MONTREAL, QUEBEC, CANADA — Labor uncertainty, a weaker-than-expected macro environment and fuel price fluctuations contributed to a decline in Canadian National’s (CN) adjusted net income for the year ended Dec. 31, 2024.

The company posted adjusted net income of C$4.51 billion ($3.1 billion), equal to C$7.10 per share, down from C$4.8 billion, or C$7.28 per share, a year ago.

An early onset winter and the continuing labor uncertainty also lowered results for the fourth quarter. Winter conditions drove lower capital credits from less capital work, led to higher unproductive labor costs, along with winter-related costs like snow clearing. Adjusted net income for the quarter was C$1.15 billion, which compared with C$1.31 billion in the same quarter the previous year.  

Revenue ton miles for the year reached 235.5 billion, an increase of 1%.

“Thanks to our team and the strength of our operating model, we were able to quickly recover from several shocks across the supply chain in 2024,” said Tracy Robinson, president and chief executive officer, CN. “We have good momentum as 2025 begins, and we are well positioned to drive growth with our customers and operating leverage across our system.”

Grain and fertilizers accounted for C$3.4 billion in revenue in 2024, up 5% from C$3.27 billion in 2023. Revenue ton miles for the segment were up 2% to 64.6 billion.