CN Rail expects smaller profits in wake of strike

Canadian National Railway Co. is cutting its profit guidance in the wake of an eight-day strike by 3,200 workers that brought the railway to a near halt.

The railway says it is now targeting 2019 adjusted diluted earnings per share growth in the low to mid single-digit range compared with last year’s adjusted diluted earnings per share of $5.50.

The company had earlier expected adjusted diluted earnings per share growth in the high single-digit range.

CN estimated the strike reduced its earnings per share by about 15 cents.

The railway reached a tentative agreement last week with Teamsters Canada to end the longest rail strike since 2012.

The dispute halted shipments, triggered layoffs and disrupted industries across the country.

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