04:37 PM EDT, 10/22/2024 (MT Newswires) -- Canadian National Railway ( CNI ) was up 2.3% in after-hours New York trading after reporting a third-quarter earnings and revenues beat on Tuesday, and said it remained on track with its 2024 guidance and long term financial outlook.

The company reported third quarter adjusted earnings, excluding most one-time items of $1.09 billion, or $1.72 per share in the period, down from $1.11 billion, or $1.69, in the year-prior quarter. The result topped the consensus forecast of a $1.71 per share adjusted profit, according to Capital IQ.

Revenues rose 3.1% to $4,11 billion from $3.99 billion, topping the consensus forecast $4,088.54 million from Capital IQ.

The railway's operating ratio, a closely watched efficiency measure where lower is better, was 63.1%, an increase of 1.1 percentage points. It reported revenue ton miles of 56,548 million, an increase of 2%.

CN continues to expect to deliver adjusted diluted earnings per share growth in the low single-digit range and continues to expect to invest approximately $3.5 billion in its capital program, net of amounts reimbursed by customers. The company also continues to expect adjusted return on invested capital to be in the 13%-15% range.

Over the 2024-2026 period, CN continues to target compounded annual adjusted diluted EPS growth in the high single-digit range.

"Our scheduled operating plan demonstrated its resilience in the third quarter, allowing us to adapt our operations to challenges posed by wildfires and prolonged labor issues. Our operations recovered quickly and the railroad is running well. As we close 2024, we will continue to focus on recovering volumes, growth, and ensuring our resources are aligned to demand," chief executive Tracy Robinson said in a statement.

The railway's shares were last seen up US$2.08 to US$114.57 after hours. They closed down $0.24 to $155.11 on the Toronto Stock Exchange.