CN profit up 18% in 4Q

   Canadian National Railway had a profit of $592 million Canadian dollars ($586 million) in the fourth quarter ending Dec. 31, 18 percent more than the fourth-quarter 2010 net income of C$503 million.
   Revenue was C$2.38 billion in the quarter, 12 percent more than the C$2.12 billion in the fourth quarter of 2010.
   All but one of CN’s commodity groups experienced increased revenues: metals and minerals (+30 percent), intermodal (+16 percent), petroleum and chemicals (+14 percent), automotive (+13 percent), forest products (+12 percent), and grain and fertilizers (+3 percent.) Coal revenues were flat. Revenue ton-miles increased 3 percent over the fourth quarter of 2011, while rail freight revenue per revenue ton-mile increased by 9 percent.
   For the full year, CN had a profit of C$2.46 billion versus C$2.10 billion in 2010. Revenue in 2011 was C$9.03 billion compared with C$8.3 billion in 2010.
   Claude Mongeau, president and chief executive officer, said “athough the economic recovery may be affected by global uncertainty, CN believes the gradual improvement in the North American economy will continue in 2012. Despite significant headwinds from additional pension expense of about C$120 million in 2012, CN is aiming to achieve a growth of up to 10 percent in diluted earnings per share.”