Canadian National: Easing Comps, Growth Initiatives And Reasonable Valuation

In 2023, the company's revenue growth was impacted by operational disruptions brought on by adverse climate conditions, including flooding and forest fires. Further, labor strikes at West Coast ports, related to the duty and rest period rules mandated in Canada in May 2023, negatively impacted revenue growth. In the first quarter of 2024, the company's revenues declined by 1.5% Y/Y to $4.249 billion, mainly due to lower freight revenue per RTM (Revenue Ton-Miles). The freight revenue per RTM declined by 1.7 ...