Canadian National Railway Co. said it plans to cut spending, streamline management and buy back C$5 billion (about $4 billion) of stock next year as its tries to ward off a shareholder revolt started by TCI Fund Management Ltd.
The measures will allow the railway to increase operating earnings and profit per share by 20% next year, Canadian National said in a statement Sept. 17. It’s looking to improve its operating ratio, an industry measure of efficiency in which a lower number is better, to 57 next year. It was 61.6 in the second quarter.
