Canadian National Railway 1Q Profit Drops, Hit by Lower Revenue
By Sabela Ojea
Canadian National Railway said profit dropped in the first quarter after posting a decline in revenue.
The Montreal-based rail operator on Tuesday posted a profit of 1.1 billion Canadian dollars ($802.9 million), or C$1.72 a share, compared with C$1.22 billion, or C$1.82 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of C$1.71.
Revenue fell 1.5% to C$4.25 billion, missing analysts expectations of C$4.28 billion, according to FactSet.
Regarding its outlook, the company said it is seeing the expected improvements in the economy.
"Our CN-specific growth opportunities are materializing," Chief Executive Tracy Robinson said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
April 23, 2024 16:44 ET (20:44 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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