CN’s Second-Quarter Income Declines

Canadian National Railway Co. said its second-quarter profit declined 29% as a result of flat revenue and an income tax recovery charge.

Canada’s largest freight rail line earned C$516 million or C$1.01 per share, compared with C$729 million or C$1.35 a year ago.

Revenue rose 1.4% to C$2.03 billion.

CN also cut its 2007 earnings outlook, the Associated Press reported.