Railroad News

Rail News Home Canadian National Railway - CN 7/27/2022 Rail News: Canadian National Railway - CN
CN yesterday reported record second-quarter 2022 revenue of CA$4.3 billion, up 21%, and record operating income of CA$1.8 billion, up 28%, compared with the same period in 2021.The Class I also posted record adjusted diluted earnings per share (EPS) in the quarter of CA$1.93, a 30% increase, and diluted EPS of $CA1.92, up 32% compared with earnings in Q2 2021.The railroad delivered a "solid" operating performance in key metrics such as origin train performance, car velocity, through dwell and record fuel efficiency, resulting in a lower operating ratio, CN officials said in a press release.“I am proud of our team of railroaders and pleased with our solid performance this quarter," said President and CEO Tracy Robinson. "Our team has the network running well, demonstrating improvements in service levels to our customers, driving greater velocity and generating strong financial results. We are preparing for a busy fall and are well positioned to achieve our 2022 outlook.”CN attributed the quarterly revenue increase mainly to higher applicable fuel surcharge rates, freight rate increases, higher Canadian export volumes of coal via West Coast ports, higher volumes of U.S. grain and the positive translation impact of a weaker Canadian dollar, partly offset by significantly lower export volumes of Canadian grain.The railroad's operating ratio in the quarter was 59.3%, an improvement of 2.3 points. The adjusted operating ratio of 59% improved 2.6 points.The railroad is confirming its 2022 outlook target to deliver 15% to 20% adjusted diluted EPS growth. CN continues to target an operating ratio below 60% for the year.

Rail News Home Canadian National Railway - CN 7/1/2022 Rail News: Canadian National Railway - CN
CN this week announced it earned a place on the Corporate Knights Best 50 Corporate Citizens list for the fourteenth consecutive year.The ranking is created by media firm Corporate Knights, which assesses Canadian organizations based on key performance indicators related to the management of resources, employees and financials."CN believes in delivering responsibly. This means moving our customers’ goods safely and efficiently, ensuring we deliver in an environmentally responsible manner; attracting, developing, and retaining top diverse talent; helping to make the communities we serve safer and stronger; and adhering to the highest ethical standards," said CN President and CEO Tracy Robinson in a press release.The Class I has made the list every year since 2008 due to its commitment to reduce emissions and improve its carbon intensity, CN officials said. The railroad has also joined the Business Ambition for 1.5°C and the United Nations' Race to Zero campaigns.Meanwhile, CN also announced two more capital expenditure budgets for 2022 projects in Iowa and Michigan. The railroad plans to spend $55 million in Michigan and $20 million in Iowa.Combined, the projects call for replacing 18 miles of rail, installing 59,000 new ties, rebuilding 33 grade crossing surfaces and performing maintenance work on bridges culverts, signal systems and other track infrastructure.CN has announced similar capex budgets for the states of Illinois, Louisiana, Minnesota, Mississippi, Tennessee and Wisconsin, and the provinces of Alberta, British Columbia, Manitoba, Nova Scotia and Quebec.

Rail News Home Canadian National Railway - CN 6/30/2022 Rail News: Canadian National Railway - CN
CN this week announced plans to spend $230 million on capital expenditure projects in Louisiana, Minnesota, Mississippi and Wisconsin.The Class I has budgeted $85 million in Wisconsin, $65 million in Mississippi, $55 million in Minnesota and $25 million in Louisiana. The investments will go toward technology, capacity, rolling stock and decarbonization initiatives, as well as network improvements. The projects will increase sustainable growth and ensure the safe movement of goods in those states, CN officials said in a press release.Combined, the projects call for replacing 24 miles of rail, installing 265,000 new ties, rebuilding 97 grade crossing surfaces and performing maintenance work on bridges, culverts, signal systems and other track infrastructure."We continue to make significant investments in our network, technology, and capacity. We are building the premier railroad of the 21st century to do even more for our customers, railroaders, shareholders, and the communities in which we operate," said Sean Finn, CN's executive vice president of corporate services and chief legal officer.CN recently announced similar capital expenditure budgets for projects in Illinois and Tennessee, as well as in the provinces of Alberta, British Columbia, Manitoba, Nova Scotia and Quebec.

Rail News Home Canadian National Railway - CN 6/28/2022 Rail News: Canadian National Railway - CN
CN announced yesterday it has budgeted hundreds of millions of dollars for capital projects in the states of Illinois and Tennessee, and the provinces of New Brunswick and Saskatchewan.The Class I will invest CA$185 million in Saskatchewan, $150 million in Illinois, CA$40 million in New Brunswick and $30 million in Tennessee.The funds will pay for projects to advance technology, capacity, rolling stock and decarbonization initiatives, as well as network improvements. The projects will power sustainable growth and ensure the safe movement of goods in their respective areas, CN officials said in a press release.The investments call for replacing rail, installing new ties, rebuilding grade-crossing surfaces and performing maintenance work on bridges, culverts, signal systems and other track infrastructure."We continue to make significant investments in our network, technology and capacity," said Sean Finn, CN's executive vice president of corporate services and chief legal officer.In recent weeks, CN has announced plans for similar projects in the provinces of Alberta, British Columbia, Manitoba, Nova Scotia and Quebec.

Rail News Home Canadian National Railway - CN 6/23/2022 Rail News: Canadian National Railway - CN
CN yesterday and today announced it will spend CA$970 million this year on capital expenditure projects for its rail network in the provinces of Alberta, Manitoba, Nova Scotia and Ontario.The funds will go toward technology, capacity, rolling stock and company-wide decarbonization efforts, as well as network improvements across all four provinces, CN officials said in a press release. The investments will power sustainable growth and ensure the continued safe movement of goods across Canada, they said.CN plans to spend CA$430 million in Ontario, CA$365 million in Alberta, CA$160 million in Manitoba and CA$15 million in Nova Scotia. The investments also include a maintenance program for each province.Combined, the work calls for replacing 102 miles of track, installing 291,000 ties, rebuilding 162 grade-crossing surfaces and completing maintenance work on various track infrastructure.Earlier this week, CN announced plans to invest CA$390 million in British Columbia and CA$335 million in Quebec."We continue to make significant investments in our network, technology and capacity," said Sean Finn, CN executive vice president of corporate services and chief legal officer.

Rail News Home Canadian National Railway - CN 6/20/2022 Rail News: Canadian National Railway - CN
The investments are being made in technology, rolling stock units, capacity and company-wide decarbonization initiatives, as well as network improvements. Photo – cn.ca

Rail News Home Canadian National Railway - CN 6/6/2022 Rail News: Canadian National Railway - CN
After a phased rollout, a total of 37 desks in CN's control center will be utilizing the precision dispatch software. Photo – Wabtec Corp.

Rail News Home Canadian National Railway - CN 5/23/2022 Rail News: Canadian National Railway - CN
Shauneen Bruder Photo – LinkedIn

Rail News Home Canadian National Railway - CN 4/7/2022 Rail News: Canadian National Railway - CN
CN and the Montreal Port Authority have agreed to integrate rail transport at the port's new container terminal in Contrecœur, the parties announced yesterday.A private partner will be retained to develop and operate the terminal. CN and port officials will define the technical aspects of the project's intermodal service, they said in a joint press release.The agreement is designed to strengthen the new terminal's position with shippers and give companies greater access to markets in Ontario and the U.S. Midwest, they said.The CN rail line is already in place in the area covered by the port's expansion in Contrecœur. In addition to establishing the intermodal service, the partnership aims to ensure close cooperation between CN, the port authority and the future private partner, port officials said."Teaming up with the Montreal Port Authority and future partners allows us to design an efficient rail-served terminal to provide customers with a high quality, consistent and safe intermodal service on our network," said CN President and CEO Tracy Robinson. "This will help support our long-term, sustainable growth."