Comment 82477

By Mal (anonymous) | Posted October 31, 2012 at 12:10:18 in reply to Comment 82428

Canadian National Railway beat analyst expectations on adjusted earnings by a penny in the third quarter on revenue of $2.5 billion.

The railway reported after markets closed Monday that it earned $664 million, or $1.52 per diluted and adjusted share, for the period ended Sept. 30. That compared to $1.46 per diluted share, or $659 million, a year earlier on revenue of $2.3 billion.

Adjusting for one-time changes, CN's profits increased about 10 per cent from $1.38 per share in the prior year, excluding a gain from the sale of substantially all of the assets of IC RailMarine Terminal Company.

Analysts polled by Thomson Reuters had expected adjusted earnings of $1.51 per share.

Revenues increased by eight per cent from $2.31 billion in the third quarter of 2011. Revenue ton-miles rose seven per cent and carloadings increased three per cent.

Total carloads grew by 2.9 per cent during the quarter, led by strong growth by intermodal, chemicals and agricultural products, offset by decreased for coal, ores, metals and minerals.

CN's operating ratio increased by 1.3 points to 60.6 per cent.

Chief executive Claude Mongeau said the railway's focus on operational and service excellence helped it to post a "solid third-quarter performance" with revenue growing in all business segments.

"Petroleum and chemicals led the way with a 15 per cent increase in revenues, largely as a result of higher shipments of crude oil originating in Western Canada. CN's crude oil volume in the quarter rose to a run rate of 40,000 carloads on an annualized basis," he said in a statement.

I'd happily give up the West Harbour shunting yards and the rail trails if it meant sparing us an unwanted highway.

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