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Canadian Pacific Railway reported healthy fourth-quarter and yearly results, with income boosted in part by the recent reduction in the U.S. corporate tax code from 35% to 21%.

The freight railroad industry began the earnings season on a positive note. CSX Corp. scratched out a small win and Canadian Pacific Railway easily surpassed year-ago levels as the industry continues to rebound in 2017.

Canadian Pacific Railway Ltd. is ready to buy its own grain cars, sidelining 6,000 government-provided ones from the 1970s that are no longer up to the job.

Canadian Pacific Railway continued a positive second quarter for rail freight carriers with profits jumping 46% due to growth in business in intermodal and the transportation of grain, potash, metals and minerals.

Mark Wallace, chief of staff at Canadian Pacific Railway Ltd., was put on a paid leave of absence on Jan. 27, prompting more speculation that Wallace and outgoing CEO Hunter Harrison will attempt to take over the reins at rival railroad CSX Corp. through private investor Paul Hilal of Mantle Ridge.

Canadian Pacific has reached a separation agreement with CEO Hunter Harrison effective at the end of the month, according to a filing with the Securities and Exchange Commission, which could stoke speculation that he and private investor Paul Hilal will attempt to assume control at rival railroad CSX.

The fourth quarter marked a turnaround for the railroad companies from the lackluster year, according to earnings released last week, but a potentially major shakeup could result in an interesting 2017 for the industry.

Canadian Pacific Railway Ltd. reduced its full-year profit target, amid revenue declines in commodities such as crude oil and a delayed grain harvest in western Canada.

Union Pacific Corp. and Canadian Pacific Railway Ltd. this week reported second-quarter net income fell 19% and 16% respectively in a weak rail freight market, while smaller carrier Kansas City Southern raised net income 7% with help from a tax credit.

Canadian Pacific Railway reported second-quarter earnings that topped analysts’ estimates as the carrier reduced costs by cutting jobs and running longer trains to make up for a cargo slump.