MONTREAL — The country's largest railway says profits plunged last quarter, when a week-long strike and thinner freight demand dented revenues.
Canadian National Railway Co. says net income dropped 24 per cent to $873 million in the quarter ended Dec. 31, compared to $1.14 billion in the same period in 2018.
CN says fourth-quarter revenue fell six per cent to $3.58 billion versus $3.81 billion the year before.
On an adjusted basis, diluted earnings decreased to $1.25 per share, 16 per cent lower than $1.49 per share 12 months prior.
The result notched above analyst expectations of $1.20 per share, according to financial markets data firm Refinitiv.
Full-year revenues rose four per cent to $14.92 billion and profits dipped three per cent to $4.22 billion year over year.
CN says the board of directors approved a seven per cent increase in the 2020 dividend on the Montreal-based company's common shares.
This report by The Canadian Press was first published Jan. 28, 2020.
Companies in this story: (TSX:CNR)
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