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Rail News: Rail Industry Trends

'Best operating ratio' title remains with CN after successful quarter, year


Canadian National Railway Co. Jan. 22 reported fourth-quarter net income of $296 million — a significant hike compared with fourth-quarter 2000’s $237 million.
The Class I also recorded gains in its yearly adjusted net income, which rose 11 percent to $978 million compared with 2000’s $879 million.
And CN's quarterly operating income rose 18 percent to $521 million, while its fourth-quarter operating ratio improved 2.2 points to 66.1.
Meanwhile, quarterly revenues rose 10 percent to $1.53 billion; operating expenses, 7 percent to $1.01 billion.
"CN led the rail industry again in 2001 with the best operating ratio in the
business and we generated a profit increase of more than 10 percent for the year — clear evidence that our disciplined approach to revenue growth, cost control, service and acquisitions creates real shareholder value," said Paul Tellier, CN president and chief executive officer, in a prepared statement. "The purchase of Wisconsin Central Transportation Corp., which benefited our forest products and metals and minerals revenues in particular, was accretive to earnings from Day One.
CN’s 2001 operating income rose 8 percent to $1.78 billion, excluding a workforce adjustment charge. Its yearly operating ratio, excluding the charge, improved 1.1 points to 68.5.
The railroad’s 2001 revenues also increased, climbing 4 percent to $5.65 billion, while operating expenses, excluding the workforce adjustment charge, rose 2 percent to $3.87 billion.

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More News from 1/23/2002