CN RailCanadian National Railway (CNR) just released its second-quarter results.

The company recorded adjusted earnings per share of $1.03, three cents higher than the consensus estimate.

Revenues came in just above $3.1 billion, the number that analysts were looking for.

“CN delivered record volumes in the quarter by bringing its key supply chains back into sync and taking advantage of continued strength in several of our core markets,” said President and CEO Claude Mongeau. “This solid operational recovery underscores our ability to accommodate growth at low incremental cost and to drive very strong financial results.”

In the first quarter, CN Rail beat on both the top and bottom lines despite a particularly harsh winter.

The Globe and Mail’s Darcy Keith noted that CN Rail has exceeded expectations on earnings four out of its last five quarters heading into this release, which brings the iron horse’s beat rate above 83 percent over the past year and a half.

The railway’s operating ratio – an all-importance measure of efficiency, improved to 59.6 percent, four tenths of a percentage point better than analysts’ expectations. CN Rail’s operating ratio remains the best in breed, though CP Rail CEO Hunter Harrison has helped narrow the gap between the two railways since he took over the firm.

CN Rail also boosted guidance for full-year free cash flow to $1.8 to 2 billion, compared to its prior guidance of $1.6 to 1.7 billion.

The stock is up more than 20 percent year to date, and fared quite well last week after competitor CP Rail released an impressive set of quarterly results.

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