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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Canadian National Railway Company    CNR   CA1363751027

CANADIAN NATIONAL RAILWAY COMPANY (CNR)
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CN Railway moved 50 percent more crude in third-quarter to date: CFO

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09/12/2018 | 10:22pm CEST
FILE PHOTO: Rail cars including crude tankers are seen at the Canadian Nationals (CN) Thornton Railroad Yards in Surrey

MONTREAL (Reuters) - Canadian National Railway Co has moved 50 percent more crude oil by rail during the third quarter to date, compared with the same period a year earlier, and the company sees further growth, CN's chief financial officer said on Wednesday.

Ghislain Houle, CFO of Canada's largest railroad, told the Morgan Stanley Laguna conference that CN is locking in customers with multiyear contracts "at very favorable" rates.

"If you look at crude by rail in right now quarter-to-date in Q3, we're up 50 percent versus last year," Houle said, noting that it is on a revenue per ton mile (RTM) basis.

"There's more demand than actually what we're providing today, but we're being prudent," he said.

Houle said the Trans Mountain pipeline decision has "added years to crude by rail," a reference to a Canadian court's recent decision to overturn approval of the project's expansion.

The Trans Mountain expansion would have nearly tripled capacity on an existing line from Edmonton, Alberta, to a port in the Vancouver area for export. It was approved by the federal government in 2016.

Reuters reported last week that Canadian oil producer Cenovus Energy, signed a deal to move more crude with CN.

(Reporting By Allison Lampert; Editing by Marguerita Choy)

Stocks mentioned in the article
ChangeLast1st jan.
CANADIAN NATIONAL RAILWAY COMPANY -1.88% 112.36 Delayed Quote.8.40%
CENOVUS ENERGY INC 3.40% 12.47 Delayed Quote.8.62%
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Financials (CAD)
Sales 2018 14 191 M
EBIT 2018 5 527 M
Net income 2018 4 063 M
Debt 2018 11 744 M
Yield 2018 1,63%
P/E ratio 2018 20,49
P/E ratio 2019 18,34
EV / Sales 2018 6,64x
EV / Sales 2019 6,25x
Capitalization 82 491 M
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Mean consensus HOLD
Number of Analysts 25
Average target price 113  CAD
Spread / Average Target 0,46%
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Managers
NameTitle
Jean-Jacques Ruest President, Chief Executive Officer & Director
Robert L. Pace Chairman
Michael A. Cory Chief Operating Officer & Executive Vice President
Ghislain Houle Chief Financial Officer & Executive Vice President
Serge Leduc Senior VP-Chief Information & Technology Officer
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