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CN Rail profits inch down amid wildfires, labour standoffs
MONTREAL — Canadian National Railway Co. is reporting that profits nudged down in its latest quarter, when wildfires and labour disruptions took a toll on operations.
The country's largest railway says net income slipped by two per cent to $1.09 billion in the three months ended Sept. 30, down from $1.11 billion in the same period a year earlier.
The Montreal-based company says third-quarter revenues rose three per cent to $4.11 billion from $3.99 billion the year before.
On an adjusted basis, diluted earnings increased nearly two per cent to $1.72 per share from $1.69 per share last year, in line with analysts' expectations.
CEO Tracy Robinson says CN managed to recover quickly from problems posed by forest fires and "prolonged labour issues" during the quarter.
The hurdles included a grain workers strike in B.C. last month and a countrywide lockout at CN in August that snarled some shipments for weeks.
This report by The Canadian Press was first published Oct. 22, 2024.
Companies in this story: (TSX:CNR)
