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CN Rail reports better-than-expected third-quarter profit, beating analyst expectations

The company said net income rose to C$1.13 billion in the three months ended Sept. 30, up from C$958 million a year earlier

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The railroad said it earned C$1.50 per share, beating analysts’ average estimate of C$1.47

Canadian National Railway Co (TSE:CNR, NYSE:CNI) reported better-than-expected third-quarterr profit Tuesday, as the railroad shipped higher volumes of both crude and grains. 

The Montreal-based company reported net income rose to C$1.13 billion in the three months ended Sept. 30, up from C$958 million a year earlier. 

The company said revenue from moving petroleum and chemicals climbed 25% in the three months ended Sept. 30, while revenue from grains and fertilizers rose 15%.

The railroad said it earned C$1.50 per share, beating analysts’ average estimates of C$1.47. 

Third-quarter revenues grew more than 14% to $3.69 billion from $3.22 billion.

"Our dedicated engineering team delivered, putting more than 80% of our infrastructure expansion projects fully in service at a time when the network was under heavy traffic," said J.J. Ruest, president and chief executive officer of CN Rail.

"Our 2018 resource investments are substantially advanced, giving our railroaders the tools they need to provide industry-leading service to all of our customers now and for the long haul."

The company said operating expenses for the third quarter rose 19%, driven by higher fuel prices, higher labour costs and a weaker Canadian dollar. 

Shares of CN rail were down 0.05% at C$107.69 on Wednesday. 

 

Quick facts: Canadian National Railway

Price: 89.44 USD

NYSE:CNI
Market: NYSE
Market Cap: $63.48 billion
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