Oil and container traffic pushes CN Rail to record revenues of nearly $4 billion

Oil and container traffic pushes CN Rail to record revenues of nearly $4 billion
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MONTREAL — Canadian National Railway Co. generated its highest ever quarterly revenue and adjusted earnings per share, driven by sharp increases in crude-by-rail and container traffic.

Canada’s largest railroad operator says net income rose four per cent year over year to $1.36 billion in the quarter ended June 30.

On an adjusted basis, diluted earnings per share climbed 15 per cent to $1.73 — a record for the second quarter — compared to $1.51 during the same period in 2018.

Analysts had expected adjusted diluted earnings of $1.65 per share, according to the financial markets data firm Refinitiv.

Revenues rose nine per cent to a record $3.96 billion.

Revenue from containers and petroleum and chemicals — its two biggest lines of business — rose 15 per cent and 26 per cent, respectively, to hit a total of $1.77 billion, roughly 45 per cent of total revenues.

Companies in this story: (TSX:CN)

The Canadian Press

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