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CN reported fourth-quarter 2022 revenue rose 21% to CA$4.5 billion, while operating income climbed 22% (or 21% on an adjusted basis) to CA$1.9 billion compared with the same quarter in 2021, the Class I announced yesterday.
The railroad reported diluted earnings per share (EPS) of CA$2.10, a 24% increase and a 23% increase on an adjusted basis. The Class I logged an operating ratio of 57.9%, an improvement of 0.4 points or flat on an adjusted basis, company officials said in a press release.
CN attributed the increase in revenue mainly to higher fuel surcharge revenue as a result of higher fuel prices, the positive translation impact of a weaker Canadian dollar, freight rate increases and higher volumes of Canadian grain.
The company also reported for Q4 2022 compared with Q4 2021: Fuel efficiency improved by 1%; car velocity improved by 10%; through network train speed (mph) improved by 1%; through dwell hours improved by 9%; and train length decreased by 7%.
For full-year 2022 compared with 2021 results, CN reported revenue increased 18% to CA$17.1 billion; operating income rose 22% to CA$6.8 billion; and the diluted EPS climbed 8% to CA$7.44. The operating ratio in 2022 fell to 60% compared to 61.2% in 2021.
"I am very proud of the work accomplished by our team in the fourth quarter and throughout the year," said CN President and CEO Tracy Robinson. "Our approach to scheduled railroading improved our service to our customers, drove operational efficiency and built the resiliency that enabled a rapid recovery during the extreme winter conditions late in the quarter."
In 2023, the company’s "back-to-basics strategy and disciplined operating model will continue to deliver despite the softening economy," Robinson added.