MONTREAL, Que. — Canadian National (CN) Railway increased revenues by eight per cent in the first quarter, earning $230 million.
That’s down slightly from the first quarter of last year, when the company generated $275 million. The numbers, however, are slightly skewed, as a large chunk of CN’s revenue came from the sale of its interest in the Detroit River tunnel. Without that income, the company would only have earned $202 million in the first quarter.
Acquisitions of Wisconsin Central and Illinois Central have helped the railway improve its financial performance. The increased shipping of cars, auto parts, lumber, newsprint, petroleum and chemicals were also key factors.
The company reported bulk shipments of grain and fertilizer were down, due to a poor Canadian grain crop. Coal shipments were also down.
"CN expects its core merchandise businesses forest products, petroleum and chemicals, and metals and minerals will continue to grow as the North American economy grows," says CN’s chief executive, Paul Tellier.
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