CN Railway reports bigger profit, announces stock split

Tue Oct 22, 2013 4:16pm EDT
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TORONTO Oct 22 (Reuters) - Canadian National Railway Co , the focus of scrutiny after one of its trains derailed and caught fire last weekend, reported a bigger third-quarter profit on Tuesday and announced a two-for-one stock split and share buyback plan.

The country's largest rail operator said net income rose to C$705 million ($685 million), or C$1.67 per share, from C$664 million, or C$1.52 per share, in the same period last year.

On an adjusted basis, profits rose to C$1.72 per share from C$1.52 per share.

Analysts were expecting a profit of C$1.63 a share, according to Thomson Reuters I/B/E/S.

Revenue was 8 percent higher at C$2.7 billion, reflecting higher freight volumes due to strong energy markets, market share gains, and a North American economic recovery, CN said.