MONTREAL, May 26, 2025 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today plans to invest approximately $475 million CAD in Quebec, as part of its 2025 capital investment program. This investment will support track maintenance and strategic infrastructure initiatives in Quebec. This includes projects to improve the efficiency of CN’s operations at its Taschereau railyard in Dorval, as well as a number of information technology projects that will help better support our customers and modernize our ...

WINNIPEG, Manitoba, May 22, 2025 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today plans to invest approximately $165 million CAD in Manitoba, as part of its 2025 capital investment program. This investment will support track maintenance and strategic infrastructure initiatives in the province, including upgrade projects to improve operations of rail yards in Winnipeg. These investments will help ensure the safe movement of goods and support long-term sustainable growth in Manitoba and across CN ...

VANCOUVER, British Columbia, May 22, 2025 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today plans to invest approximately $615 million CAD in British Columbia, as part of its 2025 capital investment program. This investment will support strategic infrastructure initiatives in the province, including many multi-year projects to increase fluidity in the Vancouver corridor and build capacity along CN’s network from Prince Rupert and across Western Canada. These projects will help ensure the safe mo ...

EDMONTON, May 21, 2025 (GLOBE NEWSWIRE) -- CN (TSX : CNR) (NYSE : CNI) announced today plans to invest approximately $510 million CAD in Alberta, as part of its 2025 capital investment program. This investment will support track maintenance and strategic infrastructure initiatives in the province. This includes projects to increase intermodal capacity in Edmonton, and continued work to build greater rail capacity along CN’s mainline between Edson and Hinton. These projects will help ensure the safe movement ...

TORONTO, May 21, 2025 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today plans to invest approximately $600 million CAD in Ontario, as part of its 2025 capital investment program. This investment will support track maintenance and strategic infrastructure initiatives in the province. This includes projects that continue to invest in technology as well as ongoing multi-year projects that will build capacity and support growth across the network. These projects will help ensure the safe movement of ...

Norfolk Southern (NSC) FY Conference Summary Company Overview - **Company**: Norfolk Southern Corporation (NSC) - **Date of Conference**: May 20, 2025 Key Points and Arguments Operational Performance - NSC has made significant progress in operational metrics, including network fluidity and service product quality, leading to improved productivity across the P&L [2][4] - The company demonstrated resilience during the first quarter, effectively managing 18 winter storms and recovering operations quickly [3] - Labor productivity, fuel efficiency, and purchase service costs have shown improvement, contributing to operational momentum [4] Financial Goals and Projections - NSC aims for $150 million in productivity savings and cost reductions in 2025, with a target of 3% revenue growth despite macroeconomic uncertainties [5][6] - The company anticipates a 150 basis points improvement in the operating ratio (OR) [6] Volume Trends - Volumes are tracking up approximately 6% quarter-to-date in Q2, with coal and auto segments performing better than expected [7][8] - Intermodal volumes remain steady, with international volumes holding strong despite concerns about a potential import cliff [9][12] Coal Market Insights - The coal segment is experiencing a replenishment of stockpiles due to winter recovery and summer electricity demand, although export coal prices remain depressed [14][16] - The company expects low single-digit declines in coal revenue per unit (RPU) due to pricing pressures [17][19] Intermodal and East Coast Operations - NSC is well-positioned to handle shifts in volume from West Coast to East Coast ports, benefiting from strong partnerships and population density on the East Coast [21][22] - The company is prepared for a return to normal equilibrium in port volumes, which could enhance operational efficiency [21] Revenue Growth and Pricing Strategy - The 3% revenue growth target is primarily driven by volume, with flat yields expected due to commodity mix challenges [24][26] - The company has seen a slight increase in yields excluding fuel, marking the first increase after six quarters of declines [37] Cost Management and Productivity - NSC has achieved strong labor productivity, with headcount down while volumes increase, indicating effective cost management [48][49] - The company is focused on reducing purchase service costs, which have shown a year-over-year decline [58] Inflation and Compensation - A 4% wage increase for union employees is expected to impact compensation costs significantly [63] - The company is managing inflation risks primarily in compensation and benefits, with ongoing efforts to enhance productivity to offset wage increases [63] Capital Expenditure and Cash Flow - NSC has reduced its capital expenditure guidance for 2024 from $2.4 billion to $2.2 billion, focusing on infrastructure and safety [64][65] - The potential for 100% bonus depreciation could provide significant cash flow benefits [66] Industry Outlook and Mergers - Discussions around potential mergers in the rail industry are ongoing, but NSC remains focused on enhancing service quality and operational efficiency rather than pursuing mergers at this time [68][70] Additional Important Insights - The company is committed to maintaining a sub-60% operating ratio in the long term, although the timeline for achieving this may be extended due to market conditions [32][33] - NSC is actively working on technology improvements to rationalize spending and enhance operational efficiency [61] This summary encapsulates the key insights and strategic directions discussed during the Norfolk Southern FY Conference, highlighting the company's operational resilience, financial goals, and market positioning.

Tracking U.S. Supply Chain Congestion GS Supply Chain Congestion Scale: May 19th; Weekly Index Down Slightly, Scale Unchanged at '2' 2 1 10 Fully Open Fully Bottlenecked GS Supply Chain Congestion Scale Week of 5/19/2025 Scale is based solely off weekly metrics to give more granularity on high frequency data indications; see Appendix for scale that combines weekly and monthly metrics Source: Goldman Sachs Global Investment Research 19 May 2025 | 4:09PM EDT +1(801)744-3761 | paul.x.stoddard@gs.com Goldman Sa ...

Core Insights - Norfolk Southern Corporation will participate in the Wolfe Research 18th Annual Global Transportation & Industrials Conference on May 20, 2025, at 11 a.m. ET [1] - The presentation will be available on the company's Investors page on its website [1] Company Overview - Norfolk Southern has been operational since 1827, focusing on freight transportation that supports the U.S. economy [2] - The company is committed to sustainability, helping customers avoid approximately 15 million tons of carbon emissions annually by utilizing rail transport [2] - Norfolk Southern handles over 7 million carloads each year, covering a wide range of goods from agriculture to consumer products [2] - It leads in automotive traffic among Class I Railroads and boasts the most extensive intermodal network in the eastern U.S. [2] - The company serves a significant portion of the U.S. population and manufacturing base, with connections to major container ports along the Atlantic coast, Gulf Coast, and Great Lakes [2]

MONTREAL, May 15, 2025 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) today announced its 2025 capital expenditures program, underscoring its commitment to growing capacity, enhancing safety, and powering sustainable growth across its North American network. CN will invest approximately $3.4 billion CAD in capital projects this year, net of customer reimbursements. This year’s capital program includes approximately $2.9 billion allocated to its maintenance and strategic infrastructure initiatives across Cana ...

Financial Data and Key Metrics Changes - Revenues increased over 500% to $4,200,000 in Q1 2025 from $600,000 in Q1 2024 [14] - Gross profit was $1,500,000 representing a 35% gross margin in Q1 2025 compared to a gross loss of $400,000 in Q1 2024 [15] - Operating expenses increased to $11,800,000 for Q1 2025 from $8,700,000 in Q1 2024 [16] - Cash held was $25,400,000 as of March 31, 2025, down from $30,000,000 as of December 31, 2024 [17] Business Line Data and Key Metrics Changes - OAS revenues were $4,000,000, an increase of over 600% from Q1 2024 [14] - Revenue from OnDaaS Networks was $200,000, relatively flat compared to $300,000 in Q1 2024 [14] - The backlog grew to $16,800,000, with over $9,000,000 in additional orders secured year to date [7] Market Data and Key Metrics Changes - OAS is expanding its presence with new defense and homeland security customers across Europe, the Middle East, and the U.S. [8] - The Iron Drone Raider system is operational in a live combat environment, demonstrating its effectiveness [8] - The company is seeing strong global demand for Iron Drone as nations seek multi-layered kinetic counter UAS solutions [39] Company Strategy and Development Direction - The company anticipates a record year of revenue growth in 2025, primarily driven by OAS [5] - The strategy includes capturing programs of record and expanding those programs to generate recurring business activity [41] - The company aims to secure additional military customers and expand its partner ecosystem to support global sales and marketing [44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory for 2025 and beyond, citing strong demand and a growing backlog [46] - The company is focused on advancing U.S.-based manufacturing plans to align with defense procurement priorities [40] - Management highlighted the importance of capitalizing on emerging investment cycles in defense and security markets globally [49] Other Important Information - The company plans to host a second OAS-focused Investor Day in June to provide updates on business plans and financial outlook [52] - A significant debt reduction was achieved through the conversion of convertible notes to equity, reducing outstanding convertible debt to $20,600,000 [18][20] Q&A Session Summary Question: Follow-on orders and their size - Management indicated that initial orders are often pilot programs, with significant expansions expected thereafter [54][55] Question: Opportunities in Europe - Management confirmed ongoing discussions with other countries in Europe, highlighting increased defense spending due to geopolitical tensions [56] Question: Growth opportunities for Optimus - Management noted existing customers will expand programs, with significant opportunities in public safety and defense sectors [61][62] Question: Budget sources for U.S. public safety - Funding for public safety initiatives is coming from both state/local governments and federal sources, with increasing budgets for drone technology [63][64] Question: Impact of tariffs on supply chain - Management acknowledged potential impacts from tariffs but emphasized careful sourcing and plans to move production to the U.S. [72][76] Question: Pipeline breakdown between current customers and new logos - Management indicated significant expansion opportunities with new customers, alongside growth with existing customers [81][82]