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Canadian National Railway Shares Soar On Q2 Performance, Clocks 21% Revenue Growth

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  • Canadian National Railway (NYSE: CNI) reported a second-quarter revenue increase of 21% year-over-year to C$4.34 billion.

  • Adjusted EPS improved by 30% Y/Y to C$1.93.

  • CNI reported an operating income of C$1.77 billion (+28% Y/Y), and margin expanded by 231 bps to 40.7%, and an adjusted margin expanded by 260 bps to 41%.

  • The operating ratio was 59.3%, an improvement of 2.3-points, and the adjusted operating ratio of 59.0%, an improvement of 2.6-points.

  • Free cash flow for year-to-date was C$1.57 billion compared to C$1.28 billion for the same period in 2021.

  • Car velocity improved by 2% Y/Y, and through dwell (entire railroad, hours) improved by 6% Y/Y.

  • Fuel efficiency improved by 4% to a record of 0.838 US gallons of locomotive fuel consumed per 1,000 gross ton-miles (GTMs).

  • FY22 Outlook, reaffirmed: CNI expects to deliver ~15-20% adjusted diluted EPS growth. It targets an operating ratio below 60% and ROIC of ~15%.

  • It expects a free cash flow of C$3.7 billion - C$4.0 billion.

  • Price Action: CNI shares are trading higher by 15.88% at $135.34 during the post-market session on Tuesday.

  • Photo via Wikimedia Commons

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