CN Reports 4th Quarter Revenue Record

Canadian National said on Tuesday that it recorded a record high $1.6 billion in quarterly operating revenue during the fourth quarter of 2021.

That’s an increase of 11 percent, CN said in a news release, and revenue rose 3 percent to $3.8 billion.

Earnings per share, adjusted for the effect of one-time items, increased 20 percent, to $1.71.

CN said it posted a fourth quarter low operating ratio of 57.9 percent. The operating ratio is the percentage of revenue devoted to operating expenses.

Freight volume fell 10 percent on a carload basis, or 11 percent when measured by revenue ton-miles, the preferred metric of Canadian railroads.

CN CEO Jean-Jacques Ruest said the decline was due to the closure of a mainline in British Columbia due to landslides and a smaller Canadian grain crop.

The affected BC mainline, which CN shares with Canadian Pacific, handled nearly 23 percent of CN’s revenue on any given day, Ruest said.

During 2021, CN said its operating income was up 18 percent to $5.6 billion, Revenue increased 5 percent, to $14.4 billion while earnings per share, adjusted for one-time items, was up 12 percent, to a record $5.94.

The operating ratio for the year was 61.2 percent. CN said it expect the operating ratio in 2022 to be 57 percent. It also is projecting 20 percent growth in earnings per share.

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