(Montreal) Canadian National Railway Company (CN) has revised downward its 2024 profit forecast due to several factors, including the recent work stoppage that saw Canada’s two major railways halt operations.
The company made the announcement as it said its operations had recovered following the shutdown.
CN and Canadian Pacific Kansas City (CPKC) both locked out more than 9,000 workers in August after contract negotiations broke down.
The Canada Industrial Relations Board ordered employees back to work and ordered binding arbitration, both decisions challenged by the Teamsters union.
CN said it expects adjusted earnings per share growth in the low single-digit range, compared with a July projection of mid- to high-single-digit growth.
This July projection has also been revised downward due to uncertainty over the potential work stoppage.