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    CNR   CA1363751027

CANADIAN NATIONAL RAILWAY COMPANY

(CNR)
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North American Rail Traffic Fell 2% in Week Ended Oct. 2

10/06/2021 | 03:28pm EST

By Colin Kellaher

North American rail traffic fell 2% last week, wrapping up a month of declines marked by supply-chain constraints, data from the Association of American Railroads showed.

Carload volume rose 2.9% for the week ended Oct. 2 on 12 reporting U.S., Canadian and Mexican railroads, while intermodal traffic fell 6.3%, the trade group said Wednesday.

In the week ended Sept. 25, North American rail traffic fell 1.9%. For the first 39 weeks of the year, North American rail traffic is up 7.9%, compared with a year-to-date gain of 8.2% reported a week earlier.

"Rail intermodal volume is clearly not what it has been and could be," said John Gray, AAR senior vice president. "Keeping intermodal terminals functioning smoothly and at full capacity depends on consistent freight outflows to make room for new freight inflows. Unfortunately, due to limited availability of downstream truck and warehouse capacity, that's not happening right now, with predictable impacts on rail intermodal volume."

Analysts at Citi this week lowered their third-quarter earnings estimates for railroads, saying disappointing volume is likely to more than offset emerging pricing strength. Citi said volume weakness was widespread across the group, with carloads decelerating consistently through the quarter across multiple commodities.

"There is no single solution to this problem, but railroads are bringing intermodal yard capacity back online to increase storage availability as well as working with customers and truckers to accelerate container pickup among other efforts," Mr. Gray said.

The AAR said U.S. slipped traffic fell 0.5% last week, with a 4.2% rise in carloads more than offset by a 4.4% drop in the volume of intermodal containers and trailers. U.S. rail traffic is up 9% for the first 39 weeks of the year.

Canadian rail traffic fell 3.9% last week, with intermodal units down 9.2% and carloads up 1%. Canadian rail traffic is up 5% for the first 39 weeks of the year.

Mexican rail traffic slid 15.6% last week amid a 5.9% drop in carloads and a 25.7% plunge in intermodal units. Mexican rail traffic is up 5.3% for the year to date, the AAR said.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

10-06-21 1527ET

Stocks mentioned in the article
ChangeLast1st jan.
BERKSHIRE HATHAWAY INC. -1.27% 427832.75 Delayed Quote.23.01%
CANADIAN NATIONAL RAILWAY COMPANY -2.21% 161.85 Delayed Quote.15.66%
CANADIAN PACIFIC RAILWAY LIMITED -3.06% 91.82 Delayed Quote.3.98%
CORN FUTURES (C) - CBR (FLOOR)/C1 1.21% 586.75 End-of-day quote.21.23%
CSX CORPORATION -1.88% 35.57 Delayed Quote.19.83%
KANSAS CITY SOUTHERN -3.03% 294.93 Delayed Quote.-12.27%
NORFOLK SOUTHERN CORPORATION -2.93% 269.65 Delayed Quote.13.48%
UNION PACIFIC CORPORATION -2.76% 239.79 Delayed Quote.15.16%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -1.34% 825.5 End-of-day quote.28.88%
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Analyst Recommendations on CANADIAN NATIONAL RAILWAY COMPANY
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Financials
Sales 2021 14 501 M 11 325 M 11 325 M
Net income 2021 4 811 M 3 758 M 3 758 M
Net Debt 2021 11 545 M 9 017 M 9 017 M
P/E ratio 2021 23,9x
Yield 2021 1,52%
Capitalization 114 B 89 392 M 89 280 M
EV / Sales 2021 8,68x
EV / Sales 2022 8,36x
Nbr of Employees 23 765
Free-Float 99,4%
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Number of Analysts 29
Last Close Price 161,85 CAD
Average target price 164,49 CAD
Spread / Average Target 1,63%
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Managers and Directors
Jean-Jacques Ruest President, Chief Executive Officer & Director
Ghislain Houle Chief Financial Officer & Executive Vice President
Robert L. Pace Chairman
Dominique Malenfant EVP, Chief Information & Technology Officer
Nayan Bharadwa Vice President-Automated Rail & Technology
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