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Rail News Home Canadian National Railway - CN

1/24/2012



Rail News: Canadian National Railway - CN

CN generates 'best-ever' quarterly revenue, ratchets up income


Today, CN announced it wrapped up 2011 with fourth-quarter net income totaling $592 million, or $1.32 per diluted share, compared with $503 million, or $1.08 per diluted share, in fourth-quarter 2010. (All dollar amounts are reported in Canadian dollars.)

The Class I’s adjusted net income for the quarter jumped 16 percent to $581 million while adjusted diluted earnings per share shot up 20 percent to $1.30. Operating income for the quarter grew 8 percent to $839 million.

Fourth-quarter revenue climbed 12 percent to a best-ever $2.4 billion, while carloadings rose 4 percent to 1.2 million units and revenue ton-miles increased 3 percent to 48,156, CN officials said in a prepared statement.

CN’s operating ratio for the quarter was 64.7, up from 63.4 in the year-ago period.

For the full year, net income surged to $2.5 billion, or $5.41 per diluted share, compared with 2010 net income of $2.1 billion, or $4.48 per diluted share. Revenue climbed 9 percent to a record $9 billion, while carloadings rose 4 percent to 4.9 million units and revenue ton-miles increased 5 percent to 187,753. CN’s 2011 operating ratio was 63.5 versus 63.6 in 2010.

“Solid operational and service performance helped CN deliver exceptional financial results for the fourth quarter and 2011 as a whole,” said CN President and Chief Executive Officer Claude Mongeau. “Our broad-based service innovation benefited our customers and enabled us to grow our business faster than the overall economy and close the year with record carloadings and revenues.”

Financial results for both 2011 and 2010 included items that affected results, including an after-tax gain on the disposal of a segment of the Kingston subdivision and an after-tax gain on the sale of IC RailMarine Terminal Co. in 2011.




 



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