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CN reported third-quarter revenue fell 6 percent to 3 billion Canadian dollars compared with year-ago results, as the Class I faced lower shipping volumes in coal, crude oil and frac sand.CN's third-quarter net income fell to CA$972 million, or CA$1.25 per diluted share, compared with net income of CA$1 billion, or CA$1.26 a year earlier, according to a CN press release.Operating income declined 5 percent to CA$1.4 billion during the quarter, compared with a year ago. Operating expenses fell 7 percent to CA$1.6 billion. The Class I's operating ratio was 53.3 percent, a 0.5-point improvement compared with the prior year quarter's performance."With solid execution from our industry-leading operating team and a network-wide focus on providing quality service, CN delivered outstanding results in the third quarter while facing a still sluggish North American and global economy," said Luc Jobin, CN president and chief executive officer."Despite shifting traffic demands, including a delayed Canadian grain harvest, we remained flexible and service-focused," Jobin said. "We also continued to reinvest in our business and infrastructure, investments that are driving ongoing safety, service and productivity improvements, while we maintained our commitment to providing the long-term value that helps CN and its customers succeed." CN raised its financial outlook and now expects 2016 adjusted diluted earnings per share to increase about 1 percent, compared with an earlier financial outlook that called for adjusted earnings per share to be in line with last year.By segment, CN reported revenue increases in grain and fertilizer, up 4 percent; automotive, up 3 percent; and forest products, up 2 percent.Also by segment, CN posted revenue decreases in coal, down 32 percent; metals and minerals, down 20 percent; and petroleum and chemicals, down 13 percent.CN's intermodal revenue declined 4 percent.The revenue decline was mainly attributable to lower volumes of crude oil, coal, and frac sand, and lower applicable fuel surcharge rates. Carloadings for the quarter declined 4 percent.
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