Canadian National today reported its net income in the third quarter of 2013 C$705 million (about US$685.3 million), rising 6.2 percent from C$664 million in the same period last year.
The third-quarter results included a C$19 million expense resulting from a one-time deferred income tax adjustment, according to the Class I railroad.
Quarterly revenue rose 8 percent year-over-year to a record C$2.70 billion, from $2.50 billion, driven by a 4 percent increase in revenue ton miles and a 3 percent increase in carloadings. The operating ratio in the third quarter improved by 0.8 points year-over-year to 59.8 percent.
Claude Mongeau, CN’s president and CEO, called the company’s quarterly results “outstanding.”
“All our key operating metrics improved, service levels remained solid and we reached new levels of safety in our train operations,” Mongeau said in a written statement. “With continued focus on supply chain collaboration and solid execution, the CN team is determined to grow its business safely and efficiently at a pace faster than the overall economy and to meet its full-year 2013 financial outlook.”
In the first nine months of 2013, CN’s profit was C$1.98 billion, down from $2.07 billion in the same period last year. However, revenue from January to September was C$7.83 billion, compared with C$7.39 billion for the first three quarters of 2012.