(Kristine Owram – Financial Post)
Canadian National Railway Co. has cut its forecast for energy-related shipments, but still expects strong earnings growth this year thanks to “solid” consumer confidence.
The Montreal-based railway said Monday it now expects to ship 40,000 more carloads of energy-related commodities in 2015, well below its earlier forecast that called for growth of 75,000 carloads. However, CN also reaffirmed its forecast for a double-digit increase in earnings per share this year.
“We continue to be confident in terms of CN’s prospects, notwithstanding the fact that we are experiencing conditions that are weaker than expected in energy-related markets as well as coal exports,” chief financial officer Luc Jobin said on a conference call following the release of the company’s first-quarter results Monday. Click here to read more.