CNI - Canadian National Railway Company

NYSE - NYSE Delayed Price. Currency in USD
96.88
-0.91 (-0.93%)
At close: 4:00PM EDT

96.88 0.00 (0.00%)
After hours: 4:15PM EDT

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Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
    9M+
Previous Close97.79
Open98.00
Bid96.96 x 800
Ask97.80 x 900
Day's Range96.87 - 99.12
52 Week Range65.13 - 99.12
Volume702,223
Avg. Volume941,661
Market Cap68.581B
Beta (5Y Monthly)0.62
PE Ratio (TTM)16.50
EPS (TTM)5.87
Earnings DateN/A
Forward Dividend & Yield1.70 (1.74%)
Ex-Dividend DateSep 08, 2020
1y Target Est99.06
  • Do Railroad Takeovers Only Happen in Crises?
    Bloomberg

    Do Railroad Takeovers Only Happen in Crises?

    (Bloomberg Opinion) -- The time may finally be right for another big railroad deal. All it took was another economic downdraft.Private equity firms Blackstone Group Inc. and Global Infrastructure Partners are reportedly weighing a joint bid for Kansas City Southern that would value the railroad at about $21 billion including debt. Any takeover would also add to an aggressive flurry of dealmaking over the past few days after a pandemic-inspired lull. Siemens Healthineers AG agreed to buy U.S. radiotherapy company Varian Medical Systems Inc. for about $16 billion, while 7-Eleven owner Seven & i Holdings Co. is paying $21 billion for Marathon Petroleum Corp.’s Speedway gas stations. Waiting in the wings is a potential takeover of the popular video-sharing app TikTok and a Nvidia Corp. buyout of SoftBank Group Corp.’s Arm Ltd. chip-designing business. The sudden rash of dealmaking suggests buyers with supple balance sheets are getting more comfortable with the trajectory of an eventual recovery from the coronavirus pandemic, even as cases surge again.It’s notable that railroads may be included in this latest deal frenzy. There hasn’t been a major takeover of a North American railroad since Warren Buffett’s Berkshire Hathaway Inc. struck a $36 billion deal for Burlington Northern Santa Fe in 2009. There were attempts by Canadian Pacific Railway Ltd. under the leadership of legendary railroader Hunter Harrison to seek a merger first with CSX Corp. in 2014 and then Norfolk Southern Corp. in 2015, but the carrier was rebuffed each time amid antitrust concerns. The failed talks showed the hurdles for any merger between the largest North American train operators after a wave of dealmaking in the late 1990s consolidated the industry into effectively seven main players, of which Kansas City Southern is the smallest and one of the few with major infrastructure in Mexico. As Buffett proved, though, a private investor is a different story. The irony may be that Harrison, a big believer in the benefits of consolidation who died in 2017, may have done more to prolong the lull in railroad dealmaking than bring it back. Before his death, Harrison served a brief term as CEO of CSX. His tenure there was tumultuous and he managed to ruffle quite a few feathers, but in the end, he was able to prove to both investors and his fellow railroad CEOs that his signature “precision-scheduled railroading” — a strategy for reducing the capital, cars and people needed to run trains efficiently — could work for U.S. carriers.Analysts had previous contended the U.S. railroads’ circuitous lines across mountainous terrain would make it more difficult for them to reach the levels of profitability that Harrison had produced at Canadian Pacific and at Canadian National Railway Co. before that. Posthumously, nearly all of his rivals — from Union Pacific Corp. to Norfolk Southern and, yes, Kansas City Southern— have adopted some form of precision-scheduled railroading. Burlington Northern is the only odd man out. The problem with this for would-be buyers of railroads is that this push for efficiency has increased both the profit margins and the stock prices of said railroads. Before news of the potential private equity approach on Friday, Kansas City Southern was actually up about 2% for the year, compared with a nearly 12% slide for the S&P 500 Industrial Index and a virtually flat performance for the broader benchmark. The reported $21 billion price tag would value Kansas City Southern at a premium to its all-time high set in February and Bloomberg Intelligence analysts warn even that may not be high enough. To justify a deal at these levels, the private equity buyers would have to be able to argue that the full scale of profit improvements under precision-scheduled railroading isn’t fully appreciated by the public markets. It’s hard to see how they do that. In January, before the worst of the pandemic, Kansas City Southern had predicted it would meet its 2021 goal of bringing its operating ratio — a measure of profitability where a lower number is better — down to the range of 60% to 61% a year early. The pandemic obviously undermined those plans. But even amid the sharp slump in volumes that’s ensued over the intervening months, Kansas City Southern in July raised its target for estimated cost savings this year to $95 million, excluding benefits from labor cuts and lease negotiations. That’s up from $61 million. After the rally on the deal news, the company trades at about 22 times estimated 2021 earnings, above the valuation commanded by other railroads that are further along in the process of precision-scheduled railroading.This makes any transaction more of a bet on the future of trade between the U.S. and Mexico and a push to relocate manufacturing away from China. It’s a decent wager given the recent resurgence of interest among U.S. industrial companies to consider factories a bit closer to home. The caveat to that is Mexico’s more volatile regulatory and political environment. Amidst the pandemic, many manufacturers complained of a harsher approach to factory lockdowns across the border than in the U.S., a sign that the potential for supply-chain disruptions lingers even with the recently signed United States-Mexico-Canada trade agreement. I’m reminded of an interview with Harrison that I participated in at Bloomberg headquarters in 2015: “I don’t like Kansas City Southern because of the Mexico play,” he said. “I don’t like Mexico. I like to play in an arena where I know the rules, and I understand what might happen. That’s crazy down there.” This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • GlobeNewswire

    CN Announces Record Crop Year and Increase to Maximum Supply Chain Capacity in 2020-2021 Grain Plan

    Despite Very Challenging Crop Year, CN Delivered Exceptionally and is Prepared for 2020-2021 CropMONTREAL, July 30, 2020 (GLOBE NEWSWIRE) -- Today, CN (TSX: CNR) (NYSE: CNI) filed and published its 2020-2021 Grain Plan, announcing that it set a new record by moving over 30 million metric tonnes (MMT) of grain from across Canada during the 2019-2020 crop year. CN also announced that it is prepared to move up to 7,600 bulk and processed hopper cars per week outside of winter, and up to 6,100 per week during winter in the upcoming crop year. During the 2019-2020 crop year, over 28.2 MMT of grain moved from Western Canada as well as over 1.1 MMT moved through intermodal containers. “Although we achieved our best grain movement volumes in 2019–2020, we are far from complacent. As an essential transportation service to the economy, to our customers, supply chain partners, and to the communities we serve, we remain committed to continue making capacity-enhancing investments to our network and to upgrade our rolling stock, including the purchase of 1,500 additional railcars manufactured in North America in 2020-2021. With all those, we are on our way to reach continuously improved performances. These investments benefit our grain customers as well as all those from the other sectors we serve. CN recognizes that the Grain Plan has been a helpful initiative to increase supply chain performance and keep everyone focused on moving annual crops.”  -      JJ Ruest, President and Chief Executive Officer, CN“Over the last year, the CN Agricultural Advisory Council has been providing CN with insight and feedback from the Ag community. Our input has improved CN’s understanding of the issues that matter to farmers and has helped to contribute to  better service. The challenges faced this year demonstrated how essential transportation is and how having a collaborative and resilient supply chain can keep goods moving.”  -      Alanna Koch, Chair of the CN Agricultural Advisory CouncilThe annual Grain Plan is prepared through an extensive consultation process and with the input of key stakeholders through an open invitation on the Company’s website. The plan reviews CN’s performance during the last crop year, assesses CN’s ability to move anticipated levels of grain during the upcoming crop year, and it explains specific steps that CN is taking to ensure it has the necessary capacity to move grain safely and efficiently for the benefit of farmers, customers and supply chain partners. CN will continue its monthly update to the plan. The plan is available here.CN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the Southern tip of the U.S through a 19,500 mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919.  CN is committed to programs supporting social responsibility and environmental stewardship.Contacts:  MediaInvestors Jonathan AbecassisPaul Butcher Senior ManagerVice-President Media RelationsInvestor Relations 1-833-946-3342(514) 399-0052 Media@cn.ca

  • CN Invests $520 Million In Its US Assets
    Benzinga

    CN Invests $520 Million In Its US Assets

    Canadian National Railway Company (NYSE: CNI) expects to spend roughly a half-billion dollars on infrastructure improvements across its U.S. network.So far, CN has announced approximately $520 million in capital expenditures across eight states. "We take our essential role in the North American economy seriously and these investments ... are a key part of our strategy to support growth," said Derek Taylor, vice president for CN's eastern region.Here are the projects and funding announced by CN over the last week:MinnesotaCN expects to invest $25 million in the state. The work will include replacing more than 10 miles of rail; installing over 4,700 new railroad ties; rebuilding 10 road crossing surfaces; and conducting maintenance on docks, culverts, signal systems and other track infrastructure.CN has invested more than $175 million in Minnesota's infrastructure in the past five years. The railway operates 46 route miles in the state.CN considers Minnesota the "home" of the railway's iron ore supply chain, with taconite pellets from the Minnesota Iron Range mines traveling to CN's docks in Duluth and Two Harbors. From there, the pellets are loaded onto Great Lakes ships for transport to the lower Great Lakes, CN said.The railway also operates an intermodal terminal in Duluth, a rail classification yard and railcar/locomotive repair shop in Proctor, a yard near the Two Harbors iron ore dock, and the Duluth iron ore dock.TennesseeCN plans to spend $30 million in Tennessee this year. It has invested more than $205 million in the past five years in the state.Funding will go to replace 7 miles of rail, install over 25,000 new railroad ties, rebuild 17 road crossing surfaces and conduct infrastructure maintenance work.CN operates 173 route miles in the state, which CN calls its "gateway to the South." Assets include the yard in Memphis, which serves as a major handling point and hub for CN's U.S. operations south of Chicago. The yard is one of two hump yards in the U.S., and it serves as an interchange with four other Class I railroads, CN said. Memphis is also the location of a railcar/locomotive repair shop and an intermodal terminal at Frank Pigeon Industrial Park. CN also serves an "industrial core" in Memphis known as President's Island.IllinoisCN plans to spend $165 million on infrastructure projects in Illinois, including the renewal of the Chicago St. Charles Airline Bridge and various maintenance projects. The railway has spent more than $1.3 billion in the state in the past five years. CN operates 1,253 route miles in the state.CN's U.S. headquarters and a training center are located in Homewood, a Chicago suburb.IowaCN is investing $35 million in Iowa in 2020. It has spent more than $200 million in assets in the state in the past five years.The railway operates 574 route miles in Iowa. Maintenance projects this year include the installation of over 95,000 new railroad ties and the rebuild of 19 road crossing surfaces, among other maintenance work.CN operates its subsidiary, the Chicago, Central & Pacific Railroad, in Iowa. The subsidiary's footprint spans from the Missouri River in the west to the Mississippi River in the east. Commodities shipped include food, machinery, electrical equipment, chemical products and primary metals, among other products. CN also ships ethanol volumes, with ethanol plants located between Dubuque and Sioux City and Council Bluffs.MississippiCN expects to spend $50 million in Mississippi. It has spent more than $365 million in the state in the past five years.The railway plans to replace 12 miles of rail, install over 125,000 new railroad ties, rebuild 31 road crossing surfaces and conduct other maintenance work. CN operates 575 route miles in Mississippi.CN's operations in Mississippi include a rail yard in Jackson, which serves "as a hub for petroleum headed to the western part of the Magnolia State, coal moving east to Alabama, grain shipping south to the Gulf Coast for export and chemical products headed north to the Midwest," CN said. CN also has an intermodal terminal in Jackson as well as an automotive distribution facility serving the Nissan assembly plant in Canton.LouisianaCN plans to spend $60 million in Louisiana this year. It has invested more than $280 million in the past five years in the state.Capital projects include a multiyear plan to rebuild the McComb Spilway Bridge. CN also plans to replace 6 miles of rail, install over 20,000 new railroad ties, rebuild 21 road crossing surfaces and conduct other maintenance work. CN operates 227 route miles in the state. CN's infrastructure in Louisiana includes yards in Baton Rouge, Geismar and Harrahan. The Harrahan Yard, also known as the Mays Yard, has interchange ability with five other Class I railroads. CN also has an intermodal facility in New Orleans, and it has access to the Napoleon Avenue Container Terminal and the Mississippi River Intermodal Terminal.CN's major yards are in Baton Rouge, Geismar and Harrahan (Mays Yard) outside of New Orleans. At Mays Yard, CN connects to the New Orleans Public Belt Railroad, which links the city's six Class I railroads. CN also has an intermodal facility in New Orleans. The Port of New Orleans has an intermodal terminal adjacent to its Napoleon Avenue Container Terminal, providing on-dock access for all rail shipments. The Mississippi River Intermodal Terminal is a modern, efficient transfer terminal, offering on-dock access and helping to grow CN's container volumes.MichiganCN expects to spend $55 million in Michigan in 2020.Projects include replacing approximately 5 miles of rail, installing over 105,000 new railroad ties, rebuilding 24 road crossing surfaces and conducting infrastructure maintenance.CN operates 904 route miles in Michigan. The railway has invested more than $610 million in the state in the past five years. In the Lower Peninsula, CN has rail yards in Battle Creek, Flint and Port Huron in Flat Rock, while rail yards in the Upper Peninsula include those in Escanaba and Gladstone. WisconsinCN expects to invest $100 million in Wisconsin to support projects such as a new auto compound in New Richmond and infrastructure and vessel maintenance.CN plans to replace more than 9 miles of rail, install over 60,000 new railroad ties, rebuild 48 road crossing surfaces and conduct infrastructure maintenance. The railway operates 1,428 route miles in Wisconsin. CN has intermodal terminals in Chippewa Falls and Arcadia. It has invested approximately $970 million in the state in the past five years. Click here for more FreightWaves articles by Joanna Marsh.Related articles:CN eyes intermodal opportunities to boost 2H 2020Coronavirus pandemic wracks CN's second-quarter profitCN announces capital plans for Saskatchewan, Manitoba and New BrunswickSee more from Benzinga * Weekly U.S. Intermodal Volumes Narrow Gap * Labor Union Presses Railroads On Additional Coronavirus Measures * Canadian Class I Railroads Boast Record Grain Volumes For June(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • GlobeNewswire

    Aegion Corporation Reports 2020 Second Quarter Financial Results

    Q2’20 results exceeded expectations; Solid market position and portfolio strength to successfully navigate near-term challenges ST. LOUIS, July 29, 2020 (GLOBE NEWSWIRE) -- A PDF accompanying this release is available at: http://ml.globenewswire.com/Resource/Download/188bedbc-da35-4bdb-979a-c40f5370795b  * Q2’20 earnings per diluted share were $0.12 compared to a loss per diluted share of $0.27 in Q2’19. Q2’20 adjusted (non-GAAP)1 earnings per diluted share were $0.25 compared to $0.37 in the prior year. * Revenues in the quarter were $245 million. Despite year-over-year COVID-related disruptions and revenue declines across much of the business, the flagship Insituform North America business successfully grew revenues, new orders and backlog, underpinned by our leading position combined with the strength and stability of the North American municipal water and wastewater markets. * Contract backlog as of June 30, 2020, was $669 million. Excluding exited or to-be-exited businesses, backlog increased 4% over the prior year, driven by increases across all segments and providing confidence in future earnings and cash flow stability. * Year-to-date operating cash flows as of June 30, 2020, were $60 million, an increase of more than four times the prior-year level, which enabled more than $40 million in debt reduction in Q2’20 and drove a global ending cash balance of $96 million. * The Company is targeting Q3’20 adjusted EPS of $0.25 to $0.35.1Adjusted (non-GAAP) results exclude certain charges related to the Company’s restructuring activities, acquisition and divestiture-related expenses, goodwill and indefinite-lived intangible asset impairment, impairment of assets held for sale, project warranty accruals, credit facility amendment fees and impacts from the Tax Cuts and Jobs Act. Reconciliation of adjusted results is included below.Q2’20 HIGHLIGHTS * Exceptional Infrastructure Solutions performance and strong cost and cash management across the business drove results higher than expectations and enabled an accelerated repayment of $2.5 million of temporary wage reductions to a portion of the North American workforce. * Infrastructure Solutions strength helped offset a sharp decline in volumes and profitability at Energy Services as a result of COVID-related disruptions. * Despite top-line disruptions across much of the business, the Company delivered a 50 basis point increase in adjusted gross margins and held adjusted operating margins flat compared to the prior year.“Our ability to exceed performance expectations in the quarter amid unprecedented market disruption is a testament to the success of our efforts in reshaping Aegion to deliver improved earnings stability and cash flow generation in all market cycles. Our scale, unmatched North American market reach and focus on maintaining and rehabilitating critical infrastructure continue to be key differentiating factors in navigating COVID disruptions.While the near-term outlook remains choppy, primarily in our Energy Services business, our long-term fundamentals are sound, underpinned by significant exposure to the more stable and resilient North American municipal water and wastewater markets, where we’ve seen double-digit growth year to date. Our balance sheet is in great shape and we are well positioned to emerge stronger from this period of uncertainty.”Charles R. Gordon, President and Chief Executive Officer Selected Consolidated Financial Highlights Quarter Ended June 30, 2020 Quarter Ended June 30, 2019 (in thousands, except earnings per share)As Reported (GAAP)Adjustments (1)As Adjusted (Non-GAAP) As Reported (GAAP)Adjustments (2)As Adjusted (Non-GAAP) Revenues$  245,017 $  — $  245,017  $  318,740 $  — $  318,740  Cost of revenues   191,442    79    191,521     251,303    (396)   250,907  Gross profit   53,575    (79)   53,496     67,437    396    67,833  Operating expenses   41,970    (2,966)   39,004     51,254    (2,228)   49,026  Goodwill impairment   1,258    (1,258)   —     —    —    —  Definite-lived intangible asset impairment   957    (957)   —     —    —    —  Impairment (gain) of assets held for sale   (658)   658    —     11,946    (11,946)   —  Acquisition and divestiture expenses   657    (657)   —     804    (804)   —  Restructuring and related charges   664    (664)   —     2,974    (2,974)   —  Operating income   8,727    5,765    14,492     459    18,348    18,807  Other income (expense)   (3,511)   (508)   (4,019)    (4,320)   941    (3,379) Income (loss) before taxes on income   5,216    5,257    10,473     (3,861)   19,289    15,428  Taxes on income (loss)   1,220    1,219    2,439     4,286    (747)   3,539  Net Income (loss) (attributable to Aegion Corporation)   3,856    3,988    7,844     (8,366)   20,036    11,670  Diluted earnings (loss) per share$  0.12 $  0.13 $  0.25  $  (0.27)$  0.64 $  0.37  Net income (loss) and diluted earnings (loss) per share includes non-controlling interest(1) Q2’20 non-GAAP pre-tax adjustments: * Restructuring: Gains for cost of revenues of $79 primarily related to recoveries of inventory write offs; charges for operating expenses of $2,966 primarily related to wind-down costs, reserves for potentially uncollectible receivables, fixed asset disposals and other restructuring-related charges; goodwill and definite-lived intangible asset impairment charges of $1,258 and $957, respectively, related to restructured operations; charges of $664 related to employee severance, extension of benefits, employment assistance programs and contract termination costs; and income for other income/expense of $933 related to net gains on disposal of certain restructured operations and the release of cumulative currency translation adjustments. * Acquisition and Divestiture Expenses: Expenses of $657 incurred primarily in connection with the Company’s divestitures of Australia and Spain and its planned divestiture of its held for sale operations; gains of $658 related to recoveries of previously reserved customer receivables in our held for sale operations; and a working capital adjustment of $244 for the divestiture of Spain. * Credit Facility Fees: Expenses of $669 related to certain out-of-pocket expenses and acceleration of certain unamortized fees associated with amending the Company’s credit facility.(2) Q2’19 non-GAAP pre-tax adjustments: * Restructuring: Charges for cost of revenues of $396 primarily related to inventory write offs; charges for operating expenses of $2,205 primarily related to wind-down expenses, reserves for potentially uncollectible receivables, fixed asset disposals and other restructuring-related charges; charges of $2,974 related to employee severance, extension of benefits, employment assistance programs and contract termination costs; charges for other expense of $941 related to net losses on disposal of certain restructured operations and the release of cumulative currency translation adjustments; and charges for foreign withholding taxes of $2,073 on the repatriation of foreign earnings. * Acquisition and Divestiture Expenses: Charges of $11,946 related to the impairment of held for sale operations (CIPP operations in Australia and the Netherlands, Corrpower and United Mexico); and expenses of $804 incurred primarily in connection with the Company’s planned divestiture of its held for sale operations. * Tax Cuts and Jobs Act: Expenses of $23 related to professional fees resulting from the Tax Cuts and Jobs Act. Selected Segment Financial Highlights  Quarter Ended June 30, 2020 Quarter Ended June 30, 2019 (in thousands)As Reported (GAAP)Adjustments (1)As Adjusted (Non-GAAP) As Reported (GAAP)Adjustments (2)As Adjusted (Non-GAAP) Revenues:        Infrastructure Solutions$  137,392 $  — $  137,392  $  155,439 $  — $  155,439  Corrosion Protection   55,491    —    55,491     77,597    —    77,597  Energy Services   52,134    —    52,134     85,704    —    85,704  Total Revenues$  245,017 $  — $  245,017  $  318,740 $  — $  318,740           Gross Profit:        Infrastructure Solutions$  35,667 $  52 $  35,719  $  38,871 $  (67)$  38,804  Gross Profit Margin   26.0%    26.0%    25.0%    25.0% Corrosion Protection   14,111    (131)   13,980     16,692    463    17,155  Gross Profit Margin   25.4%    25.2%    21.5%    22.1% Energy Services   3,797    —    3,797     11,874    —    11,874  Gross Profit Margin   7.3%    7.3%    13.9%    13.9% Total Gross Profit$  53,575 $  (79)$  53,496  $  67,437 $  396 $  67,833  Gross Profit Margin   21.9%    21.8%    21.2%    21.3%          Operating Income (Loss):        Infrastructure Solutions$  21,004 $  (585)$  20,419  $  9,120 $  10,791 $  19,911  Operating Margin   15.3%    14.9%    5.9%    12.8% Corrosion Protection   699    1,344    2,043     (3,863)   6,272    2,409  Operating Margin   1.3%    3.7%    (5.0)%    3.1% Energy Services   (5,713)   3,454    (2,259)    4,107    6    4,113  Operating Margin   (11.0)%    (4.3)%    4.8%    4.8% Corporate   (7,263)   1,552    (5,711)    (8,905)   1,279    (7,626) Operating Margin   (3.0)%    (2.3)%    (2.8)%    (2.4)% Total Operating Income$  8,727 $  5,765 $  14,492  $  459 $  18,348 $  18,807  Operating Margin   3.6%    5.9%    0.1%    5.9% _________________________________(1) Includes non-GAAP adjustments related to: * Infrastructure Solutions \- (i) pre-tax restructuring charges associated with severance and benefit related costs, contract termination costs, wind-down costs, fixed assets disposals and other restructuring charges; and (ii) expenses incurred in connection with the divestitures of Australia and Spain. * Corrosion Protection - pre-tax restructuring charges associated with severance and benefit related costs, contract termination costs, wind-down costs, fixed asset disposals and other restructuring charges. * Energy Services - pre-tax restructuring charges associated with severance and benefit related costs, reserves for potentially uncollectible receivables, goodwill and definite-lived intangible asset impairment charges, and other restructuring charges. * Corporate \- (i) pre-tax restructuring charges primarily associated with severance and benefit related costs and legal expenses; and (ii) divestiture expenses related to Australia and Spain and other acquisition and divestiture activities.(2) Includes non-GAAP adjustments related to: * Infrastructure Solutions \- (i) pre-tax restructuring charges associated with severance and benefit related costs, contract termination costs and other restructuring charges; (ii) expenses incurred in connection with the divestiture of the CIPP business in Australia; and (iii) impairment of assets held for sale. * Corrosion Protection - (i) pre-tax restructuring charges associated with severance and benefit related costs, contract termination costs and other restructuring charges, (ii) acquisition and divestiture expenses; and (iii) impairment of assets held for sale. * Energy Services - pre-tax restructuring charges associated with severance and benefit related costs and other restructuring charges. * Corporate \- (i) pre-tax restructuring charges primarily associated with severance and benefit related costs and legal expenses; and (ii) acquisition and divestiture expenses. About Aegion Corporation (NASDAQ:  AEGN)Aegion combines innovative technologies with market-leading expertise to maintain, rehabilitate and strengthen infrastructure around the world. For nearly 50 years, the Company has played a pioneering role in finding innovative solutions to rehabilitate aging infrastructure, primarily pipelines in the wastewater, water, energy, mining and refining industries. Aegion also maintains the efficient operation of refineries and other industrial facilities. Aegion is committed to Stronger. Safer. Infrastructure.®  More information about Aegion can be found at www.aegion.com.Forward-Looking StatementsThe Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Aegion’s forward-looking statements in this news release represent its beliefs or expectations about future events or financial performance. These forward-looking statements are based on information currently available to Aegion and on management’s beliefs, assumptions, estimates or projections and are not guarantees of future events or results. When used in this document, the words “anticipate,” “estimate,” “believe,” “plan,” “intend, “may,” “will” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Such statements are subject to known and unknown risks, uncertainties and assumptions, including those referred to in the “Risk Factors” section of Aegion’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission on March 2, 2020, and in subsequently filed documents, and, in particular, the impact of the current COVID virus outbreak and the evolving response thereto both on the Company generally and on other risks described therein. In light of these risks, uncertainties and assumptions, the forward-looking events may not occur. In addition, Aegion’s actual results may vary materially from those anticipated, estimated, suggested or projected. Except as required by law, Aegion does not assume a duty to update forward-looking statements, whether as a result of new information, future events or otherwise. Investors should, however, review additional disclosures made by Aegion from time to time in Aegion’s filings with the Securities and Exchange Commission. Please use caution and do not place reliance on forward-looking statements. All forward-looking statements made by Aegion in this news release are qualified by these cautionary statements.Information regarding the impact of the Tax Cuts and Jobs Act consists of estimates which are forward looking and subject to change. The Company anticipates additional guidance, both at the federal and state level, to be forthcoming in 2020.  As such, the impacts of the legislation may differ from our current estimates, interpretations and assumptions, possibly materially, and the amount of the impact on the Company may accordingly be adjusted over the course of 2020.About Non-GAAP Financial MeasuresAegion has presented certain information in this release excluding certain items that impacted income, expense and earnings per share. The adjusted earnings per share in the quarters and six months ended June 30, 2020 and 2019 exclude charges related to the Company’s restructuring activities, acquisition and divestiture-related expenses, goodwill and indefinite-lived intangible asset impairment, impairment of assets held for sale, project warranty accruals, credit facility amendment fees and impacts related to the Tax Cuts and Jobs Act.Aegion management uses such non-GAAP information internally to evaluate financial performance for Aegion’s operations because Aegion’s management believes such non-GAAP information allows management to more accurately compare Aegion’s ongoing performance across periods. As such, Aegion’s management believes that providing non-GAAP financial information to Aegion’s investors is useful because it allows investors to evaluate Aegion’s performance using the same methodology and information used by Aegion management.Aegion® and Stronger. Safer. Infrastructure.® and the associated logos are the registered trademarks of Aegion Corporation and its affiliates.CONTACT:           Aegion Corporation David F. Morris, Executive Vice President and Chief Financial Officer (636) 530-8000

  • GlobeNewswire

    CN Investing $30 Million in Tennessee

    Investments Focused on Safety and Capacity to Strengthen Rail Network, Help Reduce Emissions, and Support Economic Growth HOMEWOOD, Ill., July 29, 2020 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that, as part of its strategic investments to support growing demand and enable supply chains, it plans to invest approximately $30 million (USD) across Tennessee in 2020. The program will focus on yard upgrades, replacement of rail and ties, as well as maintenance of bridges, level crossings, culverts, signal systems and other track infrastructure.“We take our essential role in the North American economy seriously and these investments in Tennessee are a key part of our strategy to support growth. The Company remains committed to help enable supply chains that fuel Tennessee’s growth as we are a critical part of getting everyday goods to markets and consumers. Safety is a core value at CN and by investing in the maintenance and expansion of our track and capacity, we are providing customers with a safe and reliable solution at a time when fluid supply chains are more critical than ever.”       -      Derek Taylor, Vice-President, Eastern Region at CN“Private investments in our rail infrastructure provide numerous benefits to the economy as a whole and are critical now more than ever. I greatly appreciate CN’s continued commitment to improving the transportation network and aiding in America’s economic recovery.”       -      Clay Bright, TDOT CommissionerThe Company’s investments will create greater capacity, which supports reductions in its customer’s transportation supply chain GHG emissions, by encouraging the use of rail for long haul needs. This reduces emissions, traffic congestion, accidents and burdens on public transportation infrastructure as one freight train can replace over 300 trucks from roads. Moving freight by rail instead of truck reduces GHG emissions by 75%. The Company will continue to deploy important safety enhancing technologies across its network, such as the Autonomous Track Inspection Program, Distributed Air Cars and Automated Inspection Portals.Maintenance program highlights include: * Replacement of 7 miles of rail * Installation of over 25,000 new railroad ties * Rebuilds of 17 road crossing surfaces * Maintenance work on bridges, level crossings, culverts, signal systems and other track infrastructureTennessee in numbers: * Capital investments: More than $ 205 million in the last five years * Employees: approximately 649 * Railroad route miles operated: 173 * Community partnerships: $172,000 in 2019 * Local spending: $34 million in 2019 * Cash taxes paid: $5,000 in 2019Western Tennessee is CN’s gateway to the south. CN’s yard in Memphis is a major freight handling point and the hub of CN’s U.S. operations south of Chicago. It is one of only two hump yards in the U.S. (CN has four hump yards on its entire network) and serves as an interchange point with four other Class I railroads. The Memphis Yard is also the location of a major CN railcar/locomotive repair shop. An important CN intermodal terminal is in Memphis at the Frank Pigeon Industrial Park. CN also serves President’s Island, an industrial core in Memphis.Forward-looking statements Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors, which may cause the actual results or performance of the Company to be materially different from the outlook or any future results or performance implied by such statements. Reference should be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors.CN is a true backbone of the economy, transporting more than C$250 billion worth of goods annually for a wide range of business sectors, ranging from resource products to manufactured products to consumer goods, across a rail network of approximately 20,000 route-miles spanning Canada and mid-America. CN – Canadian National Railway Company, along with its operating railway subsidiaries – serves the cities and ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth, Minn./Superior, Wis., and Jackson, Miss., with connections to all points in North America. For more information about CN, visit the Company’s website at www.cn.ca.Contacts: Media Investors Jonathan Abecassis  Paul Butcher Senior Manager  Vice-President Media Relations Investor Relations (514) 399-7956  (514) 399-0052

  • GlobeNewswire

    CN Investing $25 Million in Minnesota

    Investments Focused on Safety and Capacity to Strengthen Rail Network, Help Reduce Emissions, and Support Economic GrowthHOMEWOOD, Ill., July 29, 2020 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that, as part of its strategic investments to support growing demand and enable supply chains, it plans to invest approximately $25 million (USD) across Minnesota in 2020. The investments will focus on docks repairs, replacement of rail and ties, maintenance of bridges, level crossings, culverts, signal systems and other track infrastructure. “We take our essential role in the North American economy seriously and these investments in Minnesota are a key part of our strategy to support growth. The Company remains committed to help enable supply chains that fuel Minnesota’s growth as we are a critical part of getting everyday goods to markets and consumers. Safety is a core value at CN and by investing in the maintenance and expansion of our track and capacity, we are providing customers with a safe and reliable solution at a time when fluid supply chains are more critical than ever.”       -      Derek Taylor, Vice-President, Eastern Region at CN“Investment in rail transportation infrastructure is critical to long-term economic growth and jobs across Minnesota. CN’s sustained commitment to robust freight rail investment and continued partnership will go a long way as Minnesota charts a bold path to economic recovery.”       -      Margaret Anderson Kelliher, Minnesota Department of Transportation CommissionerThe Company’s investments will create greater capacity, which supports reductions in its customer’s transportation supply chain GHG emissions, by encouraging the use of rail for long haul needs. This reduces emissions, traffic congestion, accidents and burdens on public transportation infrastructure as one freight train can replace over 300 trucks from roads. Moving freight by rail instead of truck reduces GHG emissions by 75%. The Company will continue to deploy important safety enhancing technologies across its network, such as the Autonomous Track Inspection Program, Distributed Air Cars and Automated Inspection Portals.Maintenance program highlights include: * Replacement of more than 10 miles of rail * Installation of over 4,700 new railroad ties * Rebuilds of 10 road crossing surfaces * Maintenance work on docks, culverts, signal systems, and other track infrastructureMinnesota in numbers: * Capital investments: More than $175 million in the last five years * Employees: approximately 512 * Railroad route miles operated: 426 * Community partnerships: $90,000 in 2019 * Local spending: $129 million in 2019 * Cash taxes paid: $13 million in 2019The North Star State is home to CN’s Iron Ore Supply Chain, which brings taconite pellets from the Minnesota Iron Range mines to the CN docks in Duluth and Two Harbors. There, the pellets are loaded onto Great Lakes ships for transport to the lower Great Lakes. CN’s major facilities in Minnesota include an intermodal terminal in Duluth, a rail classification yard and railcar/locomotive repair shop in Proctor, a yard near the Two Harbors iron ore dock, and the Duluth iron ore dock itself.Forward-looking statements Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors, which may cause the actual results or performance of the Company to be materially different from the outlook or any future results or performance implied by such statements. Reference should be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors.CN is a true backbone of the economy, transporting more than C$250 billion worth of goods annually for a wide range of business sectors, ranging from resource products to manufactured products to consumer goods, across a rail network of approximately 20,000 route-miles spanning Canada and mid-America. CN – Canadian National Railway Company, along with its operating railway subsidiaries – serves the cities and ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth, Minn./Superior, Wis., and Jackson, Miss., with connections to all points in North America. For more information about CN, visit the Company’s website at www.cn.ca.Contacts:  MediaInvestors Jonathan Abecassis Paul Butcher Senior ManagerVice-President Media RelationsInvestor Relations (514) 399-7956(514) 399-0052

  • Moving Average Crossover Alert: Canadian National Railway
    Zacks

    Moving Average Crossover Alert: Canadian National Railway

    Canadian National Railway Company is looking like an interesting pick from a technical perspective, as the company is seeing favorable trends on the moving average crossover front.

  • GlobeNewswire

    CN Investing $35 Million in Iowa

    Investments Focused on Safety and Capacity to Strengthen Rail Network, Help Reduce Emissions, and Support Economic Growth HOMEWOOD, Ill., July 28, 2020 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that, as part of its strategic investments to support growing demand and enable supply chains, it plans to invest approximately $35 million (USD) across Iowa in 2020. The investments will focus on the replacement of ties and maintenance of bridges, level crossings, culverts, signal systems and other track infrastructure as well as continued investments in Positive Train Control.“We take our essential role in the North American economy seriously and these investments in Iowa are a key part of our strategy to support growth. The Company remains committed to help enable supply chains that fuel Iowa’s growth as we are a critical part of getting everyday goods to markets and consumers. Safety is a core value at CN and by investing in the maintenance and expansion of our track and capacity, we are providing customers with a safe and reliable solution at a time when fluid supply chains are more critical than ever.”       -      Derek Taylor, Vice-President, Eastern Region at CN“CN has made significant investments for years across Iowa.  These investments will link us to global markets and set a firm foundation for a rapid economic recovery.  CN’s rail network helps our farmers, ethanol plants and, ultimately, Iowa consumers.”         -      Tim Kraayenbrink, Iowa State SenatorThe Company’s investments will create greater capacity, which supports reductions in its customer’s transportation supply chain GHG emissions, by encouraging the use of rail for long haul needs. This reduces emissions, traffic congestion, accidents and burdens on public transportation infrastructure as one freight train can replace over 300 trucks from roads. Moving freight by rail instead of truck reduces GHG emissions by 75%. The Company will continue to deploy important safety enhancing technologies across its network, such as the Autonomous Track Inspection Program, Distributed Air Cars and Automated Inspection Portals.Maintenance program highlights include:              * Installation of over 95,000 new railroad ties * Rebuilds of 19 road crossing surfaces * Maintenance work on bridges, culverts, signal systems, and other track infrastructureIowa in numbers: * Capital investments: More than $200 million in the last five years * Employees: approximately 262 * Railroad route miles operated: 574 * Community partnerships: $47,000 in 2019 * Local spending: $24 million in 2019 * Cash taxes paid: $4 million in 2019Through CN’s subsidiary, the Chicago, Central & Pacific Railroad, CN’s rails stretch the breadth of Iowa, from the Missouri River in the west to the Mississippi in the east. CN carries a wide variety of manufactured and industrial products like food, machinery, electrical equipment, chemical products and primary metals. In addition to serving local businesses, CN’s ethanol franchise is centred in the Hawkeye State with several plants along the route between Dubuque and Sioux City and Council Bluffs.Forward-looking statements Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors, which may cause the actual results or performance of the Company to be materially different from the outlook or any future results or performance implied by such statements. Reference should be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors.CN is a true backbone of the economy, transporting more than C$250 billion worth of goods annually for a wide range of business sectors, ranging from resource products to manufactured products to consumer goods, across a rail network of approximately 20,000 route-miles spanning Canada and mid-America. CN – Canadian National Railway Company, along with its operating railway subsidiaries – serves the cities and ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth, Minn./Superior, Wis., and Jackson, Miss., with connections to all points in North America. For more information about CN, visit the Company’s website at www.cn.ca.Contacts: Media  Investors Jonathan Abecassis Paul Butcher Senior Manager Vice-President Media Relations Investor Relations (514) 399-7956 (514) 399-0052

  • GlobeNewswire

    CN Investing $165 Million in Illinois

    Investments Focused on Safety and Capacity to Strengthen Rail Network, Help Reduce Emissions, and Support Economic GrowthHOMEWOOD, Ill., July 28, 2020 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that, as part of its strategic investments to support growing demand and enable supply chains, it plans to invest approximately $165 million (USD) across Illinois in 2020. The investments will focus on the Chicago St Charles Airline Bridge renewal as well as the replacement of rail and ties and maintenance of bridges, level crossings, culverts, signal systems and other track infrastructure. “We take our essential role in the North American economy seriously and these investments in Illinois are a key part of our strategy to support growth. The Company remains committed to help enable supply chains that fuel Illinois’ growth as we are a critical part of getting everyday goods to markets and consumers. Safety is a core value at CN and by investing in the maintenance and expansion of our track and capacity, we are providing customers with a safe and reliable solution at a time when fluid supply chains are more critical than ever.”   -      Derek Taylor, Vice-President, Eastern Region at CN“Sustained long term investment in our infrastructure is something every part of our country needs. Illinois has been blessed with freight rail partners, like CN, who year after year contribute hundreds of millions of dollars of private investment in our state. CN surpassing $1.3 billion in private CAPEX in Illinois alone over the last five years has set the foundation for the quick economic recovery we all seek.”   -      Mike Hastings, Illinois State Senator, the 19th Senate District includes portions of Cook and Will Counties, home to many communities at the core of CN’s Illinois network.The Company’s investments will create greater capacity, which supports reductions in its customer’s transportation supply chain GHG emissions, by encouraging the use of rail for long haul needs. This reduces emissions, traffic congestion, accidents and burdens on public transportation infrastructure as one freight train can replace over 300 trucks from roads. Moving freight by rail instead of truck reduces GHG emissions by 75%. The Company will continue to deploy important safety enhancing technologies across its network, such as the Autonomous Track Inspection Program, Distributed Air Cars and Automated Inspection Portals. Maintenance program highlights include:              * Replacement of 9 miles of rail * Installation of over 180,000 new railroad ties * Rebuilds of 45 road crossing surfaces * Maintenance work on bridges, culverts, signal systems, and other track infrastructureIllinois in numbers: * Capital investments: More than $1,3 billion in the last five years * Employees: approximately 1,825 * Railroad route miles operated: 1,253 * Community partnerships: $247,000 in 2019 * Local spending: $1 billion in 2019 * Cash taxes paid: $35 million in 2019Illinois is CN’s largest state in terms of operations and employees. CN’s routes from throughout North America converge in Chicago. Homewood, a Chicago suburb, is home to CN’s U.S. headquarters and a modern training centre. CN Campus is focused on instilling and reinforcing a strong safety culture. In 2019, nearly 3,000 experienced railroaders, new hires and customers received a complete range of hands-on technical training.Forward-looking statements Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors, which may cause the actual results or performance of the Company to be materially different from the outlook or any future results or performance implied by such statements. Reference should be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors.CN is a true backbone of the economy, transporting more than C$250 billion worth of goods annually for a wide range of business sectors, ranging from resource products to manufactured products to consumer goods, across a rail network of approximately 20,000 route-miles spanning Canada and mid-America. CN – Canadian National Railway Company, along with its operating railway subsidiaries – serves the cities and ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth, Minn./Superior, Wis., and Jackson, Miss., with connections to all points in North America. For more information about CN, visit the Company’s website at www.cn.ca.Contacts:  MediaInvestors Jonathan Abecassis Paul Butcher Senior ManagerVice-President Media RelationsInvestor Relations (514) 399-7956(514) 399-0052

  • What Kind Of Shareholders Own Canadian National Railway Company (TSE:CNR)?
    Simply Wall St.

    What Kind Of Shareholders Own Canadian National Railway Company (TSE:CNR)?

    The big shareholder groups in Canadian National Railway Company (TSE:CNR) have power over the company. Institutions...

  • GlobeNewswire

    CN Investing $60 Million in Louisiana

    Investments Focused on Safety and Capacity to Strengthen Rail Network, Help Reduce Emissions, and Support Economic Growth HOMEWOOD, Ill., July 27, 2020 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that, as part of its strategic investments to support growing demand and enable supply chains, it plans to invest approximately $60 million (USD) across Louisiana in 2020. The investments includes a multi-year project to rebuild the McComb Spillway Bridge, replacement of rail and ties, as well as maintenance of bridges, level crossings, culverts, signal systems and other track infrastructure.“We take our essential role in the North American economy seriously and these investments in Louisiana are a key part of our strategy to support growth. The Company remains committed to help enable supply chains that fuel Louisiana’s growth as we are a critical part of getting everyday goods to markets and consumers. Safety is a core value at CN and by investing in the maintenance and expansion of our track and capacity, we are providing customers with a safe and reliable solution at a time when fluid supply chains are more critical than ever.”       -          Derek Taylor, Vice-President, Eastern Region at CN“Every economic recovery is enabled by robust infrastructure investments and open access to markets. That is why CN’s more than $280 million of private capital investment in Louisiana over the last five years will enable US products to find global markets to drive a quick economic rebound.”       –        John Bel Edwards, Governor of the State of LouisianaThe Company’s investments will create greater capacity, which supports reductions in its customer’s transportation supply chain GHG emissions, by encouraging the use of rail for long haul needs. This reduces emissions, traffic congestion, accidents and burdens on public transportation infrastructure as one freight train can replace over 300 trucks from roads. Moving freight by rail instead of truck reduces GHG emissions by 75%. The Company will continue to deploy important safety enhancing technologies across its network, such as the Autonomous Track Inspection Program, Distributed Air Cars and Automated Inspection Portals.Maintenance program highlights include:              * Replacement of 6 miles of rail   * Installation of over 20,000 new railroad ties * Rebuilds of 21 road crossing surfaces * Maintenance work on bridges, level crossings, culverts, signal systems and other track infrastructureLouisiana in numbers: * Capital investments: More than $ 280 million in the last five years * Employees: approximately 328 * Railroad route miles operated: 227 * Community partnerships: $65,000 in 2019 * Local spending: $28 million in 2019 * Cash taxes paid: $6 million in 2019At the southern terminus of CN’s North American network, Louisiana handles growing volumes of traffic, most notably in the triangle formed by Hammond, Baton Rouge and the Port of New Orleans. CN’s major yards are in Baton Rouge, Geismar and Harrahan (Mays Yard) outside of New Orleans. At Mays Yard, CN connects to the New Orleans Public Belt Railroad, which links the city’s six Class I railroads. CN also has an intermodal facility in New Orleans. The Port of New Orleans has an intermodal terminal adjacent to its Napoleon Avenue Container Terminal providing on-dock access for all rail shipments. The Mississippi River Intermodal Terminal is a modern, efficient transfer terminal, offering on-dock access and helping to grow CN’s container volumes.Forward-looking statements Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors, which may cause the actual results or performance of the Company to be materially different from the outlook or any future results or performance implied by such statements. Reference should be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors.CN is a true backbone of the economy, transporting more than C$250 billion worth of goods annually for a wide range of business sectors, ranging from resource products to manufactured products to consumer goods, across a rail network of approximately 20,000 route-miles spanning Canada and mid-America. CN – Canadian National Railway Company, along with its operating railway subsidiaries – serves the cities and ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth, Minn./Superior, Wis., and Jackson, Miss., with connections to all points in North America. For more information about CN, visit the Company’s website at www.cn.ca.Contacts: Media Investors Jonathan Abecassis  Paul Butcher Senior Manager Vice-President Media Relations Investor Relations (514) 399-7956 (514) 399-0052

  • GlobeNewswire

    CN Investing $50 Million in Mississippi

    Investments Focused on Safety and Capacity to Strengthen Rail Network, Help Reduce Emissions, and Support Economic GrowthHOMEWOOD, Ill., July 27, 2020 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that, as part of its strategic investments to support growing demand and enable supply chains, it plans to invest approximately $50 million (USD) across Mississippi in 2020. The investments will focus on continued investment in Positive Train Control, the replacement of rail and ties, as well as maintenance of bridges, level crossings, culverts, signal systems and other track infrastructure. “We take our essential role in the North American economy seriously and these investments in Mississippi are a key part of our strategy to support growth. The Company remains committed to help enable supply chains that fuel Mississippi’s growth as we are a critical part of getting everyday goods to markets and consumers. Safety is a core value at CN and by investing in the maintenance and expansion of our track and capacity, we are providing customers with a safe and reliable solution at a time when fluid supply chains are more critical than ever.”       -    Derek Taylor, Vice-President, Eastern Region at CN“Sustained, long term investment in infrastructure is the key to keeping Mississippi poised for a rapid economic recovery. With this announcement, CN will have contributed more than $350 million to its rail network in our state in the last five years. Their commitment is unmatched and greatly appreciated!”       -    Tom King, Southern District Transportation Commissioner at the Mississippi Department of Transportation.The Company’s investments will create greater capacity, which supports reductions in its customer’s transportation supply chain GHG emissions, by encouraging the use of rail for long haul needs. This reduces emissions, traffic congestion, accidents and burdens on public transportation infrastructure as one freight train can replace over 300 trucks from roads. Moving freight by rail instead of truck reduces GHG emissions by 75%. The Company will continue to deploy important safety enhancing technologies across its network, such as the Autonomous Track Inspection Program, Distributed Air Cars and Automated Inspection Portals.Maintenance program highlights include: * Replacement of 12 miles of rail * Installation of over 125,000 new railroad ties * Rebuilds of 31 road crossing surfaces * Maintenance work on bridges, level crossings, culverts, signal systems and other track infrastructureMississippi in numbers: * Capital investments: More than $365 million in the last five years * Employees: approximately 459 * Railroad route miles operated: 575 * Community partnerships: $115,000 in 2019 * Local spending: $78 million in 2019 * Cash taxes paid: $15 million in 2019CN’s network criss-crosses Mississippi, with a rail yard in Jackson serving as a hub for petroleum headed to the western part of the Magnolia State, coal moving east to Alabama, grain shipping south to the Gulf Coast for export, and chemical products headed north to the Midwest. Intermodal products destined throughout North America are handled through the intermodal terminal in Jackson. CN also has an automotive distribution facility serving the Nissan assembly plant in Canton.Forward-looking statements Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors, which may cause the actual results or performance of the Company to be materially different from the outlook or any future results or performance implied by such statements. Reference should be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors.CN is a true backbone of the economy, transporting more than C$250 billion worth of goods annually for a wide range of business sectors, ranging from resource products to manufactured products to consumer goods, across a rail network of approximately 20,000 route-miles spanning Canada and mid-America. CN – Canadian National Railway Company, along with its operating railway subsidiaries – serves the cities and ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth, Minn./Superior, Wis., and Jackson, Miss., with connections to all points in North America. For more information about CN, visit the Company’s website at www.cn.ca.Contacts:  MediaInvestors Jonathan AbecassisPaul Butcher Senior ManagerVice-President Media RelationsInvestor Relations (514) 399-7956(514) 399-0052

  • GlobeNewswire

    CN Investing $55 Million in Michigan

    Investments Focused on Safety and Capacity to Strengthen Rail Network, Help Reduce Emissions, and Support Economic GrowthHOMEWOOD, Ill., July 24, 2020 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that, as part of its strategic investments to support growing demand and enable supply chains, it plans to invest approximately $55 million (USD) across Michigan in 2020. The maintenance program will focus on continued investment in Positive Train Control, expansion of the Flint auto compound, autonomous track inspection railcars, the replacement of rail and ties, as well as maintenance of bridges, level crossings, culverts, signal systems and other track infrastructure. “We take our essential role in the North American economy seriously and these investments in Michigan are a key part of our strategy to support growth. The Company remains committed to help enable supply chains that fuel Michigan’s growth as we are a critical part of getting everyday goods to markets and consumers. Safety is a core value at CN and by investing in the maintenance and expansion of our track and capacity, we are providing customers with a safe and reliable solution at a time when fluid supply chains are more critical than ever.”       -          Derek Taylor, Vice-President, Eastern Region at CN“Freight rail’s global connections break the logistics barriers that would normally limit us as a peninsular state. CN’s financial commitment to our state will continue to create unmatched economic links at this critical time, while also providing opportunity and stability to its hundreds of dedicated workers across Michigan.”        -          Marshall Bullock, Michigan State SenatorThe Company’s investments will create greater capacity, which supports reductions in its customer’s transportation supply chain GHG emissions, by encouraging the use of rail for long haul needs. This reduces emissions, traffic congestion, accidents and burdens on public transportation infrastructure as one freight train can replace over 300 trucks from roads. Moving freight by rail instead of truck reduces GHG emissions by 75%. The Company will continue to deploy important safety enhancing technologies across its network, such as the Autonomous Track Inspection Program, Distributed Air Cars and Automated Inspection Portals.Maintenance program highlights include:              * Replacement of approximately 5 miles of rail * Installation of over 105,000 new railroad ties * Rebuilds of 24 road crossing surfaces * Maintenance work on of bridges, level crossings, culverts, signal systems and other track infrastructureMichigan in numbers: * Capital investments: More than $610 million in the last five years * Employees: approximately 1,095 * Railroad route miles operated: 904 * Community partnerships: $153,000 in 2019 * Local spending: $112 million in 2019 * Cash taxes paid: $855,000 in 2019CN is the largest of three Class I railroads operating in Michigan. CN’s operations cross the state’s Lower Peninsula with rail yards in Battle Creek, Flint, Port Huron and Flat Rock. CN also has a railcar/locomotive repair shop in Battle Creek. In the Upper Peninsula of the Wolverine State, CN has rail yards in Escanaba and Gladstone. One in four finished automobiles built in Michigan is moved on a CN train. The Michigan Department of Environmental Quality has awarded four CN yards with their Clean Corporate Citizen (C3) certification: Flat Rock, Flint, Port Huron and Battle Creek.Forward-looking statements Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors, which may cause the actual results or performance of the Company to be materially different from the outlook or any future results or performance implied by such statements. Reference should be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors.CN is a true backbone of the economy, transporting more than C$250 billion worth of goods annually for a wide range of business sectors, ranging from resource products to manufactured products to consumer goods, across a rail network of approximately 20,000 route-miles spanning Canada and mid-America. CN – Canadian National Railway Company, along with its operating railway subsidiaries – serves the cities and ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth, Minn./Superior, Wis., and Jackson, Miss., with connections to all points in North America. For more information about CN, visit the Company’s website at www.cn.ca.Contacts:  MediaInvestors Jonathan AbecassisPaul Butcher Senior ManagerVice-President Media Relations Investor Relations (514) 399-7956(514) 399-0052

  • GlobeNewswire

    CN Investing $100 Million in Wisconsin

    Investments Focused on Safety and Capacity to Strengthen Rail Network, Help Reduce Emissions, and Support Economic GrowthHOMEWOOD, Ill., July 24, 2020 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that, as part of its strategic investments to support growing demand and enable supply chains, it plans to invest approximately $100 million (USD) across Wisconsin in 2020. The investments will focus on a new auto compound in New Richmond, maintenance of vessels, replacement of rail and ties, as well as maintenance of bridges, level crossings, culverts, signal systems and other track infrastructure. “We take our essential role in the North American economy seriously and these investments in Wisconsin are a key part of our strategy to support growth. The Company remains committed to help enable supply chains that fuel Wisconsin’s growth as we are a critical part of getting everyday goods to markets and consumers. Safety is a core value at CN and by investing in the maintenance and expansion of our track and capacity, we are providing customers with a safe and reliable solution at a time when fluid supply chains are more critical than ever.”       -    Derek Taylor, Vice-President, Eastern Region at CN“It’s great to hear that CN Railroad is once again investing more than $100 million in infrastructure improvements to its rail network in the Badger State. It’s a strong sign of faith in the Wisconsin and US economies. Sustained private investment in sectors like freight railroads will be essential to the state’s economic recovery from the COVID-19 pandemic.”       -    Robin Vos, Speaker of the Wisconsin State AssemblyThe Company’s investments will create greater capacity, which supports reductions in its customer’s transportation supply chain GHG emissions, by encouraging the use of rail for long haul needs. This reduces emissions, traffic congestion, accidents and burdens on public transportation infrastructure as one freight train can replace over 300 trucks from roads. Moving freight by rail instead of truck reduces GHG emissions by 75%. The Company will continue to deploy important safety enhancing technologies across its network, such as the Autonomous Track Inspection Program, Distributed Air Cars and Automated Inspection Portals.Maintenance program highlights include: * Replacement of more than 9 miles of rail * Installation of over 60,000 new railroad ties * Rebuilds of 48 road crossing surfaces * Maintenance work on facilities, culverts, signal systems, and other track infrastructureWisconsin in numbers: * Capital investments: approximately $970 million in the last five years * Employees: approximately 1,413 * Railroad route miles operated: 1,428 * Community partnerships: $165,000 in 2019 * Local spending: $240 million in 2019 * Cash taxes paid: $21 million in 2019CN serves many local producers and general merchandise customers in Wisconsin, most notably from Milwaukee and Green Bay on Lake Michigan. CN also have intermodal terminals in Chippewa Falls and Arcadia. Since 2001, CN has invested over US$1 billion in infrastructure upgrades on its Wisconsin network to help create safe, efficient and competitive supply chain connections for our customers.Forward-looking statements Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors, which may cause the actual results or performance of the Company to be materially different from the outlook or any future results or performance implied by such statements. Reference should be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors.CN is a true backbone of the economy, transporting more than C$250 billion worth of goods annually for a wide range of business sectors, ranging from resource products to manufactured products to consumer goods, across a rail network of approximately 20,000 route-miles spanning Canada and mid-America. CN – Canadian National Railway Company, along with its operating railway subsidiaries – serves the cities and ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth, Minn./Superior, Wis., and Jackson, Miss., with connections to all points in North America. For more information about CN, visit the Company’s website at www.cn.ca.Contacts:  MediaInvestors Jonathan Abecassis Paul Butcher Senior Manager Vice-President Media RelationsInvestor Relations (514) 399-7956 (514) 399-0052

  • Canadian National's (CNI) Q2 Earnings Meet Estimates, Down Y/Y
    Zacks

    Canadian National's (CNI) Q2 Earnings Meet Estimates, Down Y/Y

    Low freight revenues and volumes amid COVID-19 hurt Canadian National's (CNI) second-quarter 2020 results.

  • Canadian National Railway Co (CNI) Q2 2020 Earnings Call Transcript
    Motley Fool

    Canadian National Railway Co (CNI) Q2 2020 Earnings Call Transcript

    CNI earnings call for the period ending June 30, 2020.

  • Canadian National profit beats estimates on cost-saving moves
    Reuters

    Canadian National profit beats estimates on cost-saving moves

    "We will be ready and prepared if there is a second (virus) wave", Chief Executive Officer Jean-Jacques Ruest said on a call with analysts, adding the company will continue to increase capacity year-over-year. Canadian National reaffirmed its C$2.9 billion capital investment plan for 2020 and said it would acquire about 1,500 covered hopper cars to expand its grain export business for delivery starting next year. Canadian National's net income fell to C$545 million ($405.14 million) or 77 Canadian cents per share, in the quarter, from C$1.36 billion, or C$1.88 per share, a year earlier.

  • Canadian National (CNI) Meets Q2 Earnings Estimates
    Zacks

    Canadian National (CNI) Meets Q2 Earnings Estimates

    CN (CNI) delivered earnings and revenue surprises of 0.00% and -3.85%, respectively, for the quarter ended June 2020. Do the numbers hold clues to what lies ahead for the stock?

  • Benzinga

    Recap: Canadian National Railway Q2 Earnings

    Shares of Canadian National Railway (NYSE: CNI) rose 0.82% in after-market trading after the company reported Q2 results. Quarterly Results Earnings per share fell 28.68% year over year to $0.92, which missed the estimateShares of Canadian National Railway (NYSE:CNI) fell 0.1% in after-market trading after the company reported Q2 results.Quarterly Results Earnings per share fell 28.68% year over year to $0.92, which missed the estimate of $1.25.Revenue of $2,315,000,000 decreased by 21.63% year over year, which missed the estimate of $3,250,000,000.Outlook Earnings guidance hasn't been issued by the company for now.Revenue guidance hasn't been issued by the company for now.How To Listen To The Conference Call Date: Jul 21, 2020View more earnings on CNITime: 04:30 PMET Webcast URL: https://www.icastpro.ca/events/cn/2020/07/21/q2-2020Recent Stock Performance 52-week high: $96.5352-week low: $65.13Price action over last quarter: Up 16.20%Company Profile 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.See more from Benzinga * Stocks That Hit 52-Week Highs On Tuesday(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • GlobeNewswire

    CN to Purchase 1,500 New Hopper Railcars in North America to Encourage Economic Recovery and Expand Grain Export

    MONTREAL, July 21, 2020 -- CN (TSX: CNR) (NYSE: CNI) today announced that it plans to acquire 1,500 new generation, high-capacity, grain hopper cars with delivery starting in.

  • GlobeNewswire

    CN Declares Third-Quarter 2020 Dividend

    MONTREAL, July 21, 2020 -- CN (TSX: CNR) (NYSE: CNI) announced today that its Board of Directors has approved a third-quarter 2020 dividend on the Company’s common shares.

  • GlobeNewswire

    CN's Quarterly Results Demonstrate Railroad's Resiliency During Unprecedented Economic Times

    Company Contributing to Economic Recovery Through Reaffirmed and New Investments MONTREAL, July 21, 2020 -- CN (TSX: CNR) (NYSE: CNI) today reported its financial and.

  • GlobeNewswire

    CN's Quarterly Results Demonstrate Railroad's Resiliency During Unprecedented Economic Times

    Company Contributing to Economic Recovery Through Reaffirmed and New Investments MONTREAL, July 21, 2020 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) today reported its financial and operating results for the second quarter ended June 30, 2020."By being adaptable, we were able to swiftly rightsize our resources and continue to provide our essential transportation services to our customers, the economy, and the communities we serve. I could not be prouder of our railroaders as they never stopped working to keep our customers’ goods and the North American economy moving safely and efficiently throughout this pandemic. The decisive actions we took early on in March, well before the pandemic impacted the North American economy, allowed us to deliver over C$1B of free cash flow during this recessionary quarter. I'm pleased to reaffirm our commitment in encouraging the economic recovery through our C$2.9B capital investment plan for 2020 as well as our new investment announcement of the purchase of approximately 1,500 new, efficient, high-capacity, covered hopper cars to expand our grain export business for delivery starting in January of 2021. Our strategic long-term approach to investments, together with our continued focus on cost and deployment of innovative technology, as well as our commitment to enabling trade, position us to keep delivering long-term value to our stakeholders." \- JJ Ruest, President and Chief Executive Officer of CNFinancial results highlights Second-quarter 2020 compared to second-quarter 2019 * Second quarter results were adversely impacted by the pandemic. * CN recorded a charge of C$486 million, or C$363 million after-tax (C$0.51 per diluted share), resulting from the decision to market for sale for on-going rail operations, certain non-core lines. * Revenues of C$3,209 million, a decrease of C$750 million or 19 per cent. * Diluted earnings per share (EPS) of C$0.77, a decrease of 59 per cent, and adjusted diluted EPS of C$1.28, a decrease of 26 per cent. (1) * Operating ratio of 75.5 per cent, an increase of 18.0 points, and adjusted operating ratio of 60.4 per cent, an increase  of 2.9 points. (1) * Operating income of C$785 million, a decrease of 53 per cent, and adjusted operating income of C$1,271 million, a  decrease of 24 per cent. (1) * Free cash flow of C$1,008 million, an increase of C$495 million. (1) * Moody's reaffirmed CN's investment grade credit rating of A2 with stable outlook.Second-quarter 2020 revenues, traffic volumes and expenses Revenues for the second quarter of 2020 were C$3,209 million, a decrease of C$750 million or 19 per cent, when compared to the same period in 2019. The decrease in revenues was mainly due to lower volumes across most commodity groups caused by the COVID-19 pandemic and lower applicable fuel surcharge rates, which were partly offset by increased shipments of Canadian grain, higher Canadian coal exports via west coast ports as well as freight rate increases. RTMs, measuring the relative weight and distance of freight transported by CN, declined by 18 per cent from the year-earlier period. Freight revenue per RTM decreased by one per cent over the year-earlier period.Operating expenses for the second quarter increased by six per cent to C$2,424 million, mainly driven by a loss on assets held for sale resulting from the Company's decision to market for sale for on-going rail operations, certain non-core lines, partly offset by lower fuel and labor costs. Excluding this one-time charge, operating expenses were down 15% versus last year.(1) Non-GAAP Measures CN reports its financial results in accordance with United States generally accepted accounting principles (GAAP). CN also uses non-GAAP measures in this news release that do not have any standardized meaning prescribed by GAAP, such as adjusted performance measures. These non-GAAP measures may not be comparable to similar measures presented by other companies. For further details of these non-GAAP measures, including a reconciliation to the most directly comparable GAAP financial measures, refer to the attached supplementary schedule, Non-GAAP Measures.(2) Forward-Looking Statements Certain statements included in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the impacts of the COVID-19 pandemic on our business operations, financial results and financial position and on the global supply chain. Forward-looking statements may be identified by the use of terminology such as "believes," "expects," "anticipates," "assumes," "outlook," "plans," "targets," or other similar words.Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause the actual results or performance of the Company to be materially different from the outlook or any future results or performance implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements include, but are not limited to, the duration and effects of the COVID-19 pandemic, general economic and business conditions, particularly in the context of the COVID-19 pandemic; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk; trade restrictions or other changes to international trade arrangements; transportation of hazardous materials; various events which could disrupt operations, including illegal blockades of rail networks, and natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings or other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should be made to Management’s Discussion and Analysis (MD&A) in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors.Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement.This earnings news release, as well as additional information, including the Financial Statements, Notes thereto and MD&A, is contained in CN’s Quarterly Review available on the Company's website at www.cn.ca/financial-results and on SEDAR at www.sedar.com as well as on the U.S. Securities and Exchange Commission's website at www.sec.gov through EDGAR.CN is a true backbone of the economy transporting more than C$250 billion worth of goods annually for a wide range of business sectors, ranging from resource products to manufactured products to consumer goods, across a rail network of approximately 20,000 route-miles spanning Canada and mid-America. CN – Canadian National Railway Company, along with its operating railway subsidiaries  –  serves the cities and ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth, Minn./Superior, Wis., and Jackson, Miss., with connections to all points in North America. For more information about CN, visit the Company's website at www.cn.ca.Contacts:  MediaInvestment Community Jonathan AbecassisPaul Butcher Senior ManagerVice-President Media RelationsInvestor Relations (514) 399-7956(514) 399-0052 Media@cn.ca     Selected Railroad Statistics – unaudited Three months ended June 30Six months ended June 30  2020201920202019 Financial measures     Key financial performance indicators (1)     Total revenues ($ millions)3,2093,9596,7547,503 Freight revenues ($ millions)3,0383,7596,4627,172 Operating income ($ millions)7851,6822,0002,762 Adjusted operating income ($ millions) (2)1,2711,6822,4862,846 Net income ($ millions)5451,3621,5562,148 Adjusted net income ($ millions) (2)9081,2501,7782,098 Diluted earnings per share ($)0.771.882.182.96 Adjusted diluted earnings per share ($) (2)1.281.732.492.90 Free cash flow ($ millions) (2)1,0085131,581799 Gross property additions ($ millions)7141,1821,3172,100 Share repurchases ($ millions)—445379877 Dividends per share ($)0.57500.53751.15001.0750 Financial position (1)     Total assets ($ millions)45,19943,00245,19943,002 Total liabilities ($ millions)26,42425,02026,42425,020 Shareholders' equity ($ millions)18,77517,98218,77517,982 Financial ratio     Operating ratio (%)75.557.570.463.2 Adjusted operating ratio (%) (2)60.457.563.262.1 Operational measures (3)           Statistical operating data     Gross ton miles (GTMs) (millions)102,386127,606216,365243,465 Revenue ton miles (RTMs) (millions)52,51764,329110,887123,396 Carloads (thousands)1,2941,5382,6292,956 Route miles (includes Canada and the U.S.)19,50019,50019,50019,500 Employees (end of period)22,11227,21522,11227,215 Employees (average for the period)22,43127,11623,84826,570 Key operating measures     Freight revenue per RTM (cents)5.785.845.835.81 Freight revenue per carload ($)2,3482,4442,4582,426 GTMs per average number of employees (thousands)4,5644,7069,0739,163 Operating expenses per GTM (cents)2.371.782.201.95 Labor and fringe benefits expense per GTM (cents)0.550.530.600.61 Diesel fuel consumed (US gallons in millions)90.2114.9199.1232.4 Average fuel price ($ per US gallon)2.083.312.533.17 Fuel efficiency (US gallons of locomotive fuel consumed per 1,000 GTMs)0.880.900.920.95 Train weight (tons)9,9229,3119,4919,002 Car velocity (car miles per day)201214190192 Through dwell (entire railroad, hours)8.47.28.47.9 Through network train speed (miles per hour)19.919.018.918.0 Locomotive utilization (trailing GTMs per total horsepower)204212192199 Safety indicators (4)     Injury frequency rate (per 200,000 person hours)1.451.771.852.01 Accident rate (per million train miles)1.761.561.822.32 (1)Amounts expressed in Canadian dollars and prepared in accordance with United States generally accepted accounting principles (GAAP), unless otherwise noted. (2)See supplementary schedule entitled Non-GAAP Measures for an explanation of these non-GAAP measures. (3)Statistical operating data, key operating measures and safety indicators are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available. Definitions of gross ton miles, fuel efficiency, train weight, car velocity. through dwell and through network train speed are included within the Company’s Management’s Discussion and Analysis. Definitions of all other indicators are provided on CN's website, www.cn.ca/glossary. (4)Based on Federal Railroad Administration (FRA) reporting criteria.    Supplementary Information – unaudited Three months ended June 30Six months ended June 30  20202019% Change Fav (Unfav)% Change at constant currency Fav (Unfav) (1)20202019% Change Fav (Unfav)% Change at constant currency Fav (Unfav) (1) Revenues ($ millions) (2)         Petroleum and chemicals585775(25%)(26%)1,3761,510(9%)(10%) Metals and minerals308440(30%)(32%)713861(17%)(18%) Forest products413487(15%)(17%)846943(10%)(12%) Coal140177(21%)(22%)283340(17%)(17%) Grain and fertilizers6496411%—%1,2591,2183%2% Intermodal874992(12%)(13%)1,7231,842(6%)(7%) Automotive69247(72%)(72%)262458(43%)(43%) Total freight revenues3,0383,759(19%)(21%)6,4627,172(10%)(11%) Other revenues171200(15%)(17%)292331(12%)(13%) Total revenues3,2093,959(19%)(20%)6,7547,503(10%)(11%) Revenue ton miles (RTMs) (millions) (3)         Petroleum and chemicals8,83214,357(38%)(38%)22,52027,106(17%)(17%) Metals and minerals3,8816,832(43%)(43%)10,35713,402(23%)(23%) Forest products6,0297,271(17%)(17%)12,35114,089(12%)(12%) Coal4,2424,699(10%)(10%)8,3208,993(7%)(7%) Grain and fertilizers15,06215,045—%—%29,26128,9121%1% Intermodal14,15715,034(6%)(6%)26,91928,882(7%)(7%) Automotive3141,091(71%)(71%)1,1592,012(42%)(42%) Total RTMs52,51764,329(18%)(18%)110,887123,396(10%)(10%) Freight revenue / RTM (cents) (2) (3)         Petroleum and chemicals6.625.4023%20%6.115.5710%8% Metals and minerals7.946.4423%20%6.886.427%6% Forest products6.856.702%—%6.856.692%1% Coal3.303.77(12%)(14%)3.403.78(10%)(11%) Grain and fertilizers4.314.261%—%4.304.212%1% Intermodal6.176.60(7%)(8%)6.406.38—%—% Automotive21.9722.64(3%)(4%)22.6122.76(1%)(1%) Total freight revenue / RTM5.785.84(1%)(3%)5.835.81—%(1%) Carloads (thousands) (3)         Petroleum and chemicals131174(25%)(25%)304342(11%)(11%) Metals and minerals217269(19%)(19%)458504(9%)(9%) Forest products83100(17%)(17%)171196(13%)(13%) Coal7190(21%)(21%)148170(13%)(13%) Grain and fertilizers162167(3%)(3%)312316(1%)(1%) Intermodal609663(8%)(8%)1,1571,287(10%)(10%) Automotive2175(72%)(72%)79141(44%)(44%) Total carloads1,2941,538(16%)(16%)2,6292,956(11%)(11%) Freight revenue / carload ($) (2) (3)         Petroleum and chemicals4,4664,454—%(2%)4,5264,4153%1% Metals and minerals1,4191,636(13%)(16%)1,5571,708(9%)(10%) Forest products4,9764,8702%—%4,9474,8113%1% Coal1,9721,967—%(1%)1,9122,000(4%)(5%) Grain and fertilizers4,0063,8384%3%4,0353,8545%4% Intermodal1,4351,496(4%)(5%)1,4891,4314%3% Automotive3,2863,293—%(2%)3,3163,2482%1% Total freight revenue / carload2,3482,444(4%)(6%)2,4582,4261%—% (1)See supplementary schedule entitled Non-GAAP Measures for an explanation of this non-GAAP measure. (2)Amounts expressed in Canadian dollars. (3)Statistical operating data and related key operating measures are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available.    Non-GAAP Measures – unaudited In this supplementary schedule, the "Company" or "CN" refers to Canadian National Railway Company, together with its wholly-owned subsidiaries. Financial information included in this schedule is expressed in Canadian dollars, unless otherwise noted.CN reports its financial results in accordance with United States generally accepted accounting principles (GAAP). The Company also uses non-GAAP measures that do not have any standardized meaning prescribed by GAAP, including adjusted performance measures, constant currency, free cash flow and adjusted debt-to-adjusted earnings before interest, income taxes, depreciation and amortization (EBITDA) multiple. These non-GAAP measures may not be comparable to similar measures presented by other companies. From management's perspective, these non-GAAP measures are useful measures of performance and provide investors with supplementary information to assess the Company's results of operations and liquidity. These non-GAAP measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP.Adjusted performance measuresManagement believes that adjusted net income, adjusted earnings per share, adjusted operating income and adjusted operating ratio are useful measures of performance that can facilitate period-to-period comparisons, as they exclude items that do not necessarily arise as part of CN's normal day-to-day operations and could distort the analysis of trends in business performance. Management uses adjusted performance measures, which exclude certain income and expense items in its results that management believes are not reflective of CN's underlying business operations, to set performance goals and as a means to measure CN's performance. The exclusion of such income and expense items in these measures does not, however, imply that these items are necessarily non-recurring. These measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.For the three and six months ended June 30, 2020, the Company's adjusted net income was $908 million, or $1.28 per diluted share, and $1,778 million, or $2.49 per diluted share, respectively. The adjusted figures for the three and six months ended June 30, 2020 exclude a loss of $486 million, or $363 million after-tax ($0.51 per diluted share) resulting from the Company's decision to market for sale for on-going rail operations, certain non-core lines in Wisconsin, Michigan and Ontario. The adjusted figures for the six months ended June 30, 2020 also exclude a current income tax recovery of $141 million ($0.20 per diluted share) in the first quarter resulting from the enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a U.S. tax-and-spending package aimed at providing additional stimulus to address the economic impact of the COVID-19 pandemic.For the three and six months ended June 30, 2019, the Company's adjusted net income was $1,250 million, or $1.73 per diluted share, and $2,098 million, or $2.90 per diluted share, respectively. The adjusted figures for the three and six months ended June 30, 2019 exclude a deferred income tax recovery of $112 million ($0.15 per diluted share), resulting from the enactment of a lower provincial corporate income tax rate. The adjusted figures for the six months ended June 30, 2019 also exclude a depreciation and amortization expense of $84 million, or $62 million after-tax ($0.09 per diluted share) in the first quarter, related to costs previously capitalized for a Positive Train Control (PTC) back office system following the deployment of a replacement system.The following table provides a reconciliation of net income and earnings per share, as reported for the three and six months ended June 30, 2020 and 2019, to the adjusted performance measures presented herein:      Three months ended June 30 Six months ended June 30 In millions, except per share data2020   2019   2020   2019   Net income$545  $1,362  $1,556  $2,148  Adjustments:        Depreciation expense—  —  —  84  Loss on assets held for sale486  —  486  —  Income tax recovery (1)(123) (112) (264) (134) Adjusted net income$908  $1,250  $1,778  $2,098  Basic earnings per share$0.77  $1.89  $2.19  $2.97  Impact of adjustments, per share0.51  (0.16) 0.31  (0.07) Adjusted basic earnings per share$1.28  $1.73  $2.50  $2.90  Diluted earnings per share$0.77  $1.88  $2.18  $2.96  Impact of adjustments, per share0.51  (0.15) 0.31  (0.06) Adjusted diluted earnings per share$1.28  $1.73  $2.49  $2.90  (1)Includes the tax impact of: (i) adjustments based on the nature of the item for tax purposes and related tax rates in the applicable jurisdiction; or (ii) tax law changes and rate enactments.    The following table provides a reconciliation of operating income and operating ratio, as reported for the three and six months ended June 30, 2020 and 2019, to the adjusted performance measures presented herein:       Three months ended June 30 Six months ended June 30 In millions, except percentage2020  2019  2020 2019  Operating income$785  $1,682  $2,000 $2,762  Adjustments:       Depreciation expense—  —  — 84  Loss on assets held for sale486  —  486 —  Adjusted operating income$1,271  $1,682  $2,486 $2,846  Operating ratio (1)75.5% 57.5% 70.4%63.2% Impact of adjustment(15.1)-pts —  (7.2)-pts(1.1)-pts Adjusted operating ratio60.4% 57.5% 63.2%62.1% (1)Operating ratio is defined as operating expenses as a percentage of revenues.    Constant currency Financial results at constant currency allow results to be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons in the analysis of trends in business performance. Measures at constant currency are considered non-GAAP measures and do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies. Financial results at constant currency are obtained by translating the current period results denominated in US dollars at the foreign exchange rates of the comparable period in the prior year. The average foreign exchange rates were $1.39 and $1.37 per US$1.00 for the three and six months ended June 30, 2020, respectively, and $1.34 and $1.33 per US$1.00 for the three and six months ended June 30, 2019, respectively.On a constant currency basis, the Company's net income for the three and six months ended June 30, 2020 would have been lower by $13 million ($0.02 per diluted share).Free cash flowManagement believes that free cash flow is a useful measure of liquidity as it demonstrates the Company's ability to generate cash for debt obligations and for discretionary uses such as payment of dividends, share repurchases, and strategic opportunities. The Company defines its free cash flow measure as the difference between net cash provided by operating activities and net cash used in investing activities, adjusted for the impact of business acquisitions, if any. Free cash flow does not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.The following table provides a reconciliation of net cash provided by operating activities as reported for the three and six months ended June 30, 2020 and 2019, to free cash flow:      Three months ended June 30 Six months ended June 30 In millions2020   2019   2020   2019   Net cash provided by operating activities$1,757  $1,716  $2,937  $2,713  Net cash used in investing activities(749) (1,203) (1,356) (2,081) Net cash provided before financing activities1,008  513  1,581  632  Adjustment: Acquisition, net of cash acquired (1)—  —  —  167  Free cash flow$1,008  $513  $1,581  $799  (1)Relates to the acquisition of the TransX Group of Companies ("TransX"). See Note 3 - Business combinations to CN's unaudited Interim Consolidated Financial Statements for additional information.    Adjusted debt-to-adjusted EBITDA multipleManagement believes that the adjusted debt-to-adjusted EBITDA multiple is a useful credit measure because it reflects the Company's ability to service its debt and other long-term obligations. The Company calculates the adjusted debt-to-adjusted EBITDA multiple as adjusted debt divided by adjusted EBITDA. These measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.The following table provides a reconciliation of debt and net income to the adjusted measures presented below, which have been used to calculate the adjusted debt-to-adjusted EBITDA multiple:        In millions, unless otherwise indicatedAs at and for the twelve months ended June 30,2020   2019   Debt$14,162  $13,354  Adjustments:    Operating lease liabilities, including current portion451  543  Pension plans in deficiency523  475  Adjusted debt$15,136  $14,372  Net income$3,624  $4,425  Interest expense554  510  Income tax expense1,004  1,249  Depreciation and amortization1,555  1,479  Loss on assets held for sale486  —  EBITDA7,223  7,663  Adjustments:    Other income(35) (166) Other components of net periodic benefit income(316) (312) Operating lease cost156  202  Adjusted EBITDA$7,028  $7,387  Adjusted debt-to-adjusted EBITDA multiple (times)2.15  1.95

  • ACCESSWIRE

    Canadian National Railway Co. to Host Earnings Call

    NEW YORK, NY / ACCESSWIRE / July 21, 2020 / Canadian National Railway Co.

  • GlobeNewswire

    CN to report second quarter 2020 financial and operating results today

    MONTREAL, July 21, 2020 -- CN (TSX: CNR) (NYSE: CNI) will issue its second quarter 2020 financial and operating results today, July 21, 2020 at 4:01 p.m. Eastern Daylight Time.