Canadian National Railway Co. lowered its guidance for full-year 2019 adjusted EPS growth, citing a decline in rail demand in North America amid a weakening economy.

The railroad operator now expects its adjusted EPS to achieve growth in the high single-digit range in 2019, compared with a previous forecast of low double-digit growth. The company's adjusted EPS in 2018 was C$5.50.

The revised outlook assumes slightly negative volume growth this year in revenue ton miles, a measure of the relative weight and distance of freight transported, the company said.

Canadian National Railway said its third-quarter adjusted net income totaled C$1.20 billion, a gain of 8.4% from C$1.10 billion in the year-earlier period. Adjusted EPS climbed 10.7% year over year to C$1.66, beating the S&P Global Market Intelligence consensus normalized EPS estimate of C$1.62.

The company's GAAP net income rose 5.4% on an annual basis to C$1.20 billion, or C$1.66 per share, from C$1.13 billion, or C$1.54 per share.

Revenue grew year over year to C$3.83 billion from C$3.69 billion.

For the first nine months of 2019, the company's adjusted net income totaled C$3.29 billion, or C$4.56 per share, up from C$2.96 billion, or C$4.01 per share, in the same period a year ago.