Canadian National Railway Co. says it earned $1.42 billion in the three months ended Dec. 31, 2022, up from $1.2 billion in the fourth quarter of 2021.

Montreal-based CN says its fourth quarter earnings worked out to $2.10 per share, a 23 per cent increase year over year.

The railway company reported fourth quarter revenues of $4.54 billion, an increase of $789 million or 21 per cent.

Its operating ratio, defined as operating expenses as a percentage of revenues and a key metric of railroad efficiency, remained flat on an adjusted basis at 57.9 per cent.

The railroad says the increase in revenue was mainly due to higher fuel surcharge revenue as a result of higher fuel prices, the positive translation impact of a weaker Canadian dollar, freight rate increases and higher volumes of Canadian grain.

For the full year 2022, CN reported net income of $5.12 billion, up from $$.90 billion in 2021.