Canadian National Railway Co. CNR-T says earnings slid last quarter amid higher labour costs and lower revenue from container shipments.
The country’s largest railroad operator is reporting that net income fell nearly 10 per cent to $1.10-billion in the three months ended March 31 compared with $1.22-billion in the same period a year earlier.
The Montreal-based company says first-quarter revenue dipped by about one per cent to $4.25-billion from $4.31-billion the previous year.
CN says diluted earnings fell more than 5 per cent to $1.72 a share from $1.82 a share, roughly on par with analysts’ expectations of $1.73 a share, according to LSEG Data & Analytics.
Chief executive Tracy Robinson says the company’s growth opportunities are taking shape as the economy starts to ramp back up.
CN also says its board approved a second-quarter dividend of 84.5 cents a share that will be paid on June 28.