Canadian National Railway Co

CNR: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 459.00	Fcg	Fmnksgtp

Canadian National Earnings: Soft Intermodal Activity and Wage Inflation Persist, but Outlook Stable

Matthew Young

Oct 25, 2023

Wide-moat Canadian National's third-quarter revenue declined 12% year over year on persistent intermodal weakness, easing accessorial income and lower fuel surcharges. Revenue missed our forecast on greater-than-anticipated intermodal volume declines, which saw incremental pressure from the Canadian West Coast port strikes. Core carload pricing remains positive.

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