Canadian National Railway's Profit Rises as Freight Demand Lifts Revenue

Dow Jones10-30

Canadian National Railway reported higher third-quarter profit after a surge in revenue, driven by strong pricing gains across freight segments and increased shipments of grain, automotive and energy products.

The Canadian railroad on Friday posted a rise in net income to 1.21 billion Canadian dollars ($864.9 million), or C$2.00 a share, up from C$1.14 billion, or C$1.83 a share, in the comparable quarter a year ago.

Adjusted earnings were C$2.16 a share. According to FactSet, analysts were expecting C$2.19 a share.

Revenues surged by 15% to C$4.77 billion, handily beating forecasts of C$4.66 billion.

The company cited strong demand from its major markets including grain and energy, as well as automotive.

CN Rail benefited from a 4% increase in gross ton miles and a 4% rise in revenue ton miles, two key metrics that track total train movement and revenue-generating cargo multiplied by distance traveled.

Looking ahead, CN reaffirmed its full-year outlook for mid-to-high single-digit adjusted earnings per share growth, noting that performance is currently tracking toward the upper end of that guidance range.

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment