Canadian National Railway maintains outlook on grain and productivity growth

Canadian National Railway (CN) maintains its full-year guidance, supported by strong Canadian grain shipments and productivity improvements. Speaking at an investor conference in Montreal, Executive Vice President and CFO Ghislain Houle reported that revenue ton miles increased 4.5% quarter-to-date and 4% year-to-date, largely due to a bumper Canadian grain crop that has extended shipments into the third quarter.

Excluding grain, volumes rose by 1% both quarter-to-date and year-to-date. The company noted several operational gains, including a 13% increase in crew productivity, a 7% increase in locomotive utilization, and a 3% year-over-year improvement in fuel efficiency. Additionally, the company’s ‘Fast Track’ initiative generated nearly CAD 100 million in savings during the first half of the year, though Houle cautioned that the majority of potential savings from this specific program have already been realized.