Liberals must now sell a budget they say will help younger Canadians catch up
It's now up to the federal Liberal government to sell a spending plan it says will help younger Canadians catch up to their elders.
Canadian National Railway Co. is hoping to rebound from last year's challenging second quarter with analysts expecting net profits to double on a 14 per cent boost in revenues.
The Montreal-based railway is expected to report after markets close net profits of $1.08 billion, up from $545 million in the pandemic-plagued second quarter of 2020, according to financial data firm Refinitiv.
Adjusted profits are forecast to be $1.09 billion or $1.49 per diluted share.
CN's adjusted profits a year ago were $908 million or $1.28. That was down from $1.25 billion or $1.73 per share in the second quarter of 2019.
Revenues are expected to be $3.66 billion, up from $3.21 billion last year but short of the $3.96 billion in the year prior.
The financial results come as the railway is awaiting a ruling from the U.S. Surface Transportation Board on its application for a voting trust for Kansas City Southern while its $33.6-billion takeover bid is analyzed by the regulator.
CN could be on the hook to pay the U.S. railway a US$1 billion penalty if the voting trust isn't approved. That's in addition to US$700 million it has agreed to pay KCS after it backed away from an agreement to be purchased by Calgary-based Canadian Pacific Railway Ltd.
This report by The Canadian Press was first published July 20, 2021.
Companies in this story: (TSX:CNR, TSX:CP)
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