Canadian National Railway Co. says it earned $1.11 billion in the second quarter, though it lowered its forecast for earnings growth as it faces the threat of a worker strike.
The Montreal-based railway says its net income was five per cent lower than the $1.17 billion in the same three months of 2023.
On an adjusted basis, the Montreal-based railway says it earned $1.17 billion in the second quarter of 2024, or $1.84 per share compared with $1.76 per share in the prior year’s quarter.
The railway reported revenues of $4.33 billion, a seven per cent increase year-over-year.
But CN said it is lowering its forecasted adjusted earnings per share growth for the year to the mid to high single-digit range, compared to an earlier forecast that predicted earnings per share growth of approximately 10 per cent.
The company attributed the revised forecast to continued uncertainty in light of a recent move by the Teamsters Canada Rail Conference union to reject CN’s offer to enter into binding arbitration, a development that heightens the risk of a work stoppage.
This report by The Canadian Press was first published June 23, 2024.
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