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Canadian National Railway Co - Stock Quote CNI

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Morningstar's Canadian National Railway Co Stock Analysis

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Port Issues and Harsh Weather Hit Canadian National’s Q1 Carloads; Management Tempers OR Guide

Matthew Young, CFA Equity Analyst

Analyst Note

| Matthew Young, CFA |

Wide-moat rail Canadian National's first-quarter top line grew 5%  year over year (ignoring foreign exchange), driven by solidly higher average yields (reflecting healthy core rate gains, higher fuel surcharges, and mix), as carload volume fell a disappointing 6%. Revenue growth fell short of our forecast (and likely consensus) due to winter weather disruption and incremental port-related intermodal headwinds, which hit carload activity hard, though yields outperformed on soaring fuel surcharges. CN's adjusted operating ratio (expenses/revenue) deteriorated 30 basis points, to 66.6%—worse than we anticipated because of incremental fuel surcharge lag and lost volume-related leverage.

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Canadian National Railway Co's Company Profile

Business Description

Canadian National's railway spans Canada from coast to coast and extends through Chicago to the Gulf of Mexico. In 2019, CN delivered almost 6 million carloads over its 19,600 miles of track. CN generated roughly CAD 14 billion in total revenue by hauling intermodal containers (25% of consolidated revenue), petroleum and chemicals (21%), grain and fertilizers (16%), forest products (12%), metals and mining (11%), automotive shipments (6%), and coal (4%). Other items constitute the remaining revenue.

935 de La Gauchetiere Street West
Montreal, QC, H3B 2M9, Canada
T +1 514 399-4821
Sector Industrials
Industry Railroads
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 22,953

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