04:38 PM EDT, 04/23/2024 (MT Newswires) -- Canadian National Railway ( CNI ) moved lower in after-hours New York trading after the company on Tuesday reported its first-quarter profit fell on lower revenue.

The railway reported first-quarter earnings fell 9.6% to C$1.1 billion, or C$1.72 per share, down from C$1.22 billion, or C$1.82. The result matched the consensus forecast of C$1.72 per share according to Capital IQ.

First-quarter revenue fell 1.5% to C$4.25 billion versus a forecast C$4.28 billion as per Capital IQ and last year's C$4.31 billion.

The company's operating ratio, an efficiency measure where lower is better, rose 2.1 percentage points to 63.6%.

CN reaffirmed its 2024 outlook and expects to deliver adjusted diluted EPS growth of approximately 10% and expects to invest approximately C$3.5 billion in its capital program, net of amounts reimbursed by customers. The company also expects return on invested capital to be within the targeted range of 15%-17%.

"Our team of railroaders delivered to plan in the first quarter and our scheduled operating model continued to enhance our service to customers. Looking forward, we are confident for 2024. We are seeing the expected improvements in the economy, and our CN-specific growth opportunities are materializing," chief executive Tracy Robinson said in a release.

CN reiterates its longer-term financial perspective and continues to target compounded annual diluted EPS growth in the range of 10%-15% over the 2024-2026 period driven by growing volumes more than the economy, pricing above rail inflation and incrementally improving efficiency, all of which assumes a supportive economy.

The company's shares were last seen down US$0.85 to US$128.55 in after-hours trading. They closed down C$0.40 to C$176.79 on the Toronto Stock Exchange.

Price: 176.75, Change: -0.44, Percent Change: -0.25