Canadian National has reported a 45 percent jump in earnings in the first quarter of 1997.
The company last week reported earnings of $1.22 per share for the three months ended March 31, compared with 84 cents per share in the same period a year earlier.
Net income was $104 million on total revenues of $1.06 billion, compared with $71 million on revenues of $1.02 billion.
The growth in revenue was led by grain and grain products, which were up 12 percent to $172 million. Grain revenue ranked third behind industrial products and forest products.
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Grain movement in the first quarter this year was trouble free, as opposed to a year ago, when severe winter weather and other operating problems led to severe delays in rail shipments.
Last year’s first quarter woes led to the Canadian Wheat Board’s service complaint against the two national railways, which CN recently settled with a compensation package for prairie farmers.
Revenue from other commodities was up eight percent for forest products, three percent for coal, sulfur and fertilizer, one percent for industrial and one percent for intermodal.
Operating expenses were up slightly at $875 million, with operating income up 17 percent to $184 million.
CN president Paul Tellier said the good results came despite the severe January ice storm that disrupted operations in Quebec and eastern Ontario.
