CN Q3 Profit Climbs; CEO To Retire

(RTTNews) - Canadian National Railway Co. (CNR.TO, CNI) reported that its third-quarter net income climbed to C$1.69 billion or C$2.37 per share from C$985 million or C$1.38 per share in the prior year.

Adjusted earnings per share were C$1.52, an increase of 10 percent from the prior year.

Revenues were C$3.59 billion, an increase of C$182 million or five per cent from last year.

The company reaffirmed its 2021 financial outlook. CN expects to deliver 10 percent adjusted earnings per share growth versus 2020 adjusted earnings per share of C$5.31.

The company said it is on track to achieve strategic plan 2022 targets with operating performance improvements and cost initiatives well underway.

The company noted that quarterly dividend of C$0.6150 per common share will be paid on December 30, 2021, to shareholders of record at the close of business on December 9, 2021.

In a separate press release, Canadian National Railway said that Jean-Jacques Ruest will retire as president and chief executive officer and as a member of the Board of Directors of the Company, effective as of the end of January 2022 or such later time as a successor has been appointed to ensure a flawless transition.

The CN Board has appointed a CEO Search Committee to conduct the global search and make recommendations to the full Board.