Summary of Canadian National Railway Company (CNI) Conference Call - November 24, 2025 Company Overview - **Company**: Canadian National Railway Company (NYSE:CNI) - **Event**: Digital Day Conference - **Date**: November 24, 2025 Key Points Financial Performance - **Q3 Results**: The third quarter results were well received, with volumes up 1% year-to-date and 6% in Q4 to date, with November volumes up 15% [3][5] - **Cost Management**: Operating ratio improved by 170 basis points, indicating effective cost management [7] - **Cost Reduction Initiative**: A $75 million cost reduction initiative focused on management positions, protecting frontline supervisors [11][12] Volume and Sector Performance - **Volume Trends**: The company has experienced a freight recession for a few years, but anticipates capturing a rebound at low incremental costs when the economy improves [9] - **Sector Performance**: - **Strong Sectors**: Petroleum, chemicals, and grain sectors performing well [5] - **Challenging Sectors**: Lumber sector facing difficulties due to 45% tariffs and low prices [6] Capital Expenditure and Growth - **CapEx Reduction**: A $550 million cut in capital expenditures for 2026, aiming for capital efficiency [16] - **Sustainable Growth**: The company is positioned for sustainable growth with a focus on capital efficiency and capacity management [17][19] Leadership Changes - **New COO Appointment**: Pat Whiteside appointed as COO, transitioning from a co-COO model to a single COO for better focus on long-term engineering and mechanical functions [23][25] - **New CMO Appointment**: Janet Drysdale appointed as EVP and Chief Marketing Officer, emphasizing urgency and intensity in the marketing strategy [28][30] Sustainability Initiatives - **Biofuels Usage**: Increased biofuels to nearly 10% of overall locomotive fuel, achieved without additional costs [33][35] - **Pilot Programs**: Three pilots for battery electric and hybrid locomotives announced, with testing in various conditions [21][22] M&A Outlook - **Transcon Merger**: The company is not in favor of the Transcon Merger, believing it does not solve existing problems and that customer service is adequate in North America [37][38] - **Regulatory Challenges**: Anticipates a tough regulatory environment for any merger approval, emphasizing the need for enhanced competition [39] Capital Deployment Strategy - **Leverage Target**: The company targets a leverage ratio of 2.5 times, maintaining a strong balance sheet while being opportunistic in share buybacks [40][41][42] Additional Insights - **Employee Management**: Over 700 employees currently on furlough, with a successful recall rate of over 90% for those called back [13][15] - **Operational Efficiency**: Significant improvements in capital efficiency and cost reductions in engineering contracting services [26][27] This summary encapsulates the key discussions and insights from the conference call, highlighting the company's performance, strategic initiatives, and outlook for the future.

Group 1 - The article does not provide any specific content or key points related to a company or industry [1]

Core Insights - Canadian National Railway Company (CNI) is recognized as one of the 13 Best Canadian Dividend Stocks for long-term investment [1] - CIBC has raised the price target for CNI to C$146 from C$140 while maintaining a Neutral rating [2] - CNI reported a 6% increase in adjusted earnings per share for the third quarter and improved its operating ratio by 170 basis points to 61.4% [3] Financial Performance - CNI's third-quarter results showed resilience despite a challenging macroeconomic environment [3] - The company has maintained top-tier margins and strong operational performance, even though it fell short of volume expectations over the past two years [3] Capital Expenditure and Cost Management - Management plans to reduce capital spending from C$3.35 billion in 2025 to C$2.8 billion in 2026, aligning spending with US peers [4] - The reduction in capital spending is attributed to the completion of major capacity expansion projects and upgrades to the locomotive fleet, rather than a slowdown in growth investments [4] - CNI aims to cut management labor costs by C$75 million and accelerate share repurchases to leverage attractive valuations [4] Company Overview - CNI operates the largest rail network in Canada and provides transportation and logistics services across the United States and Mexico [5]

Summary of Canadian National Railway Company Conference Call Company Overview - **Company**: Canadian National Railway Company (NYSE:CNI) - **Event**: Conference Call on November 18, 2025 - **Key Speaker**: Tracy Robinson, President and CEO Key Points Industry Context - The railway industry is currently experiencing a freight recession that began in early 2022, impacting overall volume growth and economic conditions [16][20][21] - The company is navigating an uncertain economic environment with challenges such as tariffs and trade flow disruptions [9][11] Financial Performance - CN Rail reported a 6% growth in earnings per share (EPS) and improved its operating ratio by 170 basis points to 61.4%, despite flat volumes [10] - The capital program for 2026 is set at CAD 2.8 billion, which is CAD 600 million less than the previous year [11] - The company is focused on increasing free cash flow and shareholder returns, having retired 8 million shares in Q3 [12] Operational Efficiency - The operational network is performing at its best levels in a decade, with a focus on customer service and productivity [9][10] - Significant improvements in operating ratio were noted across the quarters: Q1 (20 bps), Q2 (50 bps), and Q3 (770 bps) [24] - The company is leveraging its latent capacity and resources to prepare for future volume increases [25] Market Outlook - The company anticipates a year of softer volumes in 2026, with strengths in certain sectors like energy and agriculture, but weaknesses in forest products and steel due to macroeconomic factors [12][18] - CN Rail is uniquely positioned to benefit from diversification in trade, particularly through its port access across Canada [17][22] Strategic Initiatives - The company is intensifying its marketing strategy under Chief Commercial Officer Janet, focusing on customer engagement and innovative pricing strategies [35][36] - CN Rail is actively involved in nation-building projects, particularly in the energy sector, which are expected to drive future growth [48][49] Capacity and Infrastructure - The company has debottlenecked key lines, increasing capacity and operational speed, particularly on the Edson Sub, which is crucial for east-west traffic [40][41] - Future capacity planning includes shovel-ready projects to address potential bottlenecks as demand increases [42] Trade Relations and Risks - The U.S.-Canada trade relationship is seen as critical for future growth, with concerns about structural differences in forest products and tariffs [53][54] - The company is prepared to engage in potential U.S. rail consolidation discussions, emphasizing its strong position with 85% of its volumes originating from its own network [56][57] Technology and Innovation - CN Rail is exploring AI and data analytics to enhance operational efficiency and predictive capabilities [64][65] - The company is investing in automation within rail yards and is focused on creating a digital culture among its workforce [66] Conclusion - Despite the challenging environment, CN Rail is committed to driving shareholder value and operational excellence, positioning itself for future growth as economic conditions improve [72]

Core Points - CN celebrated the 30th anniversary of its Initial Public Offering (IPO) on November 17, 2025, which raised C$2.25 billion, marking it as the largest IPO in Canadian history at that time [1][2] - The privatization of CN in 1995 transformed it into a leading transportation and trade-enabling company, significantly contributing to the economy and North American supply chains [2][4] - Senior executives, including the Chair of the Board and the CEO, commemorated the anniversary by ringing the Opening Bell at the Toronto Stock Exchange and the Closing Bell at the New York Stock Exchange [3] Company Overview - Founded in 1919, CN is the largest and oldest Crown Corporation in Canada, with a nearly 20,000-mile rail network that facilitates the transportation of over 300 million tons of goods annually [2][5] - CN connects Canada's Eastern and Western coasts with the U.S. Midwest and Gulf Coast, playing a vital role in sustainable trade and community prosperity [5] - The company has developed a robust three-coast network over the past three decades, enabling long-term sustainable economic growth in North America and globally [4]

Toronto, Ontario--(Newsfile Corp. - November 17, 2025) - Tracy Robinson, President and Chief Executive Officer and Shauneen Bruder, Chair of the Board, from Canadian National Railway Company ("CN" or the "Company") (TSX: CNR), joined Robert Peterman, Chief Commercial Officer, Toronto Stock Exchange ("TSX"), to open the market to celebrate the Company's 30th anniversary of being listed on TSX.Cannot view this video? Visit:https://www.youtube.com/watch?v=yRuxSAIiqhAThirty years ago, CN embarked on a historic ...

Group 1 - CN's Executive Vice-President and CFO, Ghislain Houle, will speak at the Desjardins Toronto Conference on November 24, 2025, at 8:00 a.m. Eastern Time [1] - CN will provide a live webcast of the conference on its investor relations website, with a replay available after the event [1] Group 2 - CN is a major transportation company that moves over 300 million tons of natural resources, manufactured products, and finished goods across North America annually [2] - The company operates a nearly 20,000-mile rail network that connects Canada's coasts with the U.S. Midwest and Gulf Coast, supporting sustainable trade and community prosperity since 1919 [2]

Canadian National Railway Company (NYSE:CNI) is included among the 15 Best Passive Income Stocks to Buy Right Now. Bernstein Raises CNI Price Target to $109.44, Maintains Market Perform Rating Photo by Dan Dennis on Unsplash On November​ 11, Bernstein raised its⁠ price targ⁠e‍t on Canadian National Railway Company (NYSE:CNI) to $109.44 fr‌om $‍106.‌47 while main‍ta‌ining a Market P‌er‌for‌m rating, as reported by The Fly. The firm not‌ed that the com⁠pany faced‌ top-line pressure in Q3,‍ but ope⁠rating ...

Group 1 - Canadian National Railway Company (CNI) is a significant investment for Bill Gates, comprising 11.94% of his stock portfolio, and is among his top 15 stock picks [1] - Evercore ISI raised its price target for CNI from $98 to $103 while maintaining an "In Line" rating, reflecting confidence in the company's performance [2] - The increase in price target is attributed to CNI's resilience in a challenging freight environment, demonstrated by a recent earnings beat and effective cost management [3] Group 2 - CNI reported Q3 2025 results showing a 1% year-over-year growth in revenue to $2.95 billion and a 5% increase in net income to $0.81 billion, alongside a 170-basis-point improvement in operating ratio [4] - The company achieved a 6% increase in diluted EPS to $1.30 and noted improvements in operational metrics, including a 2% increase in fuel efficiency [4] - CNI reiterated its 2025 guidance for mid-to-high single-digit adjusted EPS growth, indicating a stable outlook for the company [5]

Core Viewpoint - CN announced a public debt offering of US$700 million, consisting of US$300 million in 4.200% Notes due 2031 and US$400 million in 4.750% Notes due 2035, expected to close on November 12, 2025 [1][2]. Group 1: Debt Offering Details - The offering includes US$300 million of 4.200% Notes maturing in 2031 and US$400 million of 4.750% Notes maturing in 2035 [1]. - The net proceeds will be used to repay US$500 million of 2.75% notes due in March 2026 and for general corporate purposes, including the repayment of commercial paper [2]. - The offering is made under an effective shelf registration statement dated April 2, 2024 [2]. Group 2: Underwriters - The joint bookrunners for the debt offering include BofA Securities, J.P. Morgan Securities, RBC Capital Markets, and Wells Fargo Securities, along with a syndicate of other financial institutions [3]. Group 3: Company Overview - CN operates a nearly 20,000-mile rail network, transporting over 300 million tons of natural resources and goods across North America annually, contributing to sustainable trade and community prosperity since 1919 [6].