Transportation
CN Railway Misses Estimates as Consumer Goods Shipments Drop
A Canadian National Railway locomotive in Montreal, Quebec.
Photographer: Christinne Muschi/BloombergThis article is for subscribers only.
Canadian National Railway Co. spelled out a challenging picture for the North American economy as earnings fell short of expectations in the third quarter, partly due to falling demand for consumer goods.
Revenue dropped 12% from last year to C$3.99 billion ($2.9 billion), missing analyst estimates of C$4.05 billion. On an adjusted basis, the railway’s earnings came in at C$1.69 per share, missing Bloomberg consensus estimates by 3 Canadian cents.