CN expects earnings per share will be flat or slightly down this year compared with 2022. (Luke Sharrett/Bloomberg News)
Canadian National Railway Co. reported revenue of C$4.06 billion ($3.1 billion) in the second quarter, down 7% and missing analysts’ estimates.
Earnings fell 9% on an adjusted basis to C$1.76 per share, or 4 cents below the consensus of analysts compiled by Bloomberg.
The Montreal-based company cut its outlook for the year, saying demand is weakening for consumer goods, a clear signal of an economic slowdown.
The railway now expects earnings per share will be flat or slightly down this year compared with 2022. Previously, it expected to grow by mid-single digits.
“We’re now assuming that the economic recovery is pushed into 2024,” CEO Tracy Robinson told analysts.
“This team has dealt with a number of extreme weather-related issues over this past few months as well as a West Coast port strike over the last few weeks,” she said.
