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CN Rail chief Claude Mongeau returns from sick leave to announce strong earnings, outlook

Chief executive Claude Mongeau said the railway generated strong results despite weaker volumes.

The chief executive of Canadian National Railway Co. returned to work after a five-month absence Tuesday to announce strong fourth-quarter and full-year earnings, indicating the company’s focus on efficiency is paying off inside a weak economy.

Claude Mongeau temporarily stepped down from CN’s day-to-day operations in mid August after disclosing he would need surgery and radiation to deal with an uncommon kind of non-cancerous tumour in the larynx. Mongeau had his voice box removed and replaced with a prosthesis.

“It sure feels good to become back at work,” Mongeau said on the business call with analysts. “I have a new voice, it’s kind of squeaky, but I’m full of energy and i am getting excited about leading CN to new heights in the future.”

CN reported earnings per share of $1.18 for that fourth quarter, in front of analyst expectations and up 15 percent from the year earlier. Revenues fell slightly to $3.17 billion as weak commodity prices weighed on volumes, offsetting strength in consumer goods along with a tailwind in the weak loonie.

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