MONTREAL - Canadian National Railway Co. cut its profit forecast Tuesday in the wake of an eight-day strike by 3,200 workers that brought the railway to a near halt. CN now predicts 2019 adjusted diluted earnings per share will grow in the mid single-digit range, down from earlier guidance targeting the high single-digits. Despite the backlog of freight and containers, the company suggested it would go ahead with planned layoffs of roughly 1,600 employees as economic growth slows. Meanwhile, chief rival Canadian Pacific Railway Ltd. moved more Canadian grain in November than in any month in its 138-year history. CN reached a tentative agreement last week with Teamsters Canada to end the longest rail strike since 2012.

Source: thestar December 03, 2019 13:07 UTC