(Montreal) Canadian National Railway Company (CN) says its profits fell in the first quarter due to higher labor costs and lower revenue from container shipments.
The country’s largest railway operator reports that its net profit rose almost 10% to 1.10 billion in the quarter ended March 31, compared to 1.22 billion for the same period a year earlier.
The Montreal company says its first quarter revenues fell by about 1%, to $4.25 billion, compared to $4.31 billion the previous year.
CN says diluted earnings fell more than 5%, from $1.82 per share to $1.72 per share, roughly in line with analysts’ expectations of $1.73 per share, according to LSEG Data & Analytics.
President and CEO Tracy Robinson says the company’s growth opportunities are taking shape as the economy begins to restart.
CN also said its board of directors approved a dividend of 84.5 cents per share for the second quarter, which will be paid on June 28.