By Jeffrey T. Lewis
Canadian National Railway Co.'s profit fell in the third quarter after a merger termination fee the company received a year earlier wasn't repeated this year.
The Montreal-based railroad operator reported net income of C$1.46 billion, compared with C$1.69 billion in the same quarter a year earlier. Earnings per share reached C$2.13 from C$2.37 and adjusted earnings per share rose to C$2.13 from C$1.52.
Revenue increased to a record C$4.51 billion from C$3.59 billion in the year-earlier quarter. The jump in sales was due mainly to higher fuel surcharges, freight rate increases and the impact of a weaker Canadian dollar, the company said.
The sales and profit figures beat market expectations. The consensus, as compiled by FactSet, was for revenue of C$4.33 billion and profit of C$1.37 billion.
In the third quarter of 2021, Canadian National reported it received a merger termination fee of C$886 million from Kansas City Southern after the US-based rail company chose to join with Canadian Pacific Railway Ltd.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
10-25-22 1637ET