加拿大国家铁路公司（National Railway Co.）在关税压力下展现出一定韧性，业绩超出市场预期。
National Railway Co. beat expectations in a quarter that demonstrated some resilience in the face of tariffs.
在截至9月30日的第三季度，公司营收跃升15%，达到48亿加元（34亿美元），比彭博调查的分析师预估高出逾1亿加元。调整后摊薄每股收益也高于预期，为2.16加元，同比增长18%。
Revenues soared 15% in the third quarter ended Sept. 30 to C$4.8 billion ($3.4 billion), over C$100 million more than what analysts surveyed by Bloomberg had estimated. Adjusted diluted earnings per share also came in higher at C$2.16, up 18% from the same period last year.
该股早盘一度上涨2.9%，为8月13日以来最大涨幅，随后回吐部分涨幅。
The stock rose as much as 2.9%, the most since Aug. 13, in early trading, before pairing gains.
自2025年以来，美国政府一直在对加拿大征收行业性关税，对铝和钢产品征收50%的关税，并对汽车征收25%的关税。8月，美国又对一系列加拿大消费品加征50%的关税。
Since 2025, the US administration has been imposing sectoral tariffs on Canada, targeting aluminum and steel products with 50% duties, along with 25% levies on autos. In August, it added 50% tariffs on a broad range of Canadian consumer products.
加拿大7月至9月的实际国内生产总值增速放缓，折合年化增长1.3%，但第二季度表现相当强劲。
Canada’s real gross domestic product slowed between July and September, tracking 1.3% annualized growth, but had been quite robust in the second quarter.
加拿大国家铁路公司与加拿大太平洋堪萨斯城有限公司（Canadian Pacific Kansas City Ltd.）承担了加拿大大部分产品在北美各地的运输，被视为经济的风向标。
CN Railway along with Canadian Pacific Kansas City Ltd. move much of Canada’s production across North America, and act as a bellwether of the economy.
“这是一段旅程，不是吗？而且我认为这段旅程还没有结束，”首席执行官特蕾西·罗宾逊在周五的电话会议上对分析师表示。“我们在应对周围发生的情况方面越来越好，而且在内部把控我们能控制的事情上变得非常自律。”加拿大国家铁路公司来自汽车行业的营收增长最为强劲，达到29%，得益于对加拿大的进口以及市场份额的提升，部分被产量持平所抵消。谷物和化肥增长18%；金属和矿产增长16%；石油和化工增长16%；林产品增长8%。
“It’s been a journey, hasn’t it? And I don’t think that journey is over,” Chief Executive Officer Tracy Robinson told analysts during a conference call Friday. “We’re getting better and better at reacting to what’s happening around us, and we’re getting really disciplined about pulling the levers internally on what we can control.”CN Railway’s revenue growth from the automotive sector was the strongest at 29%, thanks to imports to Canada and market share gains, partly offset by flat production. Grain and fertilizers were up 18%; metals and minerals, 16%; petroleum and chemicals, 16%; and forest products, 8%.
罗宾逊解释说，在受关税影响尤为严重的行业，“围绕它们所运往的市场类型”已经做出了一些调整。“问题是，如果达成解决方案，其中有多少会延续下去，还是我们会转回美国？”她说道，指的是美国和加拿大之间可能达成的贸易协议。
Robinson explained some adjustments have been made in sectors disproportionately impacted by tariffs, “around the kinds of markets that they are shipping into.”“And the question is, if we get a resolution, how much of that continues, or do we revert back to the US?” she said, referring to a potential trade deal between the US and Canada.
与此同时，总理马克·卡尼一直在推动为加拿大吸引更多投资、减少监管障碍，并促进石油和天然气向美国以外市场的出口。罗宾逊表示，按收入计算是加拿大最大铁路公司的加拿大国家铁路“具有独特优势，既能帮助实现这一目标，也能从中受益”，受益于“加拿大重新聚焦于创造有利于工业和自然资源增长的条件”。
Meanwhile, Prime Minister Mark Carney has been pushing to attract more investment to Canada, reduce regulatory hurdles and boost oil and gas exports beyond the US market. The railway, Canada’s largest in revenue terms, is “uniquely positioned to both help that and benefit” from the “renewed focus in Canada to create the conditions under which industry and natural resources growth takes place,” Robinson said.
加拿大国家铁路的竞争对手加拿大太平洋堪萨斯城铁路公司周三也公布了强劲的财务业绩，上一季度收入在谷物方面增长27%，金属、矿物和消费品方面增长13%，林产品方面增长7%，汽车方面增长5%。
CN Railway’s rival, CPKC, also reported strong financial results Wednesday, with revenues growing in the last quarter by 27% in grain, 13% in metals, minerals and consumer products, 7% in forest products and 5% in automotive.
“我们确实面临一些棘手的问题，但我们会大力推进，”加拿大太平洋堪萨斯城铁路公司首席营销官约翰·布鲁克斯在谈到当前第四季度时表示。“我乐观地认为，我们能以相当强劲的表现收官。”
“We’ve got some headaches that are out there, but we’re going to push it hard,” CPKC Chief Marketing Officer John Brooks said about the current fourth quarter. “I’m optimistic that we can close pretty strong.”