Canadian National Railway 4Q Profit Rises Despite Lower Volumes
By Ben Glickman
Canadian National Railway's profit rose despite still-weak freight volumes in the fourth quarter.
The Montreal-based rail operator posted a profit of 2.13 billion Canadian dollars ($1.58 billion), or C$3.29 a share, in the quarter ended Dec. 31, compared with C$1.42 billion, or C$2.10 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of C$1.97.
Stripping out certain one-time items, adjusted per-share earnings came to C$2.02, ahead of the C$1.99 forecast by analysts, according to FactSet.
Revenue fell 2% to C$4.47 billion, beating the C$4.37 billion expected by analysts polled by FactSet.
The company said the lower revenue was caused by lower volumes in intermodal and grain. CN's top line was also dented by lower fuel prices, which brought down container storage fees and fuel surcharge revenue.
In 2024, Canadian National Railway expects adjusted earnings per share to grow about 10% and to invest about C$3.5 billion in its capital program, net of amounts reimbursed by customers.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
January 23, 2024 16:39 ET (21:39 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
How the Tokyo Stock Exchange Is Pushing for Better Capital Allocation
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
When Will the Fed Start Cutting Interest Rates?
-
What’s the Difference Between the CPI and PCE Indexes?
-
Powell Unfazed By Sticky Inflation, but Rate Cuts Are Far Off
-
After Earnings, Is Microsoft Stock a Buy, a Sell, or Fairly Valued?
-
Amgen Earnings: Obesity Drug Update Is Highly Encouraging
-
What’s Going on With Apple, Tesla, and Alphabet?
-
Apple Earnings: A Weak 2024, but Optimism for 2025
-
4 Utility Stocks to Play the AI Data Center Boom
-
Albemarle Earnings: We Expect Improved Results In the Rest of Year Following Cyclically Low Profits
-
Novo Nordisk Earnings: Raised Fair Value Estimate Still a Contrast to Market Overenthusiasm
-
After Earnings, Is Verizon Stock a Buy, a Sell, or Fairly Valued?
-
Look Inside Berkshire Hathaway’s Portfolio Before Its Annual Meeting