MONTREAL — CN said its Board of Directors has approved a third-quarter 2010 dividend on the Company’s common shares outstanding. A quarterly dividend of 27 cents (C$0.27) per common share will be paid on Sept. 30, 2010, to shareholders of record at the close of business on Sept. 9.
MONTREAL — CN reported its financial and operating results for the second quarter and first half ended June 30. Second-quarter 2010 highlights: — Net income and diluted earnings per share (EPS) increased by 38 percent from the year-earlier quarter to C$534 million and C$1.13 — Diluted EPS of C$1.13 increased by 49 per cent over adjusted diluted EPS of C$0.76 for the second quarter of 2009. — Revenues rose 18 per cent to C$2,093 million, while carloadings increased 27 per cent and revenue ton-miles rose 15 per cent. — Operating income increased 39 percent to C$813 million. — Operating ratio
MONTREAL — CN and TSI Terminal Systems Inc. (TSI) announced a supply chain collaboration agreement aiming to enhance service levels to their mutual customers and draw greater volumes of container traffic over Port Metro Vancouver. A MOU has been signed that will drive strong mutual focus on system efficiencies, improved communication, and close monitoring of their gateway performance. The CN-TSI pact is a companion to CN’s recent supply chain collaboration agreement with Port Metro Vancouver (PMV) designed to promote balanced accountability among all Port stakeholders. TSI is the largest container terminal operator in Canada, handling approximately 70 per cent of
MONTREAL — CN has pioneered a modal shift protocol that will create new carbon offset project opportunities for British Columbia’s transportation sector, CN President and Chief Executive Officer Claude Mongeau announced. Pacific Carbon Trust (PCT), a Crown corporation and leading provider of offsets in British Columbia (B.C.), has agreed to recognize the protocol for modal shift offset projects in B.C. The modal shift protocol allows companies to generate carbon offsets by shifting freight shipments to rail from truck. An offset protocol is a detailed, specific set of instructions on how to carry out an offset project. A protocol may include
MONTREAL — CN and the Teamsters Canada Rail Conference/Rail Canada Traffic Controllers (TCRC/RCTC) have ratified a new three-year labor agreement. The union represents approximately 200 Rail Traffic Controllers at CN across Canada. The contract, retroactive to Jan. 1, 2009, provides for wage increases of 1.8 per cent for 2009, 2.4 per cent for 2010 and 2.6 per cent for 2011, as well as dental plan benefit improvements that come into effect on June 1, 2010.
CHICAGO — CN said it has reached a voluntary mitigation agreement (VMA) with the Village of Barrington Hills, Ill., located approximately 40 miles northwest of Chicago, addressing the municipality’s environmental and safety concerns with CN’s acquisition of the Elgin, Joliet and Eastern Railway Company (EJ&E).
MONTREAL — CN said that customer-focused innovation and balanced accountability among transportation partners are the keys to improving the effectiveness of Canada’s logistics supply chain. CN, in a submission to the Rail Freight Service Review panel appointed by the Canadian government, said hard facts compiled for the panel establish the quality of CN’s rail transportation product, most notably in terms of hub-to-hub transit time performance. At the same time, CN said it is committed to do a better job of partnering with its customers and is taking concrete action to further improve service by: — Strengthening the “first and last
MONTREAL — CN, the Halifax Port Authority (HPA), Cerescorp Company Limited (Ceres) and Halterm Container Terminal Limited (Halterm) announced “an innovative agreement” to better measure and align each party’s performance in the Halifax Gateway supply chain and enhance the port’s role as a preferred gateway on the east coast to Ontario, Quebec and the U.S. Midwest markets. The agreement establishes clear and defined performance standards for these Halifax Gateway partners – CN, HPA, Ceres and Halterm – regarding times for unloading and loading containers between vessels and cars, the timing of the placement of rail cars at the terminals, and
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