Railroad News

CN issues plan for 2020-21 grain crop year

CN yesterday unveiled its 2020-21 grain plan, and announced it set a new record by moving more than 30 million metric tons (MMT) of grain across Canada during the 2019-20 crop year.

In addition, CN announced that it is prepared to move up to 7,600 bulk and processed hopper cars per week outside of winter, and up to 6,100 per week during winter in the upcoming crop year.

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CN outlines cap-ex plans for three Midwest states, Tennessee

CN yesterday and today continued to roll out its 2020 capital expenditure budgets for various states, including $125 million targeted for infrastructure projects in Illinois, $35 million in Iowa, $30 million in Tennessee and $25 million in Minnesota.

In Illinois, CN's investments will focus on replacing the St. Charles Air Line Bridge over the Chicago River in Chicago. In addition, the Class I will replace 9 miles of rail, install over 180,000 new ties, rebuild 45 grade crossing surfaces and perform maintenance work on bridges, culverts, signal systems and other track infrastructure.

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CN rolls out infrastructure plans for Louisiana, Mississippi

CN announced today it will spend $60 million across Louisiana and $50 million across Mississippi on infrastructure projects this year.

In Louisiana, the dollars will go toward a multiyear project to rebuild the McComb Spillway Bridge. In addition, crews will replace 6 miles of rail, install 20,000 new ties, rebuild 21 grade crossing surfaces, and perform maintenance work on bridges, crossings, culverts, signaling and track.

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CN revenue falls 19 percent in Q2, announces plan to acquire 1,500 grain cars

Rail News Home Canadian National Railway - CN 7/22/2020 Rail News: Canadian National Railway - CN
image CN yesterday reported second-quarter revenue fell 19 percent to CA$3.2 billion from nearly CA$4 billion a year ago, as financial results reflected lower volumes due to the COVID-19 pandemic.  The Class I posted Q2 operating income of CA$785 million, down from CA$1.68 billion a year ago; net income of CA$545 million, down from CA$1.36 billion; and diluted earnings per share of 77 Canadian cents per share, down from CA$1.88. Adjusted earnings per share were CA$1.28, down from CA$1.73. CN's logged an adjusted operating ratio of 60.4 percent for the quarter, up from 57.5 percent a year earlier. Operating expenses for the quarter climbed 6 percent to CA$2.4 billion, mainly driven by a loss on assets held for sale resulting from the decision to market for sale for on-going rail operations, certain non-core lines, partly offset by lower fuel and and labor costs. Excluding that one-time charge, operating expenses fell 15 percent compared with Q2 2019's expenses. The revenue decrease was attributed primarily to lower volumes across most commodity groups caused by the pandemic and lower applicable fuel surcharge rates, which were partly offset by increased shipments of Canadian grain, higher Canadian coal exports and freight rate increases. "By being adaptable, we were able to swiftly rightsize our resources and continue to provide our essential transportation services to our customers, the economy and the communities we serve," said President and Chief Executive Officer JJ Ruest in a press release. CN reaffirmed its CA$2.9 billion capital investment plan for 2020 and announced plans to purchase 1,500 new high-capacity covered hopper cars to expand its grain export business. Delivery is expected to start in January 2021. "Our strategic long-term approach to investments, together with our continued focus on cost and deployment of innovative technology, as well as our commitment to enabling trade, position us to keep delivering long-term value to our stakeholders," Ruest said.  

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CN sets another grain haul record in June

Rail News Home Canadian National Railway - CN 7/8/2020 Rail News: Canadian National Railway - CN
image CN yesterday announced it achieved another monthly record in June, moving 2.7 million metric tons (MMT) of Canadian grain. In the first half of 2020, the Class I moved 15 MMT. That also represents a new all-time best quarter for CN with 8.15 MMT moved. June also was CN's fourth consecutive month of record grain movements, contributing to the railroad's record pace crop-year-to-date through June of 26.9 MMT versus the previous record of 26.5 MMT set last crop year. In addition, the Class I moved more than 1 MMT of Canadian grain from the Prairies crop year to date via container, which contributed to the railroad's record pace of Canadian grain intermodal shipments. "Despite all the difficulties we faced earlier this year, we are confident that the high volume of shipments experienced in June will continue until the end of the crop year and that CN and our partners of the supply chain will continue to deliver for the grain industry," said Allen Foster, CN's vice president of bulk, in a press release.  

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