CN reports 21 percent net income jump in 3Q 2014

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CN - Jeff Robertson
Jeff Robertson
MONTREAL – Canadian National is reporting third quarter 2014 net income of C$853 million, compared with net income of C$705 million for the same period in 2013.
Operating income for the third quarter has increased 19 percent to C$1.286 billion, compared to the previous year.

Third-quarter 2014 revenues and carloads set all-time quarterly records, with revenues rising 16 percent to C$3.118 billion and carloads increasing 11 percent to 1.475 million. Revenue ton-miles grew by 13 per cent.

CN's operating ratio for the third quarter has improved by one point to 58.8.

"CN delivered outstanding third-quarter financial results while improving customer service levels and maintaining industry-leading operating efficiencies," says President and CEO Claude Mongeau. "Solid execution by our team of railroaders enabled us to accommodate the significantly higher freight volume generated by a record Canadian grain crop, strong energy markets, and new business, particularly in intermodal and automotive."

Revenues increased for grain and fertilizers, 29 percent; petroleum and chemicals, 21 percent; metals and minerals, 17 percent; automotive, 17 percent; intermodal, 14 percent; and forest products, 8 percent. Coal revenues declined by 3 percent.

The increase in revenues is largely attributable to higher freight volumes, the railroad says, due to a record Canadian grain crop, strong energy markets, new intermodal business including temporary diversions from U.S. west coast ports, and new automotive business; the positive translation impact of the weaker Canadian dollar on U.S.-dollar-denominated revenues; and freight rate increases.

NEWSWIRETrains News Wire

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