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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (68919)10/22/2019 5:29:50 PM
From: Goose94Read Replies (1) of 203915
 
Canadian National Railway (CNR-T) sees profits plateau in third quarter amid 'softening economy'

Oct 22, '19

Strong crude and container traffic helped offset falling grain sales at Canadian National Railway Co. to leave profits effectively flat last quarter.

The Montreal-based company saw net income nudge up about 0.5 per cent year over year to $1.20 billion in the three months ended Sept. 30.

Revenues ramped up four per cent in the third quarter to $3.83 billion compared to the same period in 2018.

On an adjusted basis, CN's diluted earnings per share rose to $1.66, up from $1.50. Analysts had expected adjusted diluted earnings per share of $1.62, according to financial markets data firm Refinitiv.

Container shipping revenue — which makes up 28 per cent of the company's freight sales — rose 13 per cent to $1.02 billion last quarter while petroleum and chemicals jumped 18 per cent to $788 million. Revenue from grain and fertilizers, forest products, metals and minerals, and coal fell.

The company's board approved a fourth-quarter dividend of 54.75 cents per common share, to be paid on Dec. 30 to shareholders of record at the close of business on Dec. 9.

Chief executive Jean-Jacques Ruest says the railway delivered strong results "despite a softening economy."

Higher trucking and repair costs drove up purchased services and material expenses by 14 per cent year over year to $552 million in the third quarter.
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