from $236,724 Operating Ratio: Improved 3 points to 71.2 percent from 74.2 percent
Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
Figures for G&W are for North American operations only with the exception of Net Earnings & Earnings Per Share, which includes all G&W operations, as solely North American figures were unavailable in these categories.
Net Earnings: Increased 27 percent to C$1,310 million; diluted earnings per share increased 30 percent to C$1.77
Revenue: Increased 9 percent to C$3,631 million
Operating Income: Increased 7 percent to C$1,519 million
Operating Ratio: Increased 0.7 points to 58.2 percent (worsened as compared to the same period in 2017, but an improvement from the first quarter 2018)
Net Earnings: Increased to $149 million or $1.45 per diluted share, as compared to last year’s $135 million or $1.27 per diluted share. Adjusted diluted earnings per share increased 16 percent to a record $1.54
Revenue: Increased 4 percent to a record $682 million
Operating Income: Increased 3 percent to a record $246 million
Operating Ratio: Increased 0.5 points to 64 percent as compared to 63.5 percent a year ago
Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
All comparisons are made to 2017’s second quarter financial results for each railroad.
Net Earnings: Increased 27 percent to a record $552 million from $757 million; diluted earnings per share increased 30 percent to a record $1.93 from $1.48
Revenue: Increased 6 percent to $2.7 billion from $2.6 billion
Operating Income: Increased 10 percent to a record $835 million from $757 million
Operating Ratio: A record 69.3 percent down from 70.6 percent
Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
All comparisons are made to 2017’s first quarter financial results for each railroad.
Net Earnings: $552 million or $5.33 per diluted share, compared with 2016’s $130 million or $1.21 per diluted share Revenue: 4th quarter record of $660 million, a 10 percent increase Operating Income: 4th quarter record of $238 million, a 13 percent increase Operating Ratio: 64.0 percent, 0.8 point improvement over fourth quarter 2016
2017 Annual Earnings
Net Earnings: $964 million or $9.16 per diluted share, as compared to 2016’s $480 million or $4.43 per diluted share Revenue: A record $2.6 billion, up 11 percent from 2016 Operating Income: A record $922 million, a 13 percent increase Operating Ratio: A record 64.3 percent, a 0.6 improvement
Net Earnings: Increased by 156 percent to C$2,611 million and diluted earnings per share increased by 164 percent to C$3.48 Revenue: Increased 2 percent to C$3,285 million Operating Income: Decreased by 7 percent to C$1,301 million Operating Ratio: 60.4 percent, an increase of 3.8 points
2017 Annual Earnings
Net Earnings: Increased 51 percent to C$5,484 million and diluted earnings per share increased 55 percent to C$7.24 Revenue: Increased 8 percent to C$13,041 million Operating Income: Increased 5 percent to C$5,558 million Operating Ratio: 57.4 percent, an increase of 1.5 points
Net Earnings: Increased 156 percent to a record C$984 million from C$384 million and diluted earnings per share increased by 159 percent to C$6.77 from C$2.61 Revenue: A record 4th quarter with an increase of 5 percent to C$1.71 billion, up from C$1.64 billion Operating Income: Increased 5 percent to C$753 million Operating Ratio: A record 56.1 percent, an improvement of 10 basis points
2017 Annual Earnings
Net Earnings: Increase of 50 percent to C$2.4 billion Revenue: Increased 5 percent to C$6.55 billion from C$6.23 billion Operating Income: Increased 8 percent to C$2.8 billion from C$2.6 billion Operating Ratio: Improved 40 basis-points to a record 58.2 percent from 58.6 percent
Net Earnings: $4.1 billion or $4.62 per share, up from $458 million or $0.49 per share Revenue: Decreased 6 percent to $2,863 million from $3,037 million Operating Income: Increased by 12 percent to $1.12 billion from $1.00 billion Operating Ratio: Improved 6.1 basis points to 60.9 percent from 67.0 percent
2017 Annual Earnings
Net Earnings: Increased 219% to $2.3 billion from $1.02 billion Revenue: Increased by 3 percent to $11.4 billion, up from $11.07 billion Operating Income: $3.7 billion, up 8 percent from $3.4 billion Operating Ratio: 67.9 percent, improvement from 69.4 percent
Net Earnings: Increased 17 percent to $3,968 million and diluted earnings per share (EPS) increased 19 percent to $13.79 (adjusted EPS is a record $1.69) Revenue: Increased 7 percent to $2,669 million from $2,490 million Operating Income: Increased 13 percent to $1,014 million from $761 million Operating Ratio: 62.0 percent, improved over 67.7 percent
2017 Annual Earnings
Net Earnings: Increased 15 percent to $5,404 million and increased 18 percent to a record diluted earnings per share of $18.61 (or $6.61 adjusted EPS) Revenue: Increased 7 percent to $10.6 billion from $9.89 billion Operating Income: Increased 12 percent to $3,586 million from $3,074 million Operating Ratio: Improved by 2 percent to a record 67.4 percent from 68.9 percent
Net Earnings: Increased to $7.3 billion or $9.25 per diluted share as compared to $1.1 billion or $1.39 per diluted share Revenue: Increased 5 percent to $5.5 billion from $5.2 billion Operating Income: Increased 4 percent to $2,039 million from $1,965 million Operating Ratio: Improved 0.6 points to 62.6 percent from 62.0 percent
2017 Annual Earnings
Net Earnings: $10.7 billion or $13.36 earnings per share, from $4.2 billion or $5.07 per diluted share Revenue: Increased to $21.2 billion from $19.9 billion Operating Income: $7.8 billion from $7.3 billion, an 8 percent increase Operating Ratio: Improved 0.5 points to 63 percent from 63.5 percent
Note: Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
By a margin of nearly four to one, SMART Transportation Division members have voted to APPROVE the new National Rail Contract. The voting was conducted by BallotPoint Election Services, who certified the following results for each craft eligible to vote:
CRAFT
ACCEPT
REJECT
Conductors
79.89%
20.11%
Brakemen
78.98%
21.02%
Engine Service
76.58%
23.42%
Yardmen
79.97%
20.03%
Yardmaster
86.68%
13.32%
Combined
79.57%
20.43%
The approved contract will have an effective date of December 1, 2017, with implementation of new pay rates and employee healthcare cost-sharing modifications planned for January 1, 2018. Employees’ monthly healthcare contributions will remain frozen at $228.89 for the life of the contract.
The term of the agreement is for five years, from January 1, 2015 to December 31, 2019. In addition to a 3% increase previously negotiated and already implemented on January 1, 2015, the contract provides for full retroactive pay of 2% from July 1, 2016 through June 30, 2017, and 4% from July 1, 2017, until implementation of the new rates. Thereafter, affected members will receive a boost in wage rates of 2.5% on July 1, 2018, and 3% on July 1, 2019.
The ratified contract will cover over 35,000 SMART TD members employed by BNSF, CSX, Norfolk Southern, Kansas City Southern, Union Pacific and numerous smaller carriers, all of whom were represented in this round of bargaining by the rail industry’s National Carriers’ Conference Committee.
The SMART TD negotiating team was led by President John Previsich, who was assisted in the negotiations by Vice Presidents David Wier, John Lesniewski, Troy Johnson, John England, Doyle Turner and Jeremy Ferguson, along with General Chairpersons Danny Young (BNSF), Mark Cook (NS), Brent Leonard (UP) and Steve Mavity (CSX), all four of whom are nationally elected TD officers in addition to serving as General Chairpersons.
For this round of bargaining, SMART TD joined forces with five other unions to form the Coordinated Bargaining Group. The other unions in the CBG are the American Train Dispatchers Association; the Brotherhood of Locomotive Engineers and Trainmen (a Division of the Rail Conference of the International Brotherhood of Teamsters); the Brotherhood of Railroad Signalmen; the International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers, and Helpers and the National Conference of Firemen and Oilers/SEIU.
President Previsich commented: “I believe that our negotiating team, along with the teams from the other unions in the CBG, are to be commended for staying the course during a long and tedious round of negotiations. The easy thing for them to do when the going got tough was to declare defeat and walk away from the negotiating table, as others have done, but our team never wavered. By rejecting the carriers’ unreasonable demands while staying at the table and continuing to negotiate, the team was successful in obtaining an agreement that achieved an approval rate of 79.57%.”
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The SMART Transportation Division, formerly the United Transportation Union, is the largest rail union in the United States representing members in all operating crafts, including engineers, conductors, trainmen, switchmen and yardmasters.
Note: Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
