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UPDATE 1-CN Rail quarterly profit rises on higher petroleum shipments

(Compares with estimates, adds first-quarter details, share move)

April 29 (Reuters) – Canadian National Railway Co reported a 6 percent rise in quarterly profit on Monday, as it transported higher volumes of petroleum and chemical products.

U,S,-listed shares of the company rose 2.1 percent in after-hours trading.

The company’s net income rose to C$786 million, or C$1.08 per share, in the first quarter ended March 31, from C$741 million, or C$1 per share, a year earlier.

However, excluding one-time items, the railroad company earned C$1.17 per share, missing the analyst average estimate of C$1.18, according to IBES data from Refinitiv.

Canada’s largest railway operator said total carloads, the amount of freight loaded into cars, rose less than a percent.

Operating ratio, a closely watched productivity metric that measures expenses as a percentage of revenue, rose to 69.5 percent from 67.8 percent a year earlier. The lower the ratio, the more efficient a railroad.

($1 = C$1.34) (Reporting by Arundhati Sarkar in Bengaluru; Editing by Maju Samuel)

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