Canadian National Railway beat estimates of $1.09 cdn and came in at $1.21. CNR (CNI) is a well run North American Railway. below is an article about their results, will have a write up on the results in more detail in a week and on BCE which came in with results. own CNR (CNI) and BCE (have covered calls on BCE at $40 cdn).
thanks
selkirk
CN's revenues were flat at $1.33-billion, while operating expenses decreased 3 per cent to $895-million, the company said. Carloadings were down 4 per cent to 915,000, but freight revenue for each carload increased 5 per cent.
Operating income rose to $430-million from $407-million. The company's operating ratio, a key measure of efficiency in which costs are expressed as a percentage of revenues, improved 1.9 percentage points to 67.5 per cent in the third quarter from 69.4 per cent a year earlier.
Paul Tellier, CN's president and chief executive, told reporters that he expects the railway to meet its previously announced operating and profit targets. Those include 10-per-cent growth in earnings per share in the fourth quarter and an operating ratio of 68.5 per cent for the year.
"We are on target and we are confident that we will hit our numbers for the year," Mr. Tellier said during a conference call.
Mr. Tellier added that he expects Wisconsin Central Transportation Corp., which CN bought earlier this year for $800-million, to add just under $400-million to the company's annual revenues and $65-million of operating profit once fully integrated.
CN expects to divest all of Wisconsin Central's properties in Australia, New Zealand and Britain. Those include a 23.7-per-cent stake in Tranz Rail Holdings Ltd. of New Zealand, and 33 per cent of Australian Transport Network Ltd.
Mr. Tellier said CN will likely make a decision in the coming weeks on the divestiture of Wisconsin's biggest overseas holding, a 42.5-per-cent stake in the English, Welsh & Scottish Railway Holdings, the primary British freight railway.
Mr. Tellier noted that the economic downturn in North America will not be not a factor in CN's growth or acquisitions plans.
Meanwhile in the latest third quarter, CN said it reined in expenses as revenues softened toward the end of the quarter on slowing industrial activity and decreased consumer demand.
"During the quarter CN experienced lower revenues at two business units, grain and fertilizers, and automotive, as well as decreased other revenues," Mr. Tellier said. "We saw reduced shipments of canola and fertilizers to certain markets and transported fewer loads of vehicles and parts because of weaker North American vehicle sales."
[This message has been edited by selkirk (edited 10-24-2001).]
thanks
selkirk
CN's revenues were flat at $1.33-billion, while operating expenses decreased 3 per cent to $895-million, the company said. Carloadings were down 4 per cent to 915,000, but freight revenue for each carload increased 5 per cent.
Operating income rose to $430-million from $407-million. The company's operating ratio, a key measure of efficiency in which costs are expressed as a percentage of revenues, improved 1.9 percentage points to 67.5 per cent in the third quarter from 69.4 per cent a year earlier.
Paul Tellier, CN's president and chief executive, told reporters that he expects the railway to meet its previously announced operating and profit targets. Those include 10-per-cent growth in earnings per share in the fourth quarter and an operating ratio of 68.5 per cent for the year.
"We are on target and we are confident that we will hit our numbers for the year," Mr. Tellier said during a conference call.
Mr. Tellier added that he expects Wisconsin Central Transportation Corp., which CN bought earlier this year for $800-million, to add just under $400-million to the company's annual revenues and $65-million of operating profit once fully integrated.
CN expects to divest all of Wisconsin Central's properties in Australia, New Zealand and Britain. Those include a 23.7-per-cent stake in Tranz Rail Holdings Ltd. of New Zealand, and 33 per cent of Australian Transport Network Ltd.
Mr. Tellier said CN will likely make a decision in the coming weeks on the divestiture of Wisconsin's biggest overseas holding, a 42.5-per-cent stake in the English, Welsh & Scottish Railway Holdings, the primary British freight railway.
Mr. Tellier noted that the economic downturn in North America will not be not a factor in CN's growth or acquisitions plans.
Meanwhile in the latest third quarter, CN said it reined in expenses as revenues softened toward the end of the quarter on slowing industrial activity and decreased consumer demand.
"During the quarter CN experienced lower revenues at two business units, grain and fertilizers, and automotive, as well as decreased other revenues," Mr. Tellier said. "We saw reduced shipments of canola and fertilizers to certain markets and transported fewer loads of vehicles and parts because of weaker North American vehicle sales."
[This message has been edited by selkirk (edited 10-24-2001).]
