CN Rail rides higher grain volumes, oil prices to record first-quarter revenue

MONTREAL –

Canadian National Railway Co. says it reaped report first-quarter revenues because of a bumper grain crop and better oil costs.

CN is reporting revenues of $4.31 billion for the quarter ended March 31, a 16 per cent increase from $3.71 billion a yr earlier.

The Montreal-based firm says web earnings jumped to $1.22 billion in its first quarter from $918 million in the identical interval final yr.

On an adjusted foundation, diluted earnings elevated 38 per cent to $1.82 from $1.32 a yr in the past, beating analyst expectations of $1.72 per share, in accordance with monetary knowledge agency Refinitiv.

CN can be boosting its forecast for the yr, predicting adjusted diluted earnings per share development within the mid-single digits in contrast with 2022, up from a low single-digit goal set in January.

The firm says its board permitted a second-quarter dividend of 79 cents per widespread share, to be paid after markets shut on June 30.

This report by The Canadian Press was first revealed April 24, 2023.