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Canadian National Railway Co.(CNR-T)

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CN Rail notches record second-quarter revenues amid higher fuel and freight rates

Canadian Press - Tue Jul 26, 2022
CN rail trains are shown at the CN MacMillan Yard in Vaughan, Ont., on Monday, June 20, 2022.CN Rail notches record revenues amid higher fuel and freight rates. THE CANADIAN PRESS/Nathan Denette

MONTREAL — Canadian National Railway Co. is reporting record second-quarter revenues alongside profits that rose 28 per cent year over year amid a major spike in crude oil and container sales figures.

The Montreal-based company says total revenues rose $746 million or 20 per cent to $4.34 billion in the quarter ending June 30 versus the same period last year.

Net income jumped by $289 million to $1.33 billion last quarter compared with a year earlier.

On an adjusted basis, diluted earnings shot up by 30 per cent to $1.93 per share from $1.49 per share in the second quarter of 2021, topping analyst expectations of $1.75 per share, according to financial data firm Refinitiv.

CN is affirming its earnings forecast of between 15 per cent and 20 per cent growth in adjusted diluted earnings per share for 2022, after lowering its outlook from a target of 20 per cent three months ago.

The country's largest rail operator says its revenue windfall stems from higher fuel surcharge and freight rates as well as larger coal and U.S. grain volumes.

This report by The Canadian Press was first published July 26, 2022.

Companies in this story: (TSX:CNR)

Provided Content: Content provided by Canadian Press. The Globe and Mail was not involved, and material was not reviewed prior to publication.