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Canadian National Railway Co. upped its financial forecast for the year after reaping record first-quarter revenues due to a bumper grain crop and higher oil prices. The sunny outlook comes despite the CEO expecting a shrinking economy throughout much of the year, as volumes sag for shipping containers and some bulk cargo. “Our current volumes reflect that we are in a mild recession. And we’re uncertain about how deep or how long it will go on. But what we’re modeling is negative North American industrial production for the full year,” said chief executive Tracy Robinson on a conference call with analysts, warning of thinner margins for parts of 2023. While grains, coal and metals were still moving healthily this month, weaker volumes for container shipments, lumber and chemicals and plastics pulled down overall haulage figures by six per cent so far in April as measured in revenue ton miles – a key industry metric gauging how much a company makes per volume of freight transported – said CN chief financial officer Ghislain Houle. Retail and wholesale inventory levels have remained high across the country, reducing demand for CN container shipping – its highest grossing segment – with volumes dropping […]
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