CN’s 3rd quarter net income up 21%
Canadian National Railway Co. Thursday reported third quarter net income of C$497 million ($443 million) up 21 percent from the same period last year.
Six of seven commodity groups saw revenue gains in the quarter, while revenue ton-miles — a measure of the rail freight volume carried — rose 6 percent.
Quarterly operating income was up 27 percent to C$844 million ($752 million) while revenue increased 9 percent to C$1.98 billion ($1.76 billion).
After nine months, CN reported net income of C$1.58 billion ($1.4 billion), up 41 percent compared to the same period in 2005. CN’s operating income improved 19 percent to C$2.27 billion ($2.02 billion). Revenue increased 8 percent to C$5.78 billion ($5.15 billion).
“CN is revising upwards its full-year 2006 earnings guidance because of the strong year-to-date financial performance of the company,” said E. Hunter Harrison, CN’s president and chief executive officer. The railroad now expects 2006 adjusted diluted earnings per share to be about C$3.40 ($3.03).
CN’s 3rd quarter net income up 21%
