MONTREAL — CN Rail is raising its quarterly dividend 10 per cent after its 2017 profits surged 51 per cent to nearly $5.5 billion due to lower U.S. taxes.
The country’s largest railway says it will pay 45.5 cents per common share on March 29, to shareholders of record on March 8.
During the fourth quarter, the Montreal-based railway earned $2.61 billion or $3.48 per share. That compared to $1.1 billion or $1.32 per share a year earlier.
Excluding a $1.76 billion deferred income tax recovery, profits decreased six per cent to $897 million or $1.20 per share.
Revenues increased two per cent in the quarter ending Dec. 31 to $3.28 billion.
For the full year, revenues were up eight per cent to $13 billion.
Adjusted profits were up six per cent to $3.8 billion or $4.99 per share.
Companies in this report: (TSX:CNR)
The Canadian Press