A CN locomotive sits idle at the CN Stuart Yard west of the West Harbour GO station in Hamilton, Ont., on Aug. 22, 2024.Peter Power/The Canadian Press
Canadian National Railway Co. CNR-T says profits rose five per cent in its latest quarter as the country’s biggest railroad operator worked through a trade war set off by U.S. President Donald Trump.
CN is reporting net income rose to $1.16 billion in the first quarter, from $1.10 billion the year before.
The Montreal-based company says revenues increased four per cent to $4.40 billion in the three months ended March 31 from $4.25 billion in the same period a year earlier.
It says diluted earnings per share jumped nearly eight per cent to $1.85 from $1.72.
The railway says cargo volumes – as measured in revenue ton miles, a key metric gauging how many tons of freight are hauled in a mile – increased one per cent year-over-year.
In a release Thursday, CN said its financial forecast for 2025 remains unchanged, but stressed the “heightened recessionary risk related to tariffs and trade actions” taken by the U.S. and other countries.
Shares were up 5% at midday Friday.
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