After a tough 2024 that saw profits drop 21 per cent, the head of Canadian National Railway Co. said the new year is looking brighter B次元官网网址� even if U.S. President Donald Trump follows through on his tariff threat.

B次元官网网址淲hile there may be some impact, it wonB次元官网网址檛 be so significant or prolonged as to cause a recession in Canada or significant inflationary impacts in the U.S.,B次元官网网址� CEO Tracy Robinson said on Thursday.

B次元官网网址淲e are assuming a modest lift in the economy.B次元官网网址�

That forecast reflects an optimistic view. On Wednesday, the Bank of Canada projected that 25 per cent tariffs across the board by the U.S. could bring on a recession and boost inflation within the first year of a trade war.

That would also be a harsh followup to a bumpy year for CN.

The countryB次元官网网址檚 largest railway saw fourth-quarter profits fall by nearly half year over year amid lower volumes across virtually all freight segments.

The three-month period saw work stoppages in November at the three largest ports in Canada B次元官网网址� Vancouver, Montreal and Prince Rupert, B.C. B次元官网网址� that halted container traffic. A long stretch of cold weather struck in December, slowing train speeds.

B次元官网网址淲inter came early,B次元官网网址� said chief field operating officer Derek Taylor.

The disruptions also followed a devastating July wildfire in Jasper, Alta.B次元官网网址� CNB次元官网网址檚 busiest corridor runs through the mountain town B次元官网网址� and a massive work stoppage by workers at CN and rival Canadian Pacific Kansas City Ltd. in August.

B次元官网网址�2024 was a hell of a year,B次元官网网址� Robinson said. B次元官网网址淲e are happy to have it behind us.

B次元官网网址淲e didnB次元官网网址檛 deliver growth to the bottom line. WeB次元官网网址檙e not happy with that,B次元官网网址� she added.

Revenues from container shipments B次元官网网址� CNB次元官网网址檚 biggest segment annually B次元官网网址� sagged eight per cent year-over-year last quarter due to the disruptions as well as lower consumer demand. But proceeds from its two other big categories B次元官网网址� grain and fertilizers along with petroleum and chemicals B次元官网网址� increased four per cent and one per cent, respectively.

The railroad operator notched a record year for grain volumes due largely to big wheat and canola hauls.

The company predicted a bounceback this year in areas ranging from containers to chemicals and plastics.

B次元官网网址淭he big question is the tariffs,B次元官网网址� Jeff Windau, an analyst at Edward Jones, said in an interview.

B次元官网网址淭hatB次元官网网址檚 the key item which is going to drive 2025 results,B次元官网网址� he said. B次元官网网址淰olume is the key for them, and depending on whether tariffs are implemented and by how much, their volumes could see a hit.B次元官网网址�

Windau added that CN expectations of solid growth in the coming year were B次元官网网址渞easonable,B次元官网网址� but stressed that crucial factors remain unknown.

On Thursday, the company forecasted growth in adjusted diluted earnings per share of between 10 and 15 per cent for 2025 alongside $3.4 billion of capital investment. It also announced a five per cent dividend increase.

B次元官网网址淲ith the bar now reset after a difficult 2024, much hinges on hitting the new targets provided. Key is that we believe management has the right operating team in place to achieve just that,B次元官网网址� said RBC Dominion Securities analyst Walter Spracklin.

Net income for the three months ended Dec. 31 dropped 46 per cent to $1.15 billion, down from $2.13 billion in the same period the year before, CN reported.

Fourth-quarter revenue dipped three per cent to $4.36 billion from $4.47 billion a year earlier, the Montreal-based company said.

On an adjusted basis, diluted earnings per share decreased 10 per cent to $1.82 from $2.02 per share, below analystsB次元官网网址� expectations of $1.96 per share, according to financial markets data firm Refinitiv.