(Montreal) The Canadian National Railway Company posted record revenues for its first quarter on Monday thanks to strong grain harvests and higher oil prices.
Canadian National thus achieved revenues of 4.31 billion during the quarter ended March 31, which represented an increase of 16% compared to the 3.71 billion for the same period last year.
The Montreal company saw its net profit jump to 1.22 billion in the first quarter, while it had been 918 million a year earlier.
On an adjusted basis, earnings per share climbed 38% to $1.82 from $1.32 in the prior quarter. Analysts had expected adjusted earnings per share of $1.72, according to financial data firm Refinitiv.
CN has also revised its guidance for the year upwards, now targeting adjusted earnings per share growth of approximately 5%, compared to its previous guidance, issued in January, which was more in the range of 1% and 3%.
Canadian National says its board of directors has authorized a second quarter dividend of 79 cents per share to be paid on June 30, after markets close, to shareholders of record as of June 9. .