Canadian National Railway Company reported unaudited consolidated earnings and operating results for the fourth quarter and year ended Dec. 31, 2016. For the quarter, the company reported revenue of CAD 3,217 million against CAD 3,166 million a year ago. Operating income was CAD 1,395 million against CAD 1,354 million a year ago. Income before income taxes was CAD 1,363 million against CAD 1,251 million a year ago. Net income was CAD 1,018 million or CAD 1.32 per diluted share against CAD 941 million or CAD 1.18 per diluted share a year ago. Net cash provided by operating activities was CAD 1,378 million against CAD 1,293 million a year ago. Investment in property additions was CAD 666 million against CAD 642 million a year ago. Adjusted net income was CAD 952 million or CAD 1.23 per diluted share against CAD 941 million or CAD 1.18 per diluted share a year ago. The revenue increase was mainly attributable to higher volumes of Canadian grains and U.S. soybeans, refined petroleum products, finished vehicles, and petroleum coke; as well as freight rate increases. These factors were partly offset by lower volumes of crude oil, U.S. thermal coal, and drilling pipe; and lower applicable fuel surcharge rates.

For the full year, the company reported revenue of CAD 12,037 million against CAD 12,611 million a year ago. Operating income was CAD 5,312 million against CAD 5,266 million a year ago. Income before income taxes was CAD 4,927 million against CAD 4,874 million a year ago. Net income was CAD 3,640 million or CAD 4.67 per diluted share against CAD 3,538 million or CAD 4.39 per diluted share a year ago. Net cash provided by operating activities was CAD 5,202 million against CAD 5,140 million a year ago. Investment in property additions was CAD 2,695 million against CAD 2,706 million a year ago. EBITDA was CAD 6,632 million against CAD 6,471 million a year ago. Adjusted EBITDA was CAD 6,561 million against CAD 6,453 million a year ago. Adjusted net income was CAD 3,581 million or CAD 4.59 per diluted share against CAD 3,580 million or CAD 4.44 per diluted share a year ago. The decrease in total revenues were mainly attributable to lower volumes of crude oil, coal and frac sand; as well as lower applicable fuel surcharge rates. These factors were partly offset by the positive translation impact of the weaker Canadian dollar and freight rate increases.

For the quarter, total RTMs were 58,906 million against 56,534 million a year ago. Total carloads were 1,369,000 against 1,325,000 a year ago.

For the full year, total RTMs were 214,327 million against 224,710 million a year ago. Total carloads were 5,205,000 against 5,485,000 a year ago.

The company expects to deliver EPS growth in the mid-single-digit range in 2017 over adjusted diluted EPS of CAD 4.59 in 2016. The company will continue to invest in the safety and efficiency of its network, with a 2017 capital investment program of approximately CAD 2.5 billion, which includes increased spending for Positive Train Control technology in the United States.