Revenue for the three months ended June 30 was $3.60 billion, up from $3.21 billion the previous quarter.
The company also declared a dividend for its third quarter, of 61.5 cents per share to be paid in September.
In 2020, CN was forced to build longer and heavier trains due to the sharp retreat in rail volumes and customer demand during the COVID-19 pandemic. The company said Tuesday that as the economy rebounds, it has been able to revert to its standard operating plan and improve train speeds.
At the end of June, CN lost a critical bridge on its route to Vancouver due to wildfire in the area of Lytton, B.C. The railway was able to restore service last week after a two-week outage, but chief operating officer Rob Reilly said Tuesday it will be a few weeks more before CN fully recovers from the resulting backlog in traffic.
CN reports strong earnings growth as rail traffic recovers from COVID-19 pandemic
A man walks into central station next to CN headquarters in Montreal, Tuesday, Nov. 26, 2019. THE CANADIAN PRESS/Graham Hughes July 20, 2021 - 3:34 PM
MONTREAL - Canadian National Railway Co. nearly doubled earnings and revenues in its second quarter as the company began to recover from the COVID-19 pandemic.
The Montreal-based railway earned $1.03 billion or $1.46 per share, up from $545 million or $0.77 per share in the first quarter of 2021. Excluding one-time items, adjusted profits were $1.06 billion or $1.49 per share, compared with $988 million or $1.28 per share in the first quarter.
Revenue for the three months ended June 30 was $3.60 billion, up from $3.21 billion the previous quarter.
CN reports strong earnings growth as rail traffic recovers from COVID-19 pandemic
Business Related
Yes
A man walks into central station next to CN headquarters in Montreal, Tuesday, Nov. 26, 2019. THE CANADIAN PRESS/Graham Hughes
MONTREAL – Canadian National Railway Co. reported a strong uptick in earnings and revenues in its second quarter as the company begins to recover from the COVID-19 pandemic.
The Montreal-based railway earned $1.03 billion or $1.46 per share, up from $545 million or $0.77 per share in the first quarter of 2021. Excluding one-time items, adjusted profits were $1.06 billion or $1.49 per share, compared with $988 million or $1.28 per share in the first quarter.
CN reports strong earnings growth as rail traffic recovers from COVID-19 pandemic - Business News castanet.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from castanet.net Daily Mail and Mail on Sunday newspapers.
CN expected to report a doubling of net income in Q2, according to analysts 680news.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from 680news.com Daily Mail and Mail on Sunday newspapers.