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Canadian National Railway ( CNI) reported on April 20, 2009 that its Q1 FY09 earnings surged 36.3% to Cdn$424.00 million or Cdn$0.90 per share from Cdn$311.00 million or Cdn$0.64 per share, helped by a gain on the sale of its Weston subdivision. Excluding one-time items, net income inched up marginally to Cdn$302.00 million or Cdn$0.64 per share, which beat the most recent consensus estimate of $0.49 per share.

Revenue decreased 3.5% year-over-year to Cdn$1.86 billion from Cdn$1.93 billion, hurt by ongoing economic turmoil, resulting in a decline in transportation volumes. Petroleum and Chemicals revenue increased 6.6% to Cdn$340.00 million. Metals and Minerals revenue slipped 3.4% to Cdn$198.00 million. Forest Products revenue, Intermodal revenue, and Automotive revenue dipped 8.5%, 9.1%, and 33.6% to Cdn$302.00 million, Cdn$319.00 million, and Cdn$77.00 million, respectively. However, Coal revenue expanded 4.0% to Cdn$103.00 million. Grain and Fertilizers revenue grew 5.0% to Cdn$357.00 million. As a result, total rail freight revenue declined 3.6% to Cdn1.70 billion. Other revenue decreased 2.4% to Cdn$163.00 million. Revenue ton-miles, measuring the relative weight and distance of rail freight transported, contracted 13.9% to Cdn$38.69 billion.

CNI completed its acquisition of the principal lines of the Elgin, Joliet and Eastern Railway Company. The company entered in a joint development partnership with HCL AXON to build iCREW, a SAP-based solution to address the crew management requirements of organizations. The company declared a quarterly dividend of Cdn$0.2525 per share, payable on June 30, 2009. GO Transit acquired the company's Weston Subdivision rail line for Cdn$160.00 million.

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