July 25, 2016 / 8:17 PM / 2 years ago

BRIEF-Canadian National posts Q2 earnings C$1.10/shr

July 25 (Reuters) - Canadian National Railway

* Qtrly carloadings declined 12 per cent and revenue ton-miles declined 11 per cent

* Qtrly operating ratio of 54.5 per cent was an improvement of 1.9-points over prior-year quarter

* Reiterate April 25, 2016, financial outlook of aiming to deliver 2016 EPS in line with last year’s adjusted diluted EPS of C$4.44

* Canadian National says assumes U.S. housing starts in range of 1.2 million units and U.S. motor vehicle sales of approximately 17.5 million units for 2016

* Co says now expects total carloads for 2016 will decrease in mid-single-digit range

* For balance of 2016, expect some markets to remain strong, including lumber and panels, automotive, refined petroleum products

* For balance of 2016, shipments of commodities related to oil and gas development expected to decrease relative to last year

* 2016 net income of C$858 million, or C$1.10 per diluted share

* Q2 adjusted earnings per share c$1.11

* Q2 earnings per share c$1.10

* Q2 revenue fell 9 percent to c$2.842 billion

* Says now assumes that north american industrial production for year will be slightly negative

* “CN continued to face a very challenging volume environment in Q2”

* On a constant currency basis, net income for Q2 would have been lower by C$23 million, or C$0.03 per diluted share

* Says “anticipate a bumper grain crop in canada”

* Now assumes 2016/2017 grain crops in both canada and u.s. Will be above their respective five-year averages

* For balance of 2016, international intermodal volumes expected to remain challenging Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)

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