Railroad News

CN today announced plans to invest CA$390 million in British Columbia and CA$335 million in Quebec in projects that enable sustainable growth, improve capacity and advance safety initiatives.

The investments are being made in technology, rolling stock units, capacity and company-wide decarbonization initiatives, as well as network improvements, CN officials said in press release.

Wabtec Corp. today launched its new precision dispatch system with an order from CN.

The precision dispatch deal marks a major step toward network automation for CN and the entire rail industry, Wabtec officials said in a press release.

CN's board last week unanimously elected Shauneen Bruder as its new chair.

Bruder was, until her retirement in October 2019, the executive vice president of operations at the Royal Bank of Canada, where she was responsible for overseeing operations related to all personal and business clients in Canada.

CN yesterday announced "sound operating and financial performance" in first-quarter 2022, including CA$3.7 billion in revenue, up 5%, and adjusted diluted earnings per share (EPS) of CA$1.32, up 7%, compared with first-quarter results in 2021.

The Class I posted operating income of CA$1.2 billion, down 8%, and adjusted operating income of CA$1.2 billion, up 4%. Net income came in at CA$918 million, down from CA$976 million a year ago.

Long-term shareholders CIFF Capital UK LP and The Children's Investment Master Fund, acting by their investment manager TCI Fund Management Ltd., yesterday confirmed they will nominate four independent directors to CN's board at the company's special meeting of shareholders on March 22, 2022.

Those candidates are:
• Gilbert Lamphere, a railroad executive with 40 years of experience in the industry. Lamphere has been a board member of several public and private railroad companies.
• Allison Landry, currently an independent director on the board of XPO Logistics Inc. Landry previously spent 16 years as an equity research analyst at Credit Suisse specializing in the railroad, trucking, airfreight and logistics industries.
• Rob Knight, former chief financial officer of Union Pacific Railroad, a position he held for 15-years. During Knight's 40-year tenure at UP, he held a variety of senior executive positions, including general manager of the company's energy and automotive businesses.
• Paul Miller, an expert in transportation, logistics, safety management and regulatory affairs and a former executive at CN from 1978-2011. During his 33-year career at the company, Miller held leadership roles in operations, marketing and planning. He retired as CN's vice president of safety, sustainability and network transportation in 2011.