“We exited 2011 having made meaningful progress on the three pillars of our Multi-Year Plan: driving growth, expanding network capacity to safely and efficiently support higher volumes and controlling costs. During the fourth quarter we delivered record asset velocity, a direct link to better service, positioning us for a lower operating ratio,” said Fred Green, president and CEO. “We begin 2012 with operating momentum, excellent service levels and a stronger, more resilient rail network. We are aggressively executing on our Multi-Year Plan, which is instrumental in creating long-term value for shareholders.”
Total fourth-quarter revenue was C$1.4 billion, an increase of C$114 million from the prior-year quarter. Operating expenses increased C$109 million to C$1.1 billion.
Total 2011 revenue was C$5.2 billion, an increase of C$196 million. Operating expenses were C$4.2 billion, an increase of C$345 million
Operating income was C$967 million, a decrease of C$149 million. Net income was C$570 million, a decrease of C$81 million. Diluted earnings per share were C$3.34 per share, a decrease of 51 Canadian cents per share.
“Our operational metrics are a leading indicator of both customer satisfaction and financial results. The operational improvements we have already achieved will now begin to drive enhanced financial results in the first quarter of 2012 and, as we continue to execute on our Multi-Year Plan, further operational improvements will deliver financial benefits,” added Green. “Given our recent market successes and operating trends, we can now with confidence, narrow our target operating ratio range to 70%-72% in three years and we have no intention of stopping there.”