Railroad conglomerate Canadian National (CN) said its profits grew by 25% in the fourth quarter of 2001 and by more than 10% for all of last year.
Based in Montreal, CN said its net income for the fourth quarter of 2001 rose to $296 million, up from $237 million in the fourth quarter of 2000. CN added that earnings per share increased 23% to $1.48 as a result. Revenues for the fourth quarter rose 10% to $1.53 billion, with operating expenses increasing 7% to $1.01billion.
For 2001, CN's adjusted net income increased 11% to $978 million, up from $879 million in 2000, Earnings per share for the year climbed 12% to $4.92. Revenues for 2001 increased 4% to $5.6 billion, while operating expenses, excluding a workforce adjustment charge, rose 2 % to $3.87 billion.
The acquisition of Wisconsin Central Transportation Corp. on October 9, 2001, contributed revenues of $129 million, operating income of $43 million, other income of $11 million and net income of $17 million, or eight cents per diluted share, to CN's fourth-quarter and full-year 2001 financial results, the railroad said.