CN’s second-quarter 2020 operating income falls 53%

(Source: Freight Waves, July 21, 2020)

CHATTANOOGA, Tenn. — The COVID-19 pandemic hit Canadian railway CN’s second-quarter profits, with lower rail volumes resulting in a 19% decline in quarterly revenue. CN’s second-quarter net income on an unadjusted basis totaled C$545 million (US$405 million), or 77 cents per diluted share, compared with $1.36 billion, or $1.88 per diluted share, in the second quarter of 2019. Operating income fell 53% to $785 million.

Full story: Freight Waves

Wednesday, July 22, 2020