UPDATE 2-CN Rail's profit boosted by Toronto track sale

* First quarter EPS C$0.90 vs C$0.64

* Revenue C$1.86 billion vs C$1.93 billion

* Items, efficiencies offset lower revenues

* Word may come soon on next CE0 (Updates with conference call)

VANCOUVER, British Columbia, April 20 (Reuters) - A gain from a track sale and other items helped Canadian National Railway Co (CNR.TO) (CNI.N) post a higher quarterly profit on Monday, offseting the impact of the weak economy.

The railway remains leery of predicting when the economy will rebound, but said operational changes adopted in recent years were reflected in lower expenses in the quarter and will help even more when freight traffic rebounds.

"I'm very encouraged, even in this environment, that this organization is going to do better than most," Chief Executive Hunter Harrison told analysts.

Harrison, a veteran U.S. rail executive credited with making CN one of North America's most efficient major railroads, also hinted that the company is close to naming a replacement for when he retires at the end of the year.

"I think 'soon' is fair," Harrison said when asked about the timing of the announcement.