CN Rail is lowering its earnings forecast for the year after falling profits and revenue last quarter and a sluggish economic environment.
Canada's largest railway says it now expects flat to slightly negative adjusted diluted earnings in 2023, instead of the mid-single-digit growth it predicted three months ago.
CN reports net income fell by 12 per cent year over year to $1.17 billion in the quarter ended June 30.
It says revenues in its second quarter dropped seven per cent to $4.06 billion from $4.34 billion in the same period a year earlier.
On an adjusted basis, diluted earnings per share fell nine per cent to $1.76 from $1.93 the year before.
CN says lower consumer demand as well as disruptions caused by wildfires reduced freight service, particularly for containers, crude oil, grain exports and forest products.
(Canadian Press)
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