Canadian National reports record revenue

(Montreal) The Canadian National Railway reported record first-quarter revenue Monday thanks to a strong grain harvest and higher oil prices.

Thus, the Canadian citizen achieved revenues of 4.31 billion during the quarter ending on March 31, which represents an increase of 16% compared to 3.71 billion for the same period last year.

Montreal saw its net profit jump to 1.22 billion in the first quarter, from 918 million a year earlier.

On an adjusted basis, earnings per share increased 38% to $1.82 from $1.32 in the prior quarter. Analysts had expected adjusted earnings per share of $1.72, according to financial data firm Refinitiv.

CN has also revised its guidance for the year upward, and now aims for adjusted earnings per share growth of around 5%, compared to its previous guidance issued in January, which instead aimed for a range between 1% and 3%.

Canadian National says its board of directors has authorized a second-quarter dividend of 79 cents per share, to be paid June 30, after markets close, to shareholders of record beginning June 9.

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