(The Canadian Press distributed the following article on July 23.)
CALGARY — CN Rail reported a 13% reversal in second-quarter net income yesterday, hit by the stronger Canadian dollar, lower grain shipments and higher fuel expenses.
But Canada’s biggest rail company said better Canadian wheat crops will help it meet its 2003 earnings forecast and that it expects a “solid rebound” in 2004.
“Overall it was an excellent quarter, particularly considering some of the hurdles we had to get over,” said CEO Hunter Harrison.