Grain News

CN Reports 4Q Net Income of C$635 Million, Up From C$610 Million in 4Q 2012

Date Posted: January 30, 2014

Montreal—CN (TSX: CNR) (NYSE: CNI) today reported its financial and operating results for the fourth quarter and year ended Dec. 31, 2013.

Full CN Report

Claude Mongeau, president and chief executive officer, said: “CN’s agenda of Operational and Service Excellence delivered record volumes and revenues in 2013. Key operating and service metrics remained solid, and we continued to drive incremental improvement in our broad safety record.

"CN reduced its accident rate per million train miles by nine per cent in 2013, the latest sign of long-term gains in safety.

"In the past 10 years, CN’s maintrack accidents have declined by more than 50 per cent despite increased freight volumes.

“CN sees good opportunities in 2014 in a number of markets, including intermodal, oil-and-gasrelated commodities, Canadian and U.S. grain, and commodities related to the recovery in the U.S. housing market.

"With continued supply chain collaboration and solid execution, the CN team is focused on safely and efficiently growing the Company’s business at low incremental cost and at a pace faster than the overall economy.”

Positive 2014 outlook, increased dividend

Mongeau said: “CN’s 2014 outlook remains consistent with the 2014 financial guidance that we announced on Dec. 10, 2013.

"CN is aiming to deliver double-digit EPS growth in 2014 over adjusted diluted 2013 EPS of C$3.06, as well as 2014 free cash flow in the range of C$1.6 billion to C$1.7 billion.

"CN is also planning for 2014 capital expenditures of approximately C$2.1 billion, compared with C$2.0 billion in 2013.

“Given CN’s strong balance sheet and its solid outlook for earnings and free cash flow generation, I am pleased to announce that the Company’s Board of Directors has approved a 16 per cent increase in CN’s 2014 quarterly common-share dividend.”

For more information, call 905-669-3384.

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