Yahoo Finance CN Shatters Grain Record by Delivering Biggest Month Ever
Record comes as company prepares to receive new grain hopper cars sooner than planned
MONTREAL, Oct. 30, 2020 (GLOBE NEWSWIRE) -- With two days left in October, CN (TSX: CNR) (NYSE: CNI) has already exceeded the previous record of 2.88 million metric tons of Canadian grain moved set in October 2019 and is on track to exceed the previously unattained 3 MMT mark. This unprecedented performance follows seven record months of Canadian grain movement in March, April, May, June, July, August, and September.
CN is also pleased to announce that it will be receiving its first shipment of the 1,500 North American Built, new generation, high-capacity, grain hopper cars, with 100 cars already received and another 500 expected to be in service between now and the end of the year. These new 5,431 cubic foot, 55-foot eight-inch jumbo grain hopper cars, can carry approximately 10% more grain than older generation cars. This order follows CN’s 2018 order of 1,000 grain cars which are all in service.
“Our devotion to moving the North American economy remains unwavering and this new unprecedented record is further proof of the essential role we play in the global supply chains. The expedited delivery of the new hopper cars also reiterates our commitment to being ready for 2021 and beyond with additional capacity and confidence in our ability to deliver safely for our customers, the economy and the communities we serve. I want to thank the CN ONE TEAM and Canadian grain farmers for their work and dedication in these difficult times. Without their collaboration and support, these records would not be possible.”
- Rob Reilly, Executive Vice-President and Chief Operating Officer of CN
Forward-looking statements
Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause the actual results or performance of the Company to be materially different from the outlook or any future results or performance implied by such statements. Reference should be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors.
About CN
CN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the Southern tip of the U.S. through a 19,500-mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.
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