CN Q2 Revenues Up 17.5% To $2.09bn
Canadian National Railway Company (CN) has reported total revenues of $2.09bn for the second quarter of 2010, an increase of 17.5% compared to $1.7bn for the same quarter in 2009.
The company's operating income were $813m for the quarter compared to $583m for the same period last year.
The company posted income before income taxes of $736m for the second quarter compared to $484m for the same period last year.
For the quarter ended June 30, 2010, the company posted net income of $534m, or $1.13 per share, compared to $387m, or $0.82 per share, for the same period last year.
Claude Mongeau, president and CEO of CN, said: “We worked closely with our customers to help them grow their businesses and thereby increase our volumes, generating 27% more carloads and 18% more revenues in the quarter.
“CN's outstanding results were anchored on careful planning having the right resources in place at the right time, improved customer service, and our team's strong execution of the CN Precision Railroading model. This performance allowed just a 7% increase in operating expenses and helped us to improve our operating ratio by more than six points to 61.2%.”
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