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Canadian National Railway announce share buybacks

NEW YORK (AP) -- Canadian National Railway Co. said Monday that it would spend up to $1.4 billion to buy back shares.

That would cover up to 18 million shares, the freight railroad operator said. The company had 431.5 million outstanding shares on Oct. 15.

Separately, the company reported a slight increase in third-quarter earnings as operating costs grew faster than revenue because of expenses for labor and fuel.

U.S.-traded shares fell 30 cents to close at $87.87. During extended training after earnings were announced, they fell 26 cents to $87.61.