Yahoo Finance Canadian National to Expand Intermodal Service Offering
Canadian National Railway Company CNI announced a new intermodal rail service between Moncton and Halifax. The railroad player will offer integrated solutions through its Moncton yard to reduce short-haul trucking in Halifax. The service will be provided through collaboration with Halifax Port Authority, stakeholders, ocean carriers and customers. The company expects this service expansion to aid growth in the Atlantic region.
Through this initiative, Canadian National aims to improve efficiency within supply chains. Previously, in 2019, the company acquired The TransX Group of Companies, bolstering its supply chain and intermodal businesses across North America.
Amid coronavirus concerns, the company, carrying a Zacks Rank #3 (Hold), is facing network disruptions. Its first-quarter revenues declined year over year due to this headwind. With uncertainty surrounding this global health peril, Canadian National withdrew its full-year guidance as well as three-year targets it outlined in June on Investors Day 2019. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Canadian National Railway Company Price
Canadian National Railway Company price | Canadian National Railway Company Quote
U.S.-based railroad player CSX Corporation CSX also withdrew its financial outlook on the same ground. Norfolk Southern NSC withdrew its 2020 guidance for revenues and operating ratio, while Union Pacific UNP pulled its 2020 guidance with respect to operating ratio, headcount, volumes and buybacks all for coronavirus concerns. Each of these stocks carries a Zacks Rank #3.
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