Revenue increased 8% year-over-year to C$2.5 billion. CN's operating ratio rose 1.3 points to stand at 60.6%.
Said CN President and CEO Claude Mongeau, "CN's focus on operational and service excellence helped the Company post a solid third-quarter performance, with revenue growth in all our business segments and solid improvement in most of our key operating metrics.
"Petroleum and chemicals led the way with a 15% increase in revenues, largely as a result of higher shipments of crude oil originating in western Canada. CN's crude oil volume in the quarter rose to a run rate of 40,000 carloads on an annualized basis," Mongeau said.
CN also announced a new share repurchase program Monday. Said Mongeau, "We are pleased to announce that CN's Board of Directors has approved a new share repurchase program for up to C$1.4 billion in common shares. This will be executed through a normal course issuer bid to purchase for cancellation a maximum of 18 million shares."
Shares of CN closed down 0.33% to $87.88 Monday in trading on the New York Stock Exchange.
The Class I railroad duly noted that, though it reports its earnings in Canadian dollars, a large portion of its revenue and expenses is denominated in U.S. dollars. As such, its results are affected by exchange-rate fluctuations.