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BRIEF-Canadian National Delivers Solid First Quarter Results Despite Network Disruptions

Published 2020-04-27, 04:06 p/m
CNI
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April 27 (Reuters) - Canadian National Railway Co CNR.TO :

* CN DELIVERS SOLID FIRST QUARTER RESULTS DESPITE NETWORK DISRUPTIONS

* Q1 ADJUSTED EARNINGS PER SHARE C$1.22

* Q1 EARNINGS PER SHARE C$1.42

* Q1 REVENUE C$3.545 BILLION

* WITHDRAWING ITS 2020 FINANCIAL GUIDANCE AND 3-YEAR TARGETS PROVIDED AT 2019 INVESTOR DAY.

* QTRLY OPERATING RATIO OF 65.7 PER CENT, AN IMPROVEMENT OF 3.8 POINTS

* COMMITTED TO MAINTAINING ITS PREVIOUSLY ANNOUNCED 2020 DIVIDEND INCREASE OF 7%.

* STILL WORKING TO GENERATE A MINIMUM OF APPROXIMATELY C$2.5 BILLION OF FREE CASH FLOW.

* CANADIAN NATIONAL RAILWAY - WILL CONTINUE TO PAUSE SHARE REPURCHASES IN THESE ECONOMIC CIRCUMSTANCES AND WILL REASSESS ON ONGOING BASIS

* IN 2020, CN NOW PLANS TO INVEST APPROXIMATELY C$2.9 BILLION IN ITS CAPITAL PROGRAM

* QTRLY TOTAL CARLOADS 1.3 MILLION VERSUS 1.4 MILLION

* QTRLY RTMS DECLINED BY ONE PER CENT FROM YEAR-EARLIER PERIOD

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