A former lease unit leads a Canadian Naitonal intermodal trian at Byron, Wis., on Sept. 13, 2020. David Lassen
MONTREAL – Canadian National has lowered its financial outlook for the year due to the impact of several factors, including the rail labor uncertainty and work stoppage in Canada, wildfires in Alberta, weaker than expected demand for forest products and metals, and delayed recovery of international intermodal volumes.
CN now expects to deliver earnings per share growth in the low single-digit range, compared to its July expectation of mid to high single-digit growth. As a result of the reduction to earnings, CN now expects adjusted return on invested capital to be in the 13%-15% range, compared to its July expectation of approximately 15%.
In light of updated expectations for 2024, and a weaker than expected economic environment, CN is replacing all its current…