CN REVENUE JUMPS 12.1% ON HIGHER FREIGHT VOLUME

Canadian National Railway Co. on Tuesday reported a 12.1-per-cent rise in quarterly revenue, as the country's biggest railway shipped more petroleum, chemicals and intermodal freight. Total revenue rose to $3.598 billion in the three months ended June 30 from $3.21 billion a year earlier, when the pandemic hit freight volumes. CN benefited from customers rushing to replenish dwindling inventory. Revenue from intermodal, the biggest contributor, rose 18.6 per cent during the quarter. Rail intermodal involves the transportation of shipping containers and truck trailers by rail. Operating ratio, a key profitability metric, improved to 61.6 per cent from 75.5 per cent a year earlier. Net income rose to $1.03 billion for the quarter from $545 million a year earlier, when the firm recorded a charge of $486 million related to asset sales.