CN Revises 2016 Outlook - Quick Facts

(RTTNews) - Canadian National Railway Company (CNI, CNR.TO) announced the company now aims to deliver 2016 EPS in line with last year's adjusted EPS of C$4.44, compared to a previous outlook calling for mid-single digit EPS growth. The company said weaker than expected freight demand in certain markets and the strengthening of the Canadian dollar relative to the U.S. dollar have prompted a downward revision to its 2016 outlook. Analysts polled by Thomson Reuters expect the company to report profit per share of C$4.66. Analysts' estimates typically exclude special items.

For the first-quarter, net income increased 13 percent to C$792 million, while EPS increased 16 percent to C$1.00, compared with the first quarter of 2015. The company noted that, on a constant currency basis, net income for the first quarter of 2016 would have been lower by C$57 million, or C$0.07 per share. On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of C$0.93 for the quarter.

Revenues for the first quarter of 2016 were C$2.96 billion, a decrease of four percent, compared to the same period in 2015. Analysts expected revenue of C$3.01 billion, for the quarter. Carloadings declined seven percent and revenue ton-miles declined nine percent.