CN and CP announce first quarter 2016 results

Both of Canada’s major railways felt the effects of a weak economy and reported minor drops in revenues for the quarter ended March 31. However, through cost reductions to match the reduced revenues, both were able to produce outstanding results.

During the quarter, CN’s revenues declined by 4.4 per cent to $3.0 billion. However, operating expenses fell by 14.2 per cent, causing net income before income taxes to rise from $704 million during the first quarter of 2015 to $792 million during Q1 of 2016. Cost reductions were driven by lower fuel prices, a reduction in personnel count, and further operating efficiencies. Cash flow from operations increased to $1,065 million during the period, up from $992 million during the same period of 2015. “Free” cash flow, the amount remaining from operating cash flow after subtracting net investments made during the quarter and dividends paid to investors, increased to $303 million from $272 million during the first quarter of 2015.

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CN recognized as Responsible Care Partner of the Year for safe movement of chemicals

CN said today it has been recognized as one of the three recipients of the Responsible Care Partner of the Year award of the American Chemistry Council (ACC). The award recognizes the strong performance and safety record of companies involved in the transportation, handling and marketing of chemicals. Responsible Care® is the chemistry industry’s commitment to sustainability – it is a global voluntary initiative to guide member organizations in safely managing chemicals through creation to manufacturing to disposal or recycling.

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Port of Saint John expects boost in cruise ship passenger numbers in 2016

The first cruise ship of the season at the port of Saint John docked in Saint John harbour on May 9, for the beginning of what will be a busy season of calls. By the time the last ship casts off its lines on October 28, 64 ships will have visited, bringing with them approxi­mately144,000 passengers and 57,700 crew.

“Our passenger numbers for 2016 represent an increase of 20 per cent over last year,” says Jim Quinn, President and CEO of Saint John Port Authority. “That is great news for Southern New Brunswick, and for its many tourism-related businesses.”

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EDC: Hey big spender (why so quiet?)

By Peter G Hall, Vice-President and Chief Economist

Big spenders walk in to the room and immediately steal the show. Everyone wants to be with them, eager to catch a piece of the action. U.S. consumers are that way: they’re the richest in the world, and they know how to sling around their cash. They are a huge part of their own economy, but the world also relies on them to get and to keep things going. Recently, their spending activity has slowed. Is something going wrong?

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Charting Canada’s waters: Government of Canada to build seven new hydrographic survey vessels

Hunter Tootoo, Minister of Fisheries, Oceans and the Canadian Coast Guard, announced the winning bid for the procurement of seven new survey vessels for the Canadian Hydrographic Service to support the seabed surveying and charting of Canada’s navigable waters. The contract has been awarded to Kanter Marine Inc. of St. Thomas, Ontario.

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