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Canadian National Railway Q2 Report,[link widoczny dla zalogowanych]
THE CANADIAN PRESS -- TORONTO - Canadian National Railway Co. (TSX:CNR) reported higher net profits Monday as the country's largest freight hauler cashed in on higher revenues and improved traffic to and from West Coast ports,[link widoczny dla zalogowanych].
Canada's biggest railway reported Monday it earned C$538 million or $1.18 a diluted share in the three months ended June 30,[link widoczny dla zalogowanych].
"CN delivered a solid second-quarter performance as a result of continued improvements in freight volumes and strong operational execution," president and CEO Claude Mongeau said in a release after stock markets closed Monday.
The latest results included a net deferred income tax expense of $40 million resulting from the enactment of state corporate income tax rate changes and other legislated state tax revisions in the United States,[link widoczny dla zalogowanych], where CN has major operations.
Excluding the net deferred income tax expense,[link widoczny dla zalogowanych], adjusted diluted earnings per share for the quarter rose to $1.26 from $1.13. That was slightly above analyst expectations.
In its earnings release,[link widoczny dla zalogowanych], CN noted the company's operating ratio,[link widoczny dla zalogowanych], a measure of operating efficiency,[link widoczny dla zalogowanych], was 61.3 per cent,[link widoczny dla zalogowanych], in line with the operating ratio of 61.2 per cent for second-quarter of 2010.
"CN railroaders responded quickly and effectively to a series of weather challenges including floods, forest fires and mudslides," Mongeau said. Their tireless efforts and dedication helped to protect the integrity of our network, the reliability of the supply chain we serve and our service to customers."
Mongeau said that all of CN's commodity groups posted revenue gains during the quarter. railroad volumes were up 3.1 per cent,[link widoczny dla zalogowanych], compared to 0.9 per cent for Canadian railways.
Still,[link widoczny dla zalogowanych], CN had the highest volume growth in the industry during the quarter. railroads. Canadian industry volumes were almost flat, increasing by 1.6 per cent.
Coal volumes decreased by 3.7 per cent overall,[link widoczny dla zalogowanych], with CN volumes falling by 14.7 per cent,[link widoczny dla zalogowanych], partly caused by production and supply chain issues. Volumes are expected to recover in the second half of the year due to strong export markets.
In April, CN boosted its earnings guidance for 2011 after the railway had a solid start to the year amid an expected improvement in the North American economy.
The railway plans to devote $1 billion to improving track infrastructure in 2011 while focusing about $700 million on business expansion and new equipment.
It recently announced plans to build four more extended sidings on its Northern Ontario main line by the end of 2012 at a cost of $20 million,[link widoczny dla zalogowanych].
CN is a leading North American railway with one of the most efficient operations in the industry. It runs the largest rail network in Canada and has the only transcontinental network in North America, servicing ports on the Atlantic,[link widoczny dla zalogowanych], Pacific and Gulf of Mexico coasts.
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