Aurizon shares fell 5 per cent on Tuesday as the country’s largest ASX-listed rail freight company said earnings for the 2023 financial year would come in at the lower end of forecasts, which it had already downgraded.

The group, which blamed the lower earnings on “prolonged wet weather, mine production issues and some labour shortages impacting the March quarter”, updated its guidance at an investor presentation during which it outlined a new strategy to maximise the use of the Port of Darwin.