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CN Rail Profits Leap 18%
MONTREAL - Oct 27/04 - SNS -- The Canadian National Railway Company (CN) reported a net income of CDN $346 million on revenues of $1,709 million during the third quarter ending September 30, up from $294 million on revenue of $1,413 million during the same quarter last year.
The quarterly results lifted fiscal year to date net earnings to $882 million on revenue of $4,812 million, compared to net income of $790 million on revenue of $4,372 million in 2003.
E. Hunter Harrison, president and chief executive officer of CN, said the company's income growth in reflected a strong North American economy and the impact of the acquisitions of BC Rail and the railroad and related holdings of Great Lakes Transportation (GLT).
All seven CN business units registered revenue gains: metals and minerals (56%); forest products (25%); coal (25%); petroleum and chemicals (17%); automotive (9%); intermodal (eight%); and grain and fertilizers (5%).
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