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A surge in freight volume and fluid network operations pushed second quarter earnings to record levels at Canadian National Railway and brought a heap of praise from Wall Street.
Canada's largest railroad had net income of $247 million for the quarter, a 34 per cent increase over the same period in 2003. In addition, the railroad's operating ratio, the best in the industry, was pared to 65.5 per cent, a 4.6 percentage-point improvement from second quarter 2003.
The railroad also closed on two acquisitions during the quarter: Great Lakes Transportation, which included shortline railroads and a lake vessel company, and BC Rail in British Columbia.