CN Rail reports better-than-expected profit
But revenues disappoint
Last Updated: Tuesday, October 20, 2009 | 4:56 PM ET
CBC News
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CN Rail, an important bellwether for the Canadian economy, reported better-than-expected earnings Tuesday, saying its third-quarter profit was $461 million, or 94 cents per share, compared with $1.07 a year ago.
Canadian National Railway reported better-than-expected earnings Tuesday. (CBC) Analysts had been expecting profit at Canada's biggest railway to be between 82 cents and 89 cents a share.
Revenue was lower than expected at $1.84 billion. Analysts had expected $1.94 billion. Deep cost-cutting limited the effect of the revenue drop on profits.
CEO Hunter Harrison called the quarter "challenging" but said recovery could be in sight.
"It appears that several of our markets may have hit bottom," Harrison said in a statement.
Canadian Pacific Railway reports its earnings on Oct. 27.
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