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Canadian National net profit down 1pc to US$748 million as revenue rises 7pc
来源：shippingazette.com 编辑：编辑部 发布：2017/10/31 10:58:31
THE Canadian National Railway's third quarter net profit declined one per cent year on year to C$958 million (US$748 million) as revenues increased seven per cent to C$1.45 billion.
Although CN reports earnings in Canadian dollars, much of its revenue and expenses come in US dollars. CN's net profit for the third quarter would have been higher by C$22 million, said the statement from the New York-listed company.
"CN delivered strong third quarter as we continued to see increased demand in frac sand, intermodal, coal and Canadian grain," said CN president and CEO Luc Jobin.
"I'm proud of what our team has accomplished given the strength and speed of the volume growth we've experienced this year," he said.
"To meet the needs of an expanding North American economy and new growth opportunities, we are increasing investments in our infrastructure and equipment by C$100 million, for a total capital programme of C$2.7 billion in 2017.
"During the third quarter, and continuing through the rest of the year, we've been hiring across our network, particularly in western Canada, as we remain focused on superior service to our customers," Mr Jobin said.
Revenues increased for metals and minerals (31 per cent), coal (23 per cent), intermodal (12 per cent), automotive (four per cent) and other revenues (two per cent).
Revenues declined for forest products (two per cent), and grain and fertilisers (one per cent), while petroleum and chemicals revenues remained flat.
The increase in revenues was mainly attributable to higher volumes of traffic in overseas intermodal, frac sand, coal and petroleum coke exports, and Canadian grain; freight rate increases; and higher applicable fuel surcharge rates; partly offset by the negative translation impact of a stronger Canadian dollar.
Carloadings for the quarter increased 11 per cent to 1.48 billion.
Operating expenses for the third quarter increased by 10 per cent to C$1,76 billion, mainly due to higher costs from increased volumes and higher fuel prices, partly offset by the positive translation impact of a stronger Canadian dollar.
CN, along with its operating railway subsidiaries, serves Vancouver, Prince Rupert, BC, Montreal, Halifax, New Orleans and Mobile, Alabama as well as Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth, Minnesota, Superior, Wisconsin and Jackson, Mississippi.
Although CN reports earnings in Canadian dollars, much of its revenue and expenses come in US dollars. CN's net profit for the third quarter would have been higher by C$22 million, said the statement from the New York-listed company.
"CN delivered strong third quarter as we continued to see increased demand in frac sand, intermodal, coal and Canadian grain," said CN president and CEO Luc Jobin.
"I'm proud of what our team has accomplished given the strength and speed of the volume growth we've experienced this year," he said.
"To meet the needs of an expanding North American economy and new growth opportunities, we are increasing investments in our infrastructure and equipment by C$100 million, for a total capital programme of C$2.7 billion in 2017.
"During the third quarter, and continuing through the rest of the year, we've been hiring across our network, particularly in western Canada, as we remain focused on superior service to our customers," Mr Jobin said.
Revenues increased for metals and minerals (31 per cent), coal (23 per cent), intermodal (12 per cent), automotive (four per cent) and other revenues (two per cent).
Revenues declined for forest products (two per cent), and grain and fertilisers (one per cent), while petroleum and chemicals revenues remained flat.
The increase in revenues was mainly attributable to higher volumes of traffic in overseas intermodal, frac sand, coal and petroleum coke exports, and Canadian grain; freight rate increases; and higher applicable fuel surcharge rates; partly offset by the negative translation impact of a stronger Canadian dollar.
Carloadings for the quarter increased 11 per cent to 1.48 billion.
Operating expenses for the third quarter increased by 10 per cent to C$1,76 billion, mainly due to higher costs from increased volumes and higher fuel prices, partly offset by the positive translation impact of a stronger Canadian dollar.
CN, along with its operating railway subsidiaries, serves Vancouver, Prince Rupert, BC, Montreal, Halifax, New Orleans and Mobile, Alabama as well as Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth, Minnesota, Superior, Wisconsin and Jackson, Mississippi.