CN’s net income up 14% in 4th quarter
Canadian National Railway Co. Tuesday reported fourth-quarter net income of C$430 million ($374 million) up 14 percent from C$376 million in the same period last year.
Operating income for the last three months of 2005 was up 19 percent to C$720 million ($626 million) from C$307 million. Revenue increased 9 percent to C$1.88 billion ($1.63 billion) from C$1.73 billion.
CN reported quarterly revenue increases for all seven of its commodity groups: intermodal traffic, up 13 percent to C$339 million ($295 million); metals and minerals, up 11 percent to C$215 million ($187 million); automotive, up 11 percent at C$139 million ($121 million); forest products, up 9 percent to C$436 million ($379 million); petroleum and chemicals, up 6 percent to C$283 million ($246 million); grain and fertilizers up 4 percent to C$310 million ($269 million); and coal, up 4 percent to C$75 million ($65 million).
For the full year, CN reported net income of C$1.55 billion ($1.34 billion), up 24 percent compared to C$1.25 billion in 2004. CN’s operating income of C$2.62 billion ($2.27 billion), was up 21 percent from C$2.16 million in 2004. Revenue improved 11 percent to C$7.24 billion ($6.29 billion) from $6.54 billion.
“All the pieces came together — stronger pricing, gains from our acquisitions, and solid returns from good service, cost control and improved productivity,” said E. Hunter Harrison, CN’s president and chief executive officer.
CN’s shares on the Toronto Stock Exchange improved 2 percent to C$96.33 ($83.74) at close Tuesday.
