CN Rail reports second-quarter losses

Canadian National Railway's second-quarter earnings went down slightly to $858 million as oil and coal shipments dropped, the Canadian Press reports.

While shipments of energy-related commodities were down, the company says its losses were offset by higher returns from U.S.-dollar-priced shipments, higher freight costs and increased shipments of lumber, CP reports.

CN Rail’s revenue dropped nine per cent to $2.84 billion in the quarter from $3.13 billion in the second quarter of 2015, with coal revenue down 36 per cent, metals and minerals down 17 per cent, and petroleum and chemicals down 16 per cent, CP reports.

Forest-related products were the only sector to see increases in revenue, climbing four per cent in the quarter.

CN Rail told CP that an expected bumper grain crop in Canada should boost shipping volumes throughout the latter half of the year.