CN First Quarter 2007 Diluted Earnings Per Share To Fall Due To Severe Weather Conditions In Western Canada
CN announced today it expects first-quarter 2007 diluted earnings per share (EPS) to fall five to 10 per cent below year-earlier diluted EPS of C$0.66 because of severe weather conditions experienced in western Canada throughout the first quarter, a strike in February, and recent landslides in the West that have hampered recovery operations.
E. Hunter Harrison, president and chief executive officer, said: “The first quarter of 2007 has been an extremely challenging one for CN. Severe weather conditions in western Canada in January and February disrupted operations of CN and many of its customers. We then had a 15-day strike by 2,800 members of the United Transportation Union in Canada, followed by another bout of harsh weather, which caused landslides that have interrupted operations of both major railways in British Columbia.
“CN has an exceptional team of railroaders dedicated to recovering delayed traffic on its network. We expect a tough first quarter, but our recovery program is ongoing and we will continue to make every effort to deliver diluted earnings per share growth of 10 per cent-plus for the full-year 2007.”
CN will issue its first-quarter 2007 financial and operating results on April 23, 2007.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.