CN reaffirms strong profit forecast

Canadian National said earlier this year that it was expecting double-digit in earnings-per-share growth in 2010, and Chief Financial Officer Luc Jobin told a National Bank Financial conference Wednesday that "so far the numbers are supporting that view, despite the headwind of a stronger Canadian dollar. He added that “the first quarter is off to a good start, but it’s still early in the year.”

The Canadian dollar is about 10% stronger vs. the U.S. dollar than it was a year ago, said Jobin; that means CN’s U.S.-dominated revenues are depressed when converted to Canadian currency.

Jobin said CN anticipates about C$700 million (US$686 million) in free cash flow this year.