Canadian National Railway Company Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reaffirms Earnings Guidance for Fiscal 2014
January 30, 2014 at 04:01 pm
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Canadian National Railway Company reported unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2013. For the quarter, revenues were CAD 2,745,000 against CAD 2,534,000 for the same period of last year. Operating income was CAD 967,000 against CAD 922,000 for the same period of last year. Income before income taxes was CAD 874,000 against CAD 831,000 for the same period of last year. Net income was CAD 635,000 against CAD 610,000 for the same period of last year. Earnings per diluted share was CAD 0.76 against CAD 0.71 for the same period of last year. Net cash provided by operating activities was CAD 1,098,000 against CAD 724,000 for the same period of last year. Property additions was CAD 788,000 against CAD 610,000 for the same period of last year. The increase in revenues were mainly attributable to higher freight volumes due to strong energy markets, market share gains, as well as growth in the North American economy; the positive translation impact of the weaker Canadian dollar on U.S.-dollar-denominated revenues; freight rate increases; and the impact of a higher fuel surcharge, as a result of higher volumes and year-over-year increases in applicable fuel prices.
For the year, revenues were CAD 10,575,000 against CAD 9,920,000 for the same period of last year. Operating income was CAD 3,873,000 against CAD 3,685,000 for the same period of last year. Income before income taxes was CAD 3,589,000 against CAD 3,658,000 for the same period of last year. Net income was CAD 2,612,000 against CAD 2,680,000 for the same period of last year. Earnings per diluted share was CAD 3.09 against CAD 3.06 for the same period of last year. Net cash provided by operating activities was CAD 3,548,000 against CAD 3,060,000 for the same period of last year. Property additions was CAD 1,973,000 against CAD 1,731,000 for the same period of last year. The company's capital expenditures in 2013 were CAD 1.973 billion in terms of cash CapEx.
CN's 2014 outlook remains consistent with the 2014 financial guidance that it announced on Dec. 10, 2013. CN is aiming to deliver double-digit EPS growth in 2014 over adjusted diluted 2013 EPS of CAD 3.06, as well as 2014 free cash flow in the range of CAD 1.6 billion to CAD 1.7 billion. CN is also planning for 2014 capital expenditures of approximately CAD 2.1 billion, compared with CAD 2.0 billion in 2013. The effective tax rate is going to be around 28% to 29% and depreciation expense to be about CAD 75 million higher than in 2013.
Canadian National Railway Company is a transportation and logistics company. The Company's services include rail, intermodal, trucking, and supply chain services. The Companyâs rail services offer equipment, customs brokerage services, transloading and distribution, private car storage and others. Its intermodal container services help shippers expand their door-to-door market reach with about 23 strategically placed intermodal terminals. Its intermodal services include temperature-controlled cargo, port partnerships, logistics park, moving grain in containers, custom brokerage, transloading and distribution, and others. Its trucking services include door-to-door service, import and export dray, interline services, and specialized services. Its supply chain services offer comprehensive services across a range of industries and product types. It transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year.
Canadian National Railway Company Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reaffirms Earnings Guidance for Fiscal 2014