Canadian National lowers 2024 profit forecast due to labor stoppages, wildfires
Adds details and background throughout
Sept 10 (Reuters) -Canadian National Railway (CN) CNR.TO lowered its profit forecast for 2024, citing the impact of labor stoppages and wildfires in Alberta.
Both CN and Canadian Pacific Kansas City CP.TO faced a threat of work stoppages by the Teamsters Canada Rail Conference Union, until the Canadian government called for binding arbitration to reach an agreement over a new contract.
The union has vowed to challenge the federal government's effort. Any resulting uncertainty might lead to a deadlock, impacting Canada's economy, which is significantly dependent on trains for transportation of various commodities and goods.
CN said the work stoppages, as well as the wildfires in Alberta, led to a quarter-to-date impact of about 20 cents per share to its earnings.
However, its operations have now recovered following several months of uncertainty, the company said.
The company now expects adjusted diluted earnings per share (EPS) growth in the low single-digit percentage range, compared to its previous forecast of a "mid to high single-digit" percentage growth.
It also sees adjusted return on invested capital in the range of 13% to 15%, down from its previous expectation of about 15%.
For 2024-2026, CN will target compounded annual adjusted diluted EPS growth in the high single-digit percentage range, it said.
Reporting by Abhinav Parmar in Bengaluru; Editing by Mohammed Safi Shamsi
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