MONTREAL, QUEBEC, CANADA — Canadian National (CN) recorded net income of C$1.08 billion ($781.2 million) during the third quarter of 2024 ended Sept. 30, in line with 2023 when the railroad earned C$1.1 billion.
Revenues for CN were C$4.1 billion, an increase of C$123 million, or 3%, year on year with earnings per share of C$1.72 on the common stock, up 2%. Revenue ton miles reached 56.54 billion, an increase of 2%.
“Our scheduled operating plan demonstrated its resilience in the third quarter, allowing us to adapt our operations to challenges posed by wildfires and prolonged labor issues,” said Tracy Robinson, president and chief executive officer of CN. “Our operations recovered quickly, and the railroad is running well. As we close 2024, we will continue to focus on recovering volumes, growth, and ensuring our resources are aligned to demand.”
Grains and fertilizers accounted for C$786 million in revenue during the third quarter, up 9% from C$722 million in 2023. Total carloads in the segment were 4,822, up 2% from 4,719.
During the first three quarters of 2024, CN collected C$12.86 billion in total revenue, compared to C$12.35 billion for the same period in 2023, with net income of C$3.3 billion, down slightly from C$3.49 billion.
Looking ahead to the end of the year, CN continues to expect the 2024-25 grain crop in Canada will be in line with its three-year average (excluding the significantly lower 2021-22 crop year) and that the US grain crop will be above its three-year average.
Agriculture and Agri-Food Canada is projecting a Canada-wide grain crop of 94.4 million tonnes, with about 71 million tonnes for Western Canada.
CN, one of North America’s six Class I railroads, transports more than 300 million tons of natural resources, manufactured products, and finished goods annually. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the US Midwest and the Gulf of Mexico.
