Canadian National shares trading up following earnings that showed drop in income
Investing.com
Published Jan 29, 2020 12:22
Brenda O'Farrell
Investing.com – Shares of Canadian National Railway were up more than 2% in morning trading Wednesday –despite the fact the country’s largest train service reported fourth-quarter earnings yesterday that showed a significant drop in net income.
Net income for the quarter was $873 million, which represents a 24% drop from the same quarter the previous year. Earnings per share were also down, at $1.22, compared with $1.53 in last year’s fourth quarter.
The main contributor to revenue shortfalls was the eight-day strike that brought all CN trains to a halt in November. The work stoppage stalled the transportation of three crucial commodities in the country – grain, potash and crude oil.
In presenting its fiscal performance, CN showed adjusted earnings for the three-month period of $896 million on revenues of $3.58 billion, a decrease of 6% compared with the same quarter the year before.
CN shares have gained about 6% since the beginning of 2020, and just over 11% in the last year, outperforming the market.
Get The App
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.