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Canadian National Railway Company (CNR) investor relations material
Canadian National Railway Company Morgan Stanley’s 13th Annual Laguna Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Morgan Stanley’s 13th Annual Laguna Conference summary11 Sep, 2025
Macroeconomic environment and business performance
Volumes are flat year over year, with bulk commodities like grain and coal showing strength, while forest products and intermodal face challenges due to tariffs and weak housing starts.
Domestic intermodal volumes are up 26% this quarter, driven by strong service, but international intermodal saw an early peak and is now softer.
Tariffs on steel, lumber, and automotive have created headwinds, but efforts to find new markets and mitigate impacts are ongoing.
Cost management is a priority, with increased focus on share buybacks and tight control over operating and capital expenses.
Agility is achieved through weekly cost decisions, flexible labor management, and a diversified, customer-focused approach.
Operational agility and network strategy
Labor and asset flexibility allow for quick furloughs and recalls, with about 1,000 employees currently furloughed and 200 locomotives parked.
Leasing strategies for railcars provide adaptability in cyclical markets, especially for lumber and grain.
The network's strategic advantages in energy, agriculture, and industrial products are leveraged for growth.
Partnerships with other railroads, such as CSX and Norfolk Southern, extend network reach and improve customer service.
The Falcon Premium service is highlighted as a model for cross-border, multi-railroad collaboration.
Market outlook and pricing
Grain volumes are expected to be strong, with Canadian crop estimates above the three-year average and pricing up 3-4%.
Forest products remain weak due to low lumber prices and tariffs, with no near-term recovery expected.
Energy business is recovering after temporary refinery downtime, but overall volume growth is at the lower end of expectations.
Margin improvement is targeted, but the 200 basis point OR improvement is unlikely this year due to mix and volume headwinds.
Pricing remains ahead of cost inflation, with strong service enabling constructive customer negotiations.
Detail CN's key agility mechanisms?
How do partnerships like Falcon service compare to mergers?
How will "new normal" volatility shape future guidance?
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Next Canadian National Railway Company earnings date
Q3 202530 Oct, 2025
Next Canadian National Railway Company earnings date
Q3 202530 Oct, 2025
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Frequently asked questions
Canada’s National Rail Network
Canadian National Railway Company (CN) is a Canadian transportation and logistics company operating across North America. Founded in 1919, it has grown into a corporation that plays a vital role in the transportation industry. CN's network spans approximately 20,000 route miles, covering Canada and parts of the United States, The company has a diversified portfolio of transport services, including rail, intermodal, trucking, freight forwarding, warehousing, and distribution. CN is headquartered in Montreal, Quebec, and has a dual listing on both the NYSE and the TSX.
Nationalized to Privatized
Canadian National was created by the Canadian government in 1918, nationalizing and merging several failing and bankrupt railways in the country. The early years were challenging due to the amalgamated nature of the railways, differing track gauges, and financial difficulties stemming from the previous companies. Between the 1930s to the 1950s, the company modernized and expanded, becoming a crucial part of the nation's transportation infrastructure.
In 1995, the government privatized CN through one of the largest initial public offerings in Canadian history. This naturally marked a significant shift for the company, moving it from a state-owned entity to a private, profit-driven company. Post-privatization, CN expanded its operations into the United States, acquiring several American railroads. Today, CN is a leader in the rail transport industry, known for its extensive network connecting Canada and the United States.
The Rail Network
CN operates a comprehensive rail network in North America, primarily focusing on freight transportation. Its railway system spans across Canada and extends into the United States, making it one of the largest rail networks on the continent. CN's rail operations are critical in connecting different regions, facilitating the movement of a wide range of goods including agricultural products, raw materials, finished goods, and consumer products. Other important companies in the sector include Norfolk Southern, Union Pacific, and CSX Corporation.
Intermodal Transportation and More
Apart from its core railway operations, CN has diversified into several other divisions, including intermodal transportation, which integrates different transportation modes like rail and trucks. CN's intermodal services play a crucial role in streamlining supply chains and offering flexible logistics solutions. Additionally, the company has a division dedicated to automotive transport, specializing in the distribution of vehicles. CN also operates in the logistics sector, providing comprehensive supply chain management solutions that complement its rail and intermodal services. These divisions, while ancillary to CN's primary rail operations, significantly contribute to its overall business model, offering integrated transportation and logistics solutions to a wide range of industries.
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