Cherilyn Radbourne

David Vernon

Fadi Chamoun

Jonathan Chappell

Ken Hoexter

Konark Gupta

Ravi Shanker

Scott Group

Walter Spracklin

Benoit Poirier

Brandon Oglenski

Brian Ossenbeck

Christian Wetherbee

Daniel Imbro

Steven Hansen

Thomas Wadewitz

Ariel Rosa

Bascome Majors

Stephanie Benjamin Moore

Stephanie Moore

Ari Rosa

Benjamin Nolan

Chris Wetherbee

David Zazula

Steve Hansen

Tom Wadewitz

- Canadian National Railway (CNI) is experiencing a challenging macroeconomic environment, resulting in **flat volumes year-over-year** as of the end of the third quarter, though they anticipate finishing the year ahead of last year.  **[16868_2138605_1]** 
- While bulk commodities and domestic intermodal show strength (domestic intermodal is up **26%** this quarter), the merchandise business, particularly forest products, is facing significant weakness due to low lumber prices and tariffs, with no near-term recovery expected.  **[16868_2138605_1]** 
- The company will **not achieve its target of 200 basis points** of year-over-year margin improvement due to lower volumes and mix issues, but still expects some margin improvement by year-end.  **[16868_2138605_5]** 
- CNI has pulled its long-term guidance, acknowledging that the current volatility is the "new normal," and plans to provide an update next year.  **[16868_2138605_11]** **[16868_2138605_12]** 
- To manage costs and maintain agility in this volatile environment, CNI has furloughed approximately **1,000 people** and parked around **200 locomotives**.  **[16868_2138605_4]**

Canadian National Railway Discusses Macroeconomic Headwinds and Operational Strategy

- Canadian National Railway (CNI) is navigating a **challenging macroeconomic environment**, with **volumes about flat year-over-year** as of the end of Q3.  **[16868_2138539_1]**  The company does not expect to achieve its target of **200 basis points of operating ratio (OR) improvement** year-over-year due to weaker volumes and an unfavorable mix, though **some margin improvement** is still anticipated by year-end.  **[16868_2138539_5]** 
- CNI is actively managing costs and demonstrating agility by **furloughing approximately 1,000 people** (with some being called back for the grain crop) and **parking 200 locomotives**.  **[16868_2138539_3]** 
- Capital expenditure for the current year is **$150 million below last year's level**, with major capacity expansion projects in the Western corridor largely completed, suggesting potential for future CapEx reductions.  **[16868_2138539_13]** 
- CNI emphasizes that network reach and volume growth can be achieved through **partnerships** (e.g., Falcon Premium service, new CN-CSX Nashville service) rather than large mergers, highlighting their success in collaborative initiatives.  **[16868_2138539_7]** **[16868_2138539_9]** **[16868_2138539_10]**

Canadian National Railway Discusses Q3 Volumes, Margin Outlook, and Strategic Partnerships

- Canadian National Railway (CNI) is experiencing a **challenging macroeconomic environment**, resulting in **flat year-over-year volumes** as of Q3, with strong bulk and domestic intermodal growth (**up 26%** this quarter so far) offset by weakness in merchandise and forest products.  **[16868_2138712_1]** 
- The company will **not achieve its 200 basis point operating ratio improvement target** for the year due to lower-than-anticipated volumes and an unfavorable mix, though it still expects to deliver some margin improvement.  **[16868_2138712_5]** 
- CNI has demonstrated **operational agility** by furloughing approximately **1,000 employees** and parking **200 locomotives** to manage costs.  **[16868_2138712_3]**  Capital expenditures are **$150 million below last year's**, with significant productivity gains in maintenance and engineering.  **[16868_2138712_13]** 
- CNI is prioritizing **strategic partnerships** over mergers to extend its network reach and enhance customer service, citing new collaborations with CSX and Norfolk Southern, and the successful Falcon Premium service.  **[16868_2138712_7]** **[16868_2138712_10]**

Canadian National Railway Discusses Macro Environment, Operational Agility, and Strategic Partnerships

- Canadian National Railway's volumes are about **flat year over year** as of the end of Q3, with strong performance in bulk and domestic intermodal (**up 26%** this quarter), but weakness in forest products and a temporary pause in frac sand.  **[16868_2138566_1]**  The shift in business mix, including less profitable international intermodal, has impacted margins.  **[16868_2138566_5]** 
- The company is highly agile in managing costs, having furloughed approximately **1,000 employees** and parked **200 locomotives**.  **[16868_2138566_3]**  While CNI will not achieve its initial target of **200 basis points** of operating ratio improvement year over year due to weaker volumes and mix, it still expects some margin improvement by year-end.  **[16868_2138566_5]** 
- Capital expenditure is **$150 million below last year**, with significant capacity expansion projects largely completed or nearing completion.  **[16868_2138566_13]**  Technology investments are focused on safety, operational efficiency, and automation, contributing to a **90% reduction** in engineering-related derailments over the last decade.  **[16868_2138566_12]** 
- CNI prioritizes strategic partnerships over mergers to expand its network and attract long-haul truck traffic to rail, citing successful collaborations like the Falcon Premium service and new services with CSX and Norfolk Southern.  **[16868_2138566_10]**  The company has pulled its long-term guidance, viewing the current market volatility as the "new normal," and plans to provide updated expectations next year.  **[16868_2138566_12]**

Canadian National Railway Discusses Q3 Volumes, Operational Agility, and Strategic Outlook

CANADIAN NATIONAL RAILWAY (CNI)