Canadian National reported fourth-quarter revenue and operating income improved as it moved higher volumes of freight more efficiently from the same period a year ago.
Revenues of US$3.30 billion increased 2% while operating income of $1.28 billion was higher by 6%, the company said in a release prior to market openings. Adjusted operating income increased 9% to $1.32 billion.
Net income of $920 million also was 9% higher, and adjusted net income of $1.28 million grew 12%. Diluted earnings per share increased 12% to $1.50, and adjusted diluted EPS of $1.54 was up 14%. CN repurchased 4.4 million shares in the fourth quarter for approximately $444 million.
The Montreal-based company said the operating ratio, a key measure of efficiency, was 61.2%, an improvement of 1.4 points y/y, and adjusted operating ratio of 60.1% was better by 2.5 points.
Freight as measured by gross ton miles increased 5%, and revenue ton miles increased 4%. Car velocity increased 2% to 215 car miles per day.
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