CN reported its financial and operating results for the fourth quarter and year ended Dec. 31, 2014. In the fourth-quarter 2014, CN’s net income was C$844 million (USD 680.4 million) versus net income of C$635 million (USD 512 million) for the same period of 2013.
The rise in total revenues was mainly attributable to higher freight volumes due to a record 2013/2014 Canadian grain crop, strong energy markets, particularly crude oil and frac sand, new intermodal and automotive business; the positive translation impact of the weaker Canadian dollar on U.S.-dollar-denominated revenues; and freight rate increases.
Cargo volum for 2014 increased eight per cent over 2013 to 5,625 thousand.
“CN delivered a strong fourth-quarter 2014 performance, concluding a remarkable year characterized by brutal first-quarter winter weather, followed by a strong rebound starting in March, and capped by record full-year freight volumes. We’re particularly proud of our solid operating performance that allowed us to move record volumes of Western Canadian grain and equally strong U.S. grain shipments,” Claude Mongeau, president and chief executive officer, said.