May 19, 2020
Canadian National Railway releases its strongest quarterly revenue to date
Canadian National Railway (CN) posted its Q3 financial report on 23 October
The Montreal-based railway company posted Q3 revenues of CA$3.69bn, showing growth of 14% on Q3 2017, which BNN Bloomberg noted is the firm’s record for any quarter since it began trading 99 years ago.
The Canadian Press reported analyst Benoit Poirer of Desjardins Capital Markets as saying:
“In October, CN said it didn’t have enough crews to handle increased demand prompted by a stronger North American economy.”
These strong financial results for Q3 will go some way to quelling fears over the firm’s operating capacity, and CN’s outlook seems decidedly positive for Q4 and beyond.
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The Canadian Press added:
“CN and its rival Canadian Pacific Railway Ltd. said in September that they believe beefed-up inventories of locomotives, hopper cars and extra staff will help prevent a repeat of last winter’s grain-shipping backlog that farmers have said cost them millions of dollars in lost income.”
In CN’s release for its Q3 results, JJ Ruest, the firm’s president and CEO, said:
“Our dedicated engineering team delivered, putting more than 80 per cent of our infrastructure expansion projects fully in service at a time when the network was under heavy traffic.”
“We continue to see strong opportunities ahead, across multiple existing rail commodities and new supply chain services,” he added.