Canadian National Railway cuts profit guidance due to strike by Teamsters
|Toronto Star 03 Dec 2019 at 08:55|
MONTREAL - Canadian National Railway Co. is cutting its profit guidance in the wake of an eight-day strike by 3,200 workers that brought the railway to a near halt.
The railway says it is now targeting 2019 adjusted diluted earnings per share growth in the low to mid single-digit range compared with last year’s adjusted diluted earnings per share of $5.50.
The company had earlier expected adjusted diluted earnings per share growth in the high single-digit range.
CN estimated the strike reduced its earnings per share by about 15 cents.
The railway reached a tentative agreement last week with Teamsters Canada to end the longest rail strike since 2012.