CN Quarterly Earnings Decline

CN Train

CBJ — Canadian National Railway has reported slightly lower second quarter earnings primarily due to a decline in shipments that cut into revenue.  However, expectations are that the country’s largest rail company will see an increase in volumes in the months ahead.

In a statement, CEO Luc Jobin said the railway faced a “very challenging volume environment” in the quarter, but sees business improving in the second half. We expect the second quarter to be the volume trough for the year,.”

Montreal-based CN Rail confirmed its forecast for full-year earnings per share in line with last year’s $4.44 a share.

Net income fell to $858 million, or $1.10 a share, from $886 million, or $1.10 a share, a year earlier.

Revenue was down 9% to $2.84 billion, as carloads fell 12% to 1.25 million.

@CanBizJournal

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