Canadian National Railway Reports Higher Profits
26 4월 2016 - 7:10AM
Dow Jones News
Canadian National Railway Co. on Monday reported higher
first-quarter profits after revenues fell amid a deepening
commodity rout.
The Montreal-based railway operator, Canada's biggest, said it
earned $792 million Canadian dollars ($625 billion), or C$1.00 a
share, in its first quarter, up from C$704 million, or 86 Canadian
cents a share, a year earlier. Results beat the 93 Canadian cents
analysts polled by Thomson Reuters expected.
CN's revenue of C$2.96 billion was down 4% from a year earlier.
Analysts had been expecting C$3.02 billion. The decline reflected
weaker demand for energy-related freight, which prompted the
company to lower its guidance for 2016. CN said it now expects
earnings to remain flat at about C$4.44 in 2016, matching its
adjusted 2015 earnings.
The company attributed the revenue slide to decreased shipments
of commodities such as crude oil, sand for fracking, drilling pipe
and reduced demand for coal. CN said falling demand was offset by
the weaker Canadian dollar and freight weight increases.
Results for North America's major railroads have been mixed this
quarter as shipping volumes continued to be pressured by slumping
commodity prices. Last week, CN's smaller rival Canadian Pacific
Railway Ltd. reported better-than-expected first-quarter earnings
amid cost controls and operating efficiencies, as did former CP
takeover target Norfolk Southern Corp. Union Pacific Corp.,
however, reported a 15% drop in quarterly profit due to weak
freight demand.
CN said its operating ratio, a key measure of railway
performance, improved to 58.9%, down 6.8 points from a year
earlier. Operating ratio is the percentage of operating revenue
consumed by operating costs, so a decline indicates
improvement.
Write to Jacquie McNish at Jacquie.McNish@wsj.com
(END) Dow Jones Newswires
April 25, 2016 17:55 ET (21:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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