Canadian National (CNI) Achieves Record November Grain Shipment
Canadian National Railway Company CNI achieved its new record in November by moving over 3 million metric tonnes (MMT) of Canadian grain for second month in a row. Canadian National moved in more than 3.12 MMT of Canadian grains in its previous month. This is followed by an all-time record of 3.27 MMT moved in October. Notably, November is the company’s ninth straight month of record grain movement.
Containerized grain is also setting records by moving 400,000 metric tonnes directly from western Canada. Owing to the upbeat grain movement, the company’s Grain and Fertilizers segment is likely to perform well in fourth-quarter 2020. In the September-end quarter, revenues in the Grain and Fertilizers segment increased 10%.
Upbeat grain movement is also benefitting another Canadian railroad operator, Canadian Pacific Railway Limited CP. Evidently, Canadian Pacific transported 2.96 MMT of Canadian grain and grain products in November, up 8%.
Zacks Rank & Stocks to Consider
Canadian National currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Zacks Transportation sector are Knight-Swift Transportation Holdings Inc. KNX and Herc Holdings Inc. HRI, sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term expected earnings per share (three to five years) growth rate for Knight-Swift and Herc Holdings is pegged at 15% and 12.6%, respectively.
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Canadian National Railway Company (CNI) : Free Stock Analysis Report
KnightSwift Transportation Holdings Inc. (KNX) : Free Stock Analysis Report
Canadian Pacific Railway Limited (CP) : Free Stock Analysis Report
Herc Holdings Inc. (HRI) : Free Stock Analysis Report
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