CN Rail reports better-than-expected fourth-quarter profit
Canadian National Railway Co (TSE:CNR, NYSE:CNI) reported better-than-expected fourth-quarter profits on Tuesday, as the railroad shipped higher volumes of both crude and grains.
The Montreal-based company reported net income rose to C$1.09 billion in the three months ended December 31, up from C$897 million a year earlier.
The railroad said it earned C$1.49 per share, beating analysts’ average estimates of C$1.47.
Fourth-quarter revenue jumped nearly 16% to C$3.81 billion from C$3.29 billion.
“I’m very pleased with our fourth quarter results and the strong finish to 2018,” said J.J. Ruest, president and CEO of CN Rail in a statement. “With approximately C$1.3 billion of revenue growth in the final three quarters of the year, CN regained its position of strength and demonstrated again its ability to grow at low incremental cost. 2019 will be a year of building on this momentum.”
On Tuesday, the railway approved an 18% increase to its quarterly cash dividend and announced a stock buyback of up to 22 million shares.
“We are focused on operational productivity and services that resonate with customers,” said Ruest. “In 2019, our record capital program of $3.9 billion will be focused on investing in the renewal of a more efficient and reliable locomotive fleet, adding network capacity to accommodate our solid pipeline of growth in diverse markets and bringing technology to our precision scheduled railroading.”
Shares of CN rail were down 0.05% at C$110.43 on Tuesday.
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/213556/cn-rail-reports-better-than-expected-fourth-quarter-profit-213556.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).