CN Rail set to release Q3 results
MONTREAL - Canadian National Railway (TSX:CNR) will be releasing its third-quarter financial results this afternoon amid heightened public scrutiny of the rail industry's safety record following a number of spectacular derailments in recent months.
A weekend derailment of a CN train near Gainford, Alta., continued to keep crews busy Tuesday, as a tanker car with thousands of litres of propane continued to burn for a fourth day, despite efforts to douse it with water.
It was the third notable CN derailment since September and followed high-profile accidents during the summer at lines operated by Canadian Pacific (TSX:CP) and Montreal, Maine and Atlantic.
The companies have defended their overall safety records but CN executives are likely to face more questions during a conference call after its third-quarter results are issued.
The Montreal-based company was expected to report $2.64 billion of revenue and $1.64 per share of net earnings for the quarter ended Sept. 30. Adjusted earnings were expected to be $1.62 per share, according to estimates.