THE Canadian National Railway (CN) has posted an 18 per cent increase in second quarter year-on-year net profit to C$847 million (US$788.6 million), drawn on revenues of C$3.1 billion, up 17 per cent.
CN quarterly profit up 18pc to US$788.6 million as sales rise 17pcTHE Canadian National Railway (CN) has posted an 18 per cent increase in second quarter year-on-year net profit to C$847 million (US$788.6 million), drawn on revenues of C$3.1 billion, up 17 per cent.
Second quarter operating income increased 21 per cent to C$1.2 billion as revenue ton-miles grew 14 per cent and carloadings increased 11 per cent.
Increased revenues were attributed to higher freight volumes due to a record Canadian grain crop, strong energy markets and market share gains in intermodal as well the effect of a weaker Canadian dollar on US dollar denominated revenues.
Said CN president and CEO Claude Mongeau: "CN recovered swiftly from the first-quarter winter weather. CN delivered record volumes in the quarter by bringing its key supply chains back into sync.
CN's western Canada grain hopper car movements were 70 per cent up year on year and the company expects to set a new record this year.
Said Mr Mongeau: "We are pleased that the Canadian grain supply chain CN serves is now back in sync. Our wait-list of customer grain car orders represents only about one week of shipments from the Prairies, and grain vessel line-ups at all ports are back to normal."