News Formal

CN Rail lowers 2024 earnings forecast due to strike uncertainty

  • 📰 BNNBloomberg
  • ⏱ Reading Time:
  • 42 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 50%

Business News

Labour

Canadian National Railway Co. says it earned $1.11 billion in the second quarter, though it lowered its forecast for earnings growth as it faces the threat of a worker strike.

MONTREAL —

The Montreal-based railway says its net income was five per cent lower than the $1.17 billion in the same three months of 2023. On an adjusted basis, the Montreal-based railway says it earned $1.17 billion in the second quarter of 2024, or $1.84 per share compared with $1.76 per share in the prior year’s quarter.But CN said it is lowering its forecasted adjusted earnings per share growth for the year to the mid to high single-digit range, compared to an earlier forecast that predicted earnings per share growth of approximately 10 per cent.

The company attributed the revised forecast to continued uncertainty in light of a recent move by the Teamsters Canada Rail Conference union to reject CN’s offer to enter into binding arbitration, a development that heightens the risk of a work stoppage.Companies in this story:

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 83. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

CN Rail lowers 2024 earnings forecast due to strike uncertaintyMONTREAL — Canadian National Railway Co. says it earned $1.11 billion in the second quarter, though it lowered its forecast for earnings growth as it faces the threat of a worker strike.
Source: SooToday - 🏆 8. / 85 Read more »