MONTREAL, Que. — Canadian National (CN) Railway said revenues from intermodal shipments grew 13 per cent to $237 million from $209 million in the first quarter.
“I am particularly pleased with our intermodal performance – traffic and revenue rose significantly in this intensely truck-competitive line of business,” says company president and chief executive officer Paul Tellier.
“Market share gains from new service offerings continued to drive the domestic segment, while our international intermodal business benefited from market share gains and continued strength in the container trade,” Tellier explains, adding, “rates also improved.”
CN’s intermodal operations saw carloads increase three per cent to 273,000 in the period compared to 266,000 a year earlier. Freight revenue per carload climbed 10 per cent to $868 from $786 a year ago.
The company’s net income for the three-month period ended Mar. 31, was $275 million compared to net income of $254 million a year earlier.
Diluted earnings per share for the latest quarter were $1.39 compared to diluted earnings per share of $1.24 a year earlier.