News / Canadian rail carriers take a hit from Covid, but CN and CP are bullish on H2

© Helena Bilkova

The balance sheets of Canada’s two class-one rail companies took a hit from Covid-19, but their top brass are upbeat on prospects for the second half of 2020, pointing to signs of strength in several key sectors.

Canadian National (CN) reported a 19% drop in revenue to C$3.2bn (US$2.35bn) for the second quarter, with volumes down across most commodity groups, and despite cost-cutting, operating income slumped 53%, to C$785m.

Rival Canadian Pacific (CP) was less hard hit, with revenue down 9%, to ...