MONTREAL, QUEBEC, CANADA — Canadian National Railway (CN) saw revenues in 2023 dip 2% on lower shipments of intermodal, crude oil, US grain and forest products as well as lower container storage fees and lower fuel surcharge revenues.

The Class I railroad posted revenue of C$16.828 billion (US$12.49 billion) for the year, down from C$17.107 billion in 2022. For the fourth quarter ended Dec. 31, the company reported revenue of C$4.471 billion, down from C$4.542 billion a year earlier.

Lower shipments were partially offset by freight rate increases, higher Canadian grain export shipments and higher shipments of potash and the positive translation impact of a weaker Canadian dollar.

“Through 2023, our team of dedicated railroaders leveraged our scheduled operating model to deliver exceptional service for our customers and remained resilient in the face of numerous external challenges,” said Tracy Robinson, president and chief executive officer of CN. “Looking forward, we are optimistic as CN specific growth initiatives are producing volumes. While economic uncertainty persists, we have the momentum to deliver sustainable profitable growth in 2024.”

Overall revenue from grain and fertilizer was up 17% for the year to C$3.625 billion and up 4% for the quarter to C$994 million.

In 2024, CN expects to deliver diluted adjusted EPS growth of approximately 10% and expects to invest approximately C$3.5 billion in its capital program, net of amounts reimbursed by customers.