Canadian National Railway Co. says it reaped record first-quarter revenues due to a bumper grain crop and higher oil prices.

CN is reporting revenues of $4.31 billion for the quarter ended March 31, a 16 per cent boost from $3.71 billion a year earlier.

The Montreal-based company says net income jumped to $1.22 billion in its first quarter from $918 million in the same period last year.

On an adjusted basis, diluted earnings increased 38 per cent to $1.82 from $1.32 a year ago, beating analyst expectations of $1.72 per share, according to financial data firm Refinitiv.

CN is also boosting its forecast for the year, predicting adjusted diluted earnings per share growth in the mid-single digits compared with 2022, up from a low single-digit target set in January.

The company says its board approved a second-quarter dividend of 79 cents per common share, to be paid after markets close on June 30.