Canadian National Railway (NYSE:CNI) stock slipped in Tuesday’s extended session after offering soft guidance for the year ahead.

For the fourth quarter reported after the bell, the company beat on top and bottom lines. The Montreal-based industrial operator notched C$2.10 in diluted earnings per share, up 23% from the prior year quarter and above the C$2.08 analyst consensus. Meanwhile, C$4.54B in revenue also edged the Wall Street consensus of C$4.48B.

The company’s operating ratio remained unchanged from Q4 2021 at 57.9%.

“Our approach to scheduled railroading improved our service to our customers, drove operational efficiency, and built the resiliency that enabled a rapid recovery during the extreme winter conditions late in the quarter,” CEO Tracy Robinson commented. “As we look to 2023, we believe our back-to-basics strategy and disciplined operating model will continue to deliver despite the softening economy.”

However, that expectation of a macro weakness carried through to guidance.

“CN expects to deliver EPS growth in the low single-digit range due to a softer economic outlook,” the company’s full-year forecast concluded.

Shares of Canadian National (CNI) slipped 5.66% shortly after the print was released.

Elsewhere, the company announced a new C$4B share repurchase authorization as well as an 8% dividend hike.

“We are pleased to uphold our track record of consistent dividend growth. Our share repurchase program reflects our prudent approach in returning a significant amount of capital to shareholders despite a softening economy,” CFO Ghislain Houle said. “This is a testament to our confidence in the strong cash flow generation capacity of CN throughout business cycles.”

Dig into the details of the quarterly report.