Canadian National Railway Co. says it reaped record first-quarter revenues due a bumper grain crop and higher oil prices. CN rail trains are shown at the CN MacMillan Yard in Vaughan, Ont., on Monday, June 20, 2022. THE CANADIAN PRESS/Nathan Denette
MONTREAL – Canadian National Railway Co. says it reaped record first-quarter revenues due to a bumper grain crop and higher oil prices.
CN is reporting revenues of $4.31 billion for the quarter ended March 31, a 16 per cent boost from $3.71 billion a year earlier.
The Montreal-based company says net income jumped to $1.22 billion in its first quarter from $918 million in the same period last year.
On an adjusted basis, diluted earnings increased 38 per cent to $1.82 from $1.32 a year ago, beating analyst expectations of $1.72 per share, according to financial data firm Refinitiv.
CN is also boosting its forecast for the year, predicting adjusted diluted earnings per share growth in the mid-single digits compared with 2022, up from a low single-digit target set in January.
The company says its board approved a second-quarter dividend of 79 cents per common share, to be paid after markets close on June 30.
This report by The Canadian Press was first published April 24, 2023.
Companies in this story: (TSX:CNR)
