Canadian National Railway Co., Toronto symbol CNR, operates Canada’s largest freight-rail network and serves 16 U.S. states.
We analyze CN Rail in The Successful Investor, our investment advisory that recommends the best Canadian stocks for conservative investors.
In the three months ended June 30, 2011, the Canadian stock’s earnings rose 0.7%, to $538.0 million from $534.0 million. Earnings per share rose 4.4%, to $1.18 from $1.13, on fewer shares outstanding.
If you exclude unusual items, such as a one-time gain on the sale of rail lines in Ontario, CN’s earnings per share would have risen 11.5%, to $1.26 a share. On this basis, CN’s latest earnings beat the consensus earnings estimate of $1.25 a share.
The Canadian stock’s revenue rose 8.0%, to $2.3 billion from $2.1 billion. The company saw higher revenue across all of its main categories: metals and minerals (up 17%); intermodal containers, which can be shipped by rail, ship or truck (up 14%); grain and fertilizers (up 13%); forest products (up 6%); coal (up 5%); petroleum and chemicals (up 3%) and automotive (up 2%).
The Canadian stock’s operating ratio worsened to 61.3% from 61.2% a year earlier, but it’s still one of the most efficient railways in North America. (Operating ratio is calculated by dividing regular operating costs by revenue. The lower the ratio, the better.)
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