CN Adjusts 2019 Outlook in Aftermath of Strike

Canadian National has revised its 2019 full-year financial outlook to reflect the effects of an eight-day strike that recently ended.

CN estimates that the strike by members of the Teamsters Canada Rail Conference will affect the company by 15 cents of earnings per share.

The revised full-year financial outlook now calls for adjusted diluted EPS growth in the low-to-mid single-digit range versus last year’s adjusted EPS of CA$5.50.

In October CN had projected an adjusted diluted EPS growth in the high single-digit range for the year.

The strike began when more than 3,000 conductors and rail yard workers walked off the job during contentious negotiations for a new contract.

The union workers are in the process of voting on ratification of the tentative agreement that ended the strike.

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