Canadian National boosts dividend 8% and announces 32M share repurchase

CN’s Board of Directors also approved a first-quarter 2023 dividend on the Company’s common shares outstanding. A quarterly dividend of seventy-nine cents per common share will be paid on March 31 to shareholders of record at the close of business on March 10. The company announced that its Board of Directors has approved the repurchase of its shares under a new normal course issuer bid , as well as an 8% increase in the 2023 dividend on the Company’s common shares outstanding. The Bid, in the range of C$4 billion, permits CN to purchase, for cancellation, over a 12-month period up to 32 million common shares, representing 4.8% of the 671,253,977 common shares issued and outstanding of the Company on January 18, 2023. "We are pleased to uphold our track record of consistent dividend growth. Our share repurchase program reflects our prudent approach in returning a significant amount of capital to shareholders despite a softening economy. This is a testament to our confidence in the strong cash flow generation capacity of CN throughout business cycles." Ghislain Houle, Executive Vice-President and Chief Financial Officer, CN The Bid will be conducted between February 1, 2023 and January 31, 2024 through a combination of discretionary transactions and automatic repurchase plans at market prices prevailing at the time of purchase, through the facilities of the Toronto and New York stock exchanges, or alternative trading systems in Canada and in the United States, if eligible, and will conform to their regulations.