The
"Some markets recovered fast in a V-shape. Some markets have yet to recover," CEO
"All of this evolving to a different mix of revenue (per) ton-mile as compared to the pre-pandemic with a significant decline in crude and significant increase in Canadian grain."
CN Rail has delivered seven consecutive monthly records for grain movement and said it is on track to deliver a record month in October.
"Canadian grain continues to be a bright spot for CN, with our best third-quarter volume on record, beating the previous best in 2014 by 13 per cent,"
It expects Canadian and
CN has purchased 2,500 new high-capacity grain hoppers and its customers have also added these larger cars. By the end of the first quarter, it will have more than 4,200 high-capacity hopper cars in its network as it looks to take advantage of the 50 per cent increase in west coast grain export capacity.
During the quarter, CN said it experienced a rapid bounceback or V-shaped recovery in ports, lumber and automotive while there was weakness in crude, frac sand and refined petroleum products.
It has brought back all the lumber cars that were in storage and added 500 additional lease cars to meet increasing demand.
CN Rail said the work stoppage at the
CN rail reported third quarter net income of
The earnings amounted to
Sales fell 11 per cent to
Its operating ratio, an industry metric where a lower ratio means more efficient operations, was 59.9 per cent, up 200 basis points from a year ago.
Analysts polled by Refinitv expected earnings per share of
The company said revenue from petroleum and chemicals dropped to
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Companies in this story: (TSX:CNR)
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