CN Rail profits fall alongside container shipment revenue

By The Canadian Press on April 23, 2024.

CN rail trains are shown at the CN MacMillan Yard in Vaughan, Ont., on Monday, June 20, 2022. THE CANADIAN PRESS/Nathan Denette

MONTREAL – Canadian National Railway Co. says earnings slid last quarter amid higher labour costs and lower revenue from container shipments.

The country’s largest railroad operator is reporting that net income feel nearly 10 per cent to $1.10 billion in the three months ended March 31 versus $1.22 billion in the same period a year earlier.

The Montreal-based company says first-quarter revenue dipped by about one per cent to $4.25 billion from $4.31 billion the previous year.

CN says diluted earnings fell more than five per cent to $1.72 per share from $1.82 per share, roughly on par with analysts’ expectations of $1.73 per share, according to LSEG Data & Analytics.

CEO Tracy Robinson says the company’s growth opportunities are taking shape as the economy starts to ramp back up.

CN also says its board approved a second-quarter dividend of 84.5 cents per share that will be paid on June 28.

This report by The Canadian Press was first published April 23, 2024.

Companies in this story: (TSX:CNR)