CN Rail reports modest rise in third
TORONTO, Oct 22 (Reuters) Canadian canadagoosetomall National Railway Co, Canada largest rail operator, posted a modest increase in quarterly profit on Canada Goose sale Monday as revenues climbed for all Canada Goose Coats On Sale its business segments, and affirmed its full year canada goose clearance forecast despite its caution over the economy.
CN also said it will put its strong balance sheet toward a C$1.4 buy canada goose jacket cheap billion ($1.41 billion) share buyback program, in which it will purchase up to 18 million common shares.
Edward Jones analyst Canada Goose online Brian Yarbrough said that, overall, the results represent an OK quarter, with some positive notes. will say that the share buyback for C$1.4 billion is a positive canada goose factory sale number that pretty big, he said.
The Montreal based company also maintained its guidance for 2012 earnings per share growth of 15 percent over uk canada goose outlet 2011 and free cash flow generation cheap canada goose sale of about C$1 billion.
the weak economic context, however, we certainly have our work cut out, and the expectation of reaching the upper end of our guidance is not a foregone conclusion, said cheap canada goose uk Chief Financial Officer Luc Jobin on a conference call with analysts.
CN said it canada goose store would canada goose black friday sale not issue forecasts for 2013 until it releases uk canada goose fourth quarter results, due to economic unpredictability.
cautious about the strength of the economy, we see continued opportunities to grow our business in the longer term, Chief Executive Officer Claude Mongeau said in a statement.
expects to Canada Goose Parka increase revenues slightly faster than general growth cheap Canada Goose in the North canada goose uk shop America economy and to accommodate this growth at low incremental cost, he added.
PETROLEUM AND CHEMICAL STRENGTH For the third quarter, net income rose to C$664 million, or C$1.52 a share, from C$659 million, or C$1.46 a share in the same period a year earlier.
Analysts, on average, expected earnings of C$1.51 a share on revenue of C$2.53 billion, according to canada goose clearance sale Thomson Reuters I/B/E/S.
Revenue in the quarter Canada Goose Online increased 8 percent to C$2.5 billion, while car loadings rose 3 percent.
Petroleum and chemical shipments led revenue growth, with a 15 percent gain, due largely to higher shipments of crude oil from western Canada. In the quarter, crude oil volume rose to a run rate of 40,000 carloads on an annualized basis.
Revenue for coal shipments rose 13 percent, while grain and fertilizer revenue climbed 10 percent and automotive revenue canada goose coats was up 9 percent.
CN operating ratio, which measures operating costs canadian goose jacket as a percentage of revenue, increased by 1.3 percent to 60.6 percent. The lower buy canada goose jacket the number, the more efficient the operation.
Operating expenses rose 10 percent to C$1.5 billion on higher labor and benefit costs, the company Canada Goose Outlet said.
Mongeau repeated to analysts on a conference call his publicly expressed concern that increased regulation could hurt the rail industry.
The federal government is drafting legislation canada goose that could impose service contracts canada goose uk outlet between railroads and freight customers and give greater recourse to shippers in disputes with railways.
Mongeau argued such regulation was unnecessary, but if new rules were Canada Goose Jackets to be introduced, they should focus on mediated solutions with intervention only by the Canadian Transportation Agency.
don think regulation is the right way to go. But if we do have regulation, we hope the canada goose uk black friday government will not fall for the advocacy and the anecdotes, that they will follow the advice that I am providing, he said referring to industry association canada goose coats on sale criticism of rail service levels.