CANADIAN National Railway (CN) achieved second-quarter revenue growth of nine per cent year on year to stand at CAD3
CANADIAN National Railway (CN) achieved second-quarter revenue growth of nine per cent year on year to stand at CAD3.96 billion (US$3.002 billion) due to the inclusion of newly acquired TransX Group in the intermodal commodity group, the impact of a weaker Canadian dollar, freight rate hikes and higher petroleum crude and grain volumes. Operating income in the quarter surged by 11 per cent to CAD1.68 billion. CN posted an operating ratio of 57.5 per cent, an improvement of 0.7 points compared with Q2 2018, a company statement said.
'The CN team delivered record second-quarter results, and we remain optimistic on CN's volume prospects in the second half of the year while maintaining our vigilance on costs,' said chief executive officer JJ Ruest.
'Our focus on delivering profitable growth and advanced technologies to modernise our scheduled railroading model is expected to continue driving long-term value creation for our shareholders.'
RTMs, which measure the relative weight and distance of freight transported by CN, rose two per cent from the year-earlier period. Freight revenue per RTM was up eight per cent.
Operating expenses climbed eight per cent to CAD2.3 billion, primarily due to the inclusion of TransX, the negative translation impact of a weaker Canadian dollar and higher costs resulting from higher traffic volume.
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