Canadian National Railway Co. CNR-T says year-over-year profits fell by nearly half in its latest quarter amid lower volumes across virtually all freight segments.
The country’s largest railway is reporting net income for the three months ended Dec. 31 dropped 46 per cent to $1.15 billion, down from $2.13 billion in the same period the year before.
The Montreal-based company says fourth-quarter revenue dipped three per cent to $4.36 billion from $4.47 billion a year earlier.
On an adjusted basis, diluted earnings per share decreased to $1.82 from $2.02 per share, below analysts’ expectations of $1.96 per share, according to financial markets data firm Refinitiv.
CN is forecasting growth in adjusted diluted earnings per share of between 10 per cent and 15 per cent for 2025 alongside $3.4 billion of capital investment. It also announced a five per cent dividend increase Thursday.
CEO Tracy Robinson says the company was quick to recover from supply chain shocks last year that ranged from wildfires to work stoppages.