Canadian National Railway (CNR) has reported a 24% decline in its third-quarter profit from a year ago due largely to a strike at British Columbia seaports that occurred in July of this year.
The strike, which shutdown Canada’s West Coast shipping terminals for 13 days during Q3, hurt the rail operator’s cargo volumes, as did wildfires and flooding across the country.
Consequently, CN Rail reported Q3 net income, or profit, of $1.11 billion, down 24% from $1.46 billion a year earlier.
The Montreal-based company’s revenues in the July through September quarter declined 12% to $3.99 billion from $4.51 billion a year ago.
Executives at CN Rail said they now expect flat to slightly negative earnings for all of this year.
The stock of Canadian National Railway has fallen 11% year-to-date and currently trades at $144.99 per share.
