Canadian National Railway Company announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported revenues of CAD 3,166 million against CAD 3,207 million a year ago. Operating income was CAD 1,354 million against CAD 1,260 million a year ago. Income before income taxes CAD 1,251 million against CAD 1,179 million a year ago. Net income was CAD 941 million or CAD 1.18 per diluted share against CAD 844 million or CAD 1.03 per diluted share a year ago. Net cash provided by operating activities was CAD 1,293 million against CAD 1,135 million a year ago. Property additions were CAD 642 million against CAD 947 million a year ago. The decrease in total revenues were mainly attributable to reduced shipments of energy-related commodities due to a reduction in oil and gas activities, lower volumes of semi-finished steel products and short-haul iron ore, decreased shipments of coal due to weaker North American and global demand, and lower U.S. grain exports via the Gulf of Mexico; as well as a lower applicable fuel surcharge rate. Adjusted net income was CAD 941 million against CAD 844 million a year ago. Adjusted diluted earnings per share were CAD 1.18 against CAD 1.03 per share a year ago. Free cash flow was CAD 632 million against CAD 175 million a year ago.

For the year, the company reported revenues of CAD 12,611 million against CAD 12,134 million a year ago. Operating income was CAD 5,266 million against CAD 4,624 million a year ago. Income before income taxes was CAD 4,874 million against CAD 4,360 million a year ago. Net income was CAD 3,538 million or CAD 4.39 per diluted share against CAD 3,167 million or CAD 3.85 per diluted share a year ago. Net cash provided by operating activities was CAD 5,140 million against CAD 4,381 million a year ago. Property additions were CAD 2,706 million against CAD 2,297 million a year ago. The rise in total revenue was mainly attributable to the positive translation impact of the weaker Canadian dollar on U.S.-dollar-denominated revenues; freight rate increases; and solid overseas intermodal demand, higher volumes of finished vehicle traffic, and increased shipments of lumber and panels to U.S. markets. Adjusted net income was CAD 3,580 million against CAD 3,095 million a year ago. Adjusted diluted earnings per share were CAD 4.44 against CAD 3.76 per share a year ago. Free cash flow was CAD 2,373 million against CAD 2,220 million a year ago. EBITDA (excluding other income) was CAD 6,424 million against CAD 5,674 million a year ago. Adjusted EBITDA was CAD 6,453 million against CAD 5,702 million a year ago.

For 2016, the company expects to deliver mid-single digit EPS growth over adjusted diluted 2015 EPS of CAD 4.44. The Company is assuming that North American industrial production for the year will increase by approximately 1% and assumes U.S. housing starts in the range of 1.2 million units and U.S. motor vehicle sales of approximately 17.5 million units. In 2016, the company plans to invest approximately CAD 2.9 billion in its capital program, of which CAD 1.5 billion is targeted toward track infrastructure.