Canadian National Railway (CNR)

Abro hilo para esta ferroviaria canadiense.

Gráfica preciosa, en máximos.

23 años incrementando dividendos, RPD del 1.80% a cotización actual y crecimientos del dividendo por encima del 10%: DGR1=10,3%, DGR3=13,3%, DGR5=16,2% y DGR10=14,7%.

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Yo la tengo hace tiempo en el radar, si la rpd subiera del 2% me lo plantearía.
Es un ejemplo perfecto de monopolio de facto.
La única línea que une la costa este, el Golfo de México y Chicago con Prince Rupert.
Yo no tenía idea de la existencia de este puerto, pero resulta que supone dos días menos de navegación desde Asia que la costa oeste de USA, por lo que es mucho más ventajoso llegar ahí y alcanzar el hub de Chicago en tren.

Financial 3Q 2019 results (22/10/2019)

Third-quarter 2019 compared to third-quarter 2018

  • Revenues increased by four per cent, or C$142 million, to C$3,830 million.
  • Diluted earnings per share (EPS) increased by eight per cent (or 11 per cent on an adjusted basis (1)) to C$1.66.
  • Operating ratio of 57.9 per cent, an improvement of 1.6 points.
  • Operating income increased by eight per cent, or C$121 million, to C$1,613 million.
  • Strong balance sheet with adjusted debt-to-adjusted-EBITDA of less than 2.0X (1).

Revised 2019 financial outlook

  • In light of the deterioration in North American rail demand, as the economy continues to weaken, CN is now targeting to deliver 2019 adjusted diluted EPS growth in the high single-digit range this year versus last year’s adjusted diluted EPS of C$5.50 (1), compared with its July 23, 2019 financial outlook which called for low double-digit growth in adjusted diluted EPS; and now assumes slightly negative volume growth in 2019 in terms of revenue ton miles (RTMs).

Fourth-quarter and year-end 2019 financial and operating results (28/01/2020)

Fourth-quarter 2019 compared to fourth-quarter 2018

  • Revenues of C$3,584 million, a decrease of six per cent.
  • Diluted earnings per share (EPS) of C$1.22, a decrease of 22 per cent, and adjusted diluted EPS of C$1.25, a decrease of 16 per cent.
  • Operating ratio of 66.0 per cent, an increase of 4.1 points, and adjusted operating ratio of 65.2 per cent, an increase of 4.0 points.
    • Operating income of C$1,218 million, a decrease of 16 per cent, and adjusted operating income of C$1,249 million, a decrease of 16 per cent.

Full-year 2019 compared to full-year 2018

  • Revenues of C$14,917 million, an increase of four per cent.
  • Diluted EPS of C$5.83, a decrease of one per cent and adjusted diluted EPS of C$5.80, an increase of five per cent.
  • Operating ratio of 62.5 per cent, an increase of 0.9 points, and adjusted operating ratio of 61.7 per cent, an increase of 0.2 points.
  • Operating income of C$5,593 million, an increase of two per cent, and adjusted operating income of C$5,708 million, an increase of three per cent.
  • Adjusted return on invested capital (adjusted ROIC) of 15.1 per cent, a decrease of 0.6 points. (1)

2020 outlook and shareholder distribution

  • CN is targeting to deliver EPS growth in the mid single-digit range this year compared to adjusted diluted EPS of C$5.80 in 2019.
  • CN is also targeting free cash flow in the range of C$3.0 billion to C$3.3 billion in 2020 compared to C$2.0 billion in 2019.
  • The Company’s Board of Directors approved a seven per cent increase to CN’s 2020 quarterly cash dividend, effective for the first quarter of 2020. This is the 24th consecutive year of dividend increase, demonstrating our confidence in the longterm financial health of the Company.
  • The Company’s Board of Directors also approved a new normal course
    issuer bid that permits CN to purchase, for cancellation, over a 12-month period up to 16 million common shares, starting on February 1, 2020, and ending no later than January 31, 2021.
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