CN’s Robinson: ‘Our Team of Railroaders Delivered to Plan’
Among CN’s first-quarter 2024 results:
- Revenues of C$4.249 billion, down C$64 million or 1% from first-quarter 2023’s C$4.313 billion.
- Revenue ton miles (RTMs) remained flat at 59.749 million.
- Operating income of C$1.546 billion, a decrease of C$116 million, or 7%.
- Operating ratio, defined as operating expenses as a percentage of revenues, of 63.6%, an increase of 2.1 points.
- Diluted earnings per share (EPS) of C$1.72, a decrease of 5%.
Reaffirming 2024 and Long-Term Financial Outlook
“CN reaffirms its 2024 outlook and expects to deliver adjusted diluted EPS growth of approximately 10% and expects to invest approximately C$3.5 billion in its capital program, net of amounts reimbursed by customers,” the Class I reported. CN also expects return on invested capital (ROIC) to be within the targeted range of 15%-17%.
CN says it reiterates its longer-term financial perspective and continues to target compounded annual diluted EPS growth in the range of 10%-15% over the 2024-2026 period “driven by growing volumes more than the economy, pricing above rail inflation and incrementally improving efficiency, all of which assumes a supportive economy.”
For more details, visit the CN Investors webpage.
