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Several Class Is recently reported second-quarter and first-half financial results, which mostly were encouraging for an industry that's been stuck in a carload-down, intermodal-up cycle.


Canadian National Railway Co. July 22 reported first-half net income of $510 million and quarterly net income of $280 million, compared with $442 million and $240 million in similar respective periods last year.


Operating income totaled $896 million in the first half (compared with $829 million) and $490 million in the second quarter (compared with $444 million).


And CN's first-half and quarterly operating ratios of 70.7 and 68.4, respectively, rose slightly compared with 70.3 and 68.1 in respective comparable periods.


Meanwhile, Burlington Northern Santa Fe July 23 reported first-half net income of $366 million and quarterly net income of $194 million, compared with $329 million and $195 million in similar periods, respectively.


Operating income totaled $773 million in the first half (compared with $847 million) and $405 million in the second quarter (compared with $428 million).


BNSF's first-half and quarterly operating ratios of 82.1 and 81.4, respectively, also worsened slightly compared with 81.2 and 80.9 in similar respective periods.


For Canadian Pacific Railway, which also reported financial data July 23, net income totaled $305 million in the first half and $169 million in the quarter, rising significantly compared with $160 million and $125 million in similar respective periods.


CPR's operating income of $395 million and $219 million in the first half and quarter, respectively, also bested last year's $342 million in the first half and $206 million in the second quarter.


In terms of operating ratio, the Class I improved its first-half figure (78) 2.7 points and quarterly number (76.3) 1.6 points compared with last year.


Finally, Norfolk Southern Corp. July 24 reported first-half net income of $205 million and quarterly net income of $119 million, which increased compared with $181 million and $107 million in similar respective periods.


Operating income totaled $559 million and $332 million in the first half and quarter, respectively, which rose compared with $487 million and $282 million in similar periods.


NS' first-half and quarterly operating ratios (81.9 and 79.8, respectively) bested last year's figures in similar periods (84.5 and 82.3, respectively).