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Canadian National Sets Multiple Records for Grain Movement

Zacks Equity Research
·2 min read

Canadian National Railway Company CNI achieved another monthly record in June by moving 2.7 million metric tonnes (MMT) of Canadian grain. With this, the company has broken its previous June record of moving 2.4 MMT Canadian grains.

June has been the fourth consecutive month of record grain movement, contributing significantly to Canadian National’s record with respect to the grain movement in the first six months of the year. Notably, the Canadian railroad operator moved 15.0 MMT of Canadian grain in the first half of the year, thereby bettering its previous record of 13.9 MMT.

Also, Canadian National set a record by moving 8.15MMT of Canadian grain during second-quarter 2020. With this, the company also broke its previously set record of moving 8.08MMT Canadian grains.  The record grain movement in the second quarter is expected to have bolstered the top line (detailed results should be out on Jun 21).

Moreover, Canadian National also established a record pertaining to crop-year-to-date pace through June. The new record of 26.9 MMT bettered the previous one set last crop year by 0.4 MMT.

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Zacks Rank & Other Key Picks

Canadian National currently carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the Zacks Transportation sector are Canadian Pacific Railway Limited CP, TFI International TFII and Werner Enterprises, Inc. WERN. Canadian Pacific and Werner carry a Zacks Rank #2, while TFI International sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Long-term earnings (three to five years) growth rate for Canadian Pacific, TFI International and Werner is estimated at 7.5%, 4.1% and 2.8%, respectively.

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Canadian National Railway Company (CNI) : Free Stock Analysis Report
 
Canadian Pacific Railway Limited (CP) : Free Stock Analysis Report
 
Werner Enterprises, Inc. (WERN) : Free Stock Analysis Report
 
TFI International Inc. (TFII) : Free Stock Analysis Report
 
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Zacks Investment Research