CN Set Financial Records in 3rd Quarter

Canadian National this week released its third quarter financial results showing record revenue, operating income, and adjusted earnings per share.

Quarterly operating income was up 44 percent to $1.9 billion, revenue rose 26 percent to $4.5 billion, and earnings per share posted a 40 percent gain.

The earnings per share were adjusted for one-time items related to CN’s failed bid to acquire Kansas City Southern.

The operating ratio gained .8 points to an adjusted 57.2 percent. All comparisons are to the third quarter of 2021.

CN is projecting earnings per share to grow around 25 percent, up from its previous forecast of 15 percent to 20 percent.

During an earnings call with investors, CN Chief Operating Officer Rob Reilly said on-time train originations were 87 percent, a 12 percent increase compared with the same quarter of 2021.

Although more trains arrived on schedule during the quarter, CN did not disclose its on-time arrival performance.

Traffic was up 3 percent in the quarter when measured by carloads and containers, or 5 percent based on revenue ton-miles, the preferred metric of Canadian railroads.

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