CN reports 14% rise in Q3 earnings

Source: Supply Chain Digital

Date :10/29/2008 11:19:58 AM

Railroad operator Canadian National Railway (CN) has reported a healthy increase in earnings for the third quarter despite an unstable economy.

CN reported net income of CAN$552 million, or CAN$1.16 per diluted share, for the quarter compared with net income of CAN$485 million, or CANS$0.96 per diluted share, for 2007.

CN said the results for the third quarters of 2008 and 2007 were affected by deferred income tax adjustments. Net income for the third quarter 2008 included a deferred income tax recovery of CAN$41 million, or CAN$0.09 per diluted share, CN said.

Operating income for the quarter increased by 10 percent to CAN$844 million and revenues increased 12 percent to CAN$2,257 million, CN said.

Looking forward, E Hunter Harrison, President and CEO, said that “the uncertain economic landscape” will pose challenges to CN and its customers but CN is “well positioned to weather the headwinds.”