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CN posts 21pc hike in Q3 profit to US$760 million as revenues rise 16pc
CANADA's biggest railway, the Canadian National (CN), has posted a 21 per cent year-on-year increase in third quarter net profit to C$853 million (US$760 million), drawn on revenues of C$3.1 billion, up 16 per cent.
Operating profit for the third quarter increased 19 per cent to C$1.2 billion.
Big revenues gains were made in grain and fertilisers (29 per cent), petroleum and chemicals (21 per cent), metals and minerals (17 per cent), automotive (17 per cent), intermodal (14 per cent), and forest products (eight per cent). But coal revenues declined three per cent.
"The increase in revenues was mainly attributable to higher freight volumes due to a record Canadian grain crop, strong energy markets," said the CN statement.
High volumes cited were crude oil and frac sand, new intermodal business including temporary diversions from US west coast ports, as well as new automotive business.
Also helping war the "positive translation impact of the weaker Canadian dollar on US-dollar-denominated revenues and freight rate increases".
"CN delivered outstanding third-quarter results while improving customer service levels and maintaining industry-leading operating efficiencies," said CN chief executive 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," he said.
Operating profit for the third quarter increased 19 per cent to C$1.2 billion.
Big revenues gains were made in grain and fertilisers (29 per cent), petroleum and chemicals (21 per cent), metals and minerals (17 per cent), automotive (17 per cent), intermodal (14 per cent), and forest products (eight per cent). But coal revenues declined three per cent.
"The increase in revenues was mainly attributable to higher freight volumes due to a record Canadian grain crop, strong energy markets," said the CN statement.
High volumes cited were crude oil and frac sand, new intermodal business including temporary diversions from US west coast ports, as well as new automotive business.
Also helping war the "positive translation impact of the weaker Canadian dollar on US-dollar-denominated revenues and freight rate increases".
"CN delivered outstanding third-quarter results while improving customer service levels and maintaining industry-leading operating efficiencies," said CN chief executive 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," he said.
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