Sector Update: Industrials; SNC-Lavalin Renews GTAA Contract, CN Rail Posts Q2 Beat


Industrial stocks were mixed in afternoon trading, and the S&P/TSX Industrials index was up 1.38%.

Canadian National Railway (CNR.TO): +2.4%

SNC-Lavalin (SNC.TO): -0.3%

Bombardier (BBD-B.TO): -0.5%

Canadian Pacific Railway (CP.TO): +2.1%

Dragonwave (DWI.TO): -3.6%

In corporate news, SNC-Lavalin Tuesday reported that the Greater Toronto Airport Authority ( GTAA ) has renewed its contract with the engineering and construction company for the operation and maintenance of GTAA's co-generation and central utilities plant for another five years, with the possibility of one two-year extension.

SNC-Lavalin designed and built the facility in 2005 and has been the power plant's operator since then.

Meanwhile, CN Rail Monday reported second quarter net income of C$847 million, or C$1.03 per diluted share, compared with net income of C$717 million, or C$0.84 per diluted share, for the year-earlier quarter. This beat forecasts for EPS of near C$1. CN's key operating ratio for Q2-2014 improved by 1.3 points to 59.6% from 60.9% for the year-earlier quarter.

Operating income for the second-quarter of 2014 increased 21% to C$1,258 million. Second-quarter 2014 revenues increased 17% to C$3,116 million, revenue ton-miles grew by 14%, and carloadings increased 11%.

Free cash flow for the first half of 2014 was C$1,270 million, compared with C$788 million.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: GTAA

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