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Rail News Home Canadian National Railway - CN


Rail News: Canadian National Railway - CN

CN delivers record revenue, income in Q2


CN yesterday reported record second-quarter 2022 revenue of CA$4.3 billion, up 21%, and record operating income of CA$1.8 billion, up 28%, compared with the same period in 2021.

The Class I also posted record adjusted diluted earnings per share (EPS) in the quarter of CA$1.93, a 30% increase, and diluted EPS of $CA1.92, up 32% compared with earnings in Q2 2021.

The railroad delivered a "solid" operating performance in key metrics such as origin train performance, car velocity, through dwell and record fuel efficiency, resulting in a lower operating ratio, CN officials said in a press release.

“I am proud of our team of railroaders and pleased with our solid performance this quarter," said President and CEO Tracy Robinson. "Our team has the network running well, demonstrating improvements in service levels to our customers, driving greater velocity and generating strong financial results. We are preparing for a busy fall and are well positioned to achieve our 2022 outlook.”

CN attributed the quarterly revenue increase mainly to higher applicable fuel surcharge rates, freight rate increases, higher Canadian export volumes of coal via West Coast ports, higher volumes of U.S. grain and the positive translation impact of a weaker Canadian dollar, partly offset by significantly lower export volumes of Canadian grain.

The railroad's operating ratio in the quarter was 59.3%, an improvement of 2.3 points. The adjusted operating ratio of 59% improved 2.6 points.

The railroad is confirming its 2022 outlook target to deliver 15% to 20% adjusted diluted EPS growth. CN continues to target an operating ratio below 60% for the year.

Contact Progressive Railroading editorial staff.

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