CN Quarterly Profit Misses Estimates
Caused by lower crude shipment during COVID-19 pandemic
Canadian National Railway Co.missed analysts' estimates for third-quarter profit on Tuesday due to lower crude shipment during the COVID-19 pandemic, reports Reuters.
The company’s operating ratio, a closely watched measure of operating expenses as a percentage of revenue, rose to 59.9% from 57.9%.
Grain and fertilizers carloads, however, rose 12% in the quarter as reduced shipment of crude and consumer goods has freed up railway space, boosting movement of grains.
According to Reuters, Canadian Pacific Railway Ltd. earlier in the day also missed Wall Street estimates as shipments declined during the pandemic.