Canadian National Railway (CNR) has reported record first-quarter revenue of $4.31 billion due to strong grain shipments and elevated oil prices.
The Montreal-based rail operator said its Q1 revenue was up 16% from $3.71 billion a year earlier.
CN Rail also announced that its net income in the quarter ended March 31 rose to $1.22 billion from $918 million a year ago.
Earnings per share (EPS) grew 38% to $1.82 from $1.32 a year earlier and beat the $1.72 consensus forecast of analysts surveyed by Refinitiv.
Looking ahead, CN Rail lifted its full-year 2023 forecast, saying it now expected EPS growth in the mid-single digits, up from a low single-digit target set previously.
Lastly, the company announced a second-quarter dividend of $0.79 per share to be paid on June 30 of this year.
CN Rail’s stock has gained 6% over the past 12 months and currently trades at $168.27 per share.
