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Blog Entry# 1353740  
Posted: Jan 28 2015 (15:33)

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Jan 28 2015 (15:33)  

Guest: 68cbcb84   show all posts
Entry# 1353740            Tags   Past Edits
CN Rail increases dividend by 25%, biggest hike in railway’s history
Canadian National Railway Co. announced the biggest dividend increase in its history Tuesday, signalling its confidence in the future despite slowing growth in crude-by-rail and other energy-related commodities.
“There’s uncertainty out there,” CN chief executive Claude Mongeau said on a conference call following the release of the company’s fourth-quarter results. “You read the news flow, oil prices, what’s happening in Europe, layoffs in Canada … but we believe the environment is conducive to continued growth, especially as we see the impact of
lower oil prices on consumer income.”
As a result, CN boosted its annual dividend by 25% to $1.25 and said it will gradually move towards a payout ratio — the proportion of earnings paid out as dividends to shareholders — of 35%.
Despite brutal winter weather at the beginning of 2014, CN’s full-year volumes reached record levels, with revenue ton-miles — a measure of the weight and distance of freight transported — up 10%.
“We clearly outpaced the economy and we continue to do so with solid growth across the board,” Mr. Mongeau said.
“That confidence in our prospects is what gave confidence to our board to accept our recommendation to increase the dividend by 25%.”
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