Courtesy of Benzinga.
Canadian National Railway (NYSE: CNI) released its fiscal second-quarter earnings results after the closing bell on Monday.
The company reported earnings per share that were ahead of Wall Street estimates, but revenue that was slightly below expectations.
Management Commentary
Claude Mongeau, president and chief executive officer, said: “We executed strongly during the second quarter, with service and operating metrics on a steady improvement trend. This performance underscores our agenda of Operational and Service Excellence, which is key to achieve solid revenue growth at low incremental cost.
“Looking forward, despite slower volume growth than anticipated, the CN team will maintain a keen focus on growing revenues faster than the overall economy as well as on tightly managing costs to meet our full-year financial outlook.”
Q2 Results
The company reported net income of C$717 million or C$1.69 per share, compared to C$631 million or C$1.44 per share, in last year’s corresponding period.
On an adjusted basis, earnings were C$1.66 per share. This compared to analysts’ consensus EPS estimates of C$1.62.
Sales in the quarter were C$2.67 billion from C$2.54 billion last year. This just missed analysts’ consensus revenue estimates of C$2.69 billion.
Looking ahead, Canadian National guided for high single-digit earnings growth for fiscal 2013. Currently, analysts have consensus EPS estimates of $6.12 for the fiscal year.
