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CN Rail Q3 profit up 18pc despite fall in volume
MONTREAL-BASED Canadian National Railway (CN) has posted an 18 per cent rise in net profit to CAD1.1 billion (US$836 million) in the third quarter of the year compared to the same period last year.
Revenue grew 3 per cent to a record CAD3.2 billion despite a 6 per cent decrease in volume measured by carloadings and revenue tonne-miles. It benefitted from a lower Canadian dollar.
"Clearly we are growing much faster than the economy, which is our game plan," CEO Claude Mongeau said in a conference call.
CN's operating ratio during the Q3 improved by 5 percentage points to an all-time low of 53.8 per cent.
CN executive vice-president and CFO, Luc Jobin, said: " CN delivered record third-quarter results thanks to strong team execution in safely and efficiently meeting our customers' needs while recalibrating resources to the weaker volume environment."
The railway also said its board of directors authorised the repurchase over the next year of up to 28 million common shares, representing 3.4 per cent of its outstanding shares. CN repurchased 22.3 million common shares last year, returning $1.4 billion to shareholders.
Revenue grew 3 per cent to a record CAD3.2 billion despite a 6 per cent decrease in volume measured by carloadings and revenue tonne-miles. It benefitted from a lower Canadian dollar.
"Clearly we are growing much faster than the economy, which is our game plan," CEO Claude Mongeau said in a conference call.
CN's operating ratio during the Q3 improved by 5 percentage points to an all-time low of 53.8 per cent.
CN executive vice-president and CFO, Luc Jobin, said: " CN delivered record third-quarter results thanks to strong team execution in safely and efficiently meeting our customers' needs while recalibrating resources to the weaker volume environment."
The railway also said its board of directors authorised the repurchase over the next year of up to 28 million common shares, representing 3.4 per cent of its outstanding shares. CN repurchased 22.3 million common shares last year, returning $1.4 billion to shareholders.
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