|Bid||87.95 x 800|
|Ask||87.97 x 900|
|Day's Range||86.69 - 88.31|
|52 Week Range||65.13 - 96.53|
|Beta (5Y Monthly)||0.64|
|PE Ratio (TTM)||15.02|
|Forward Dividend & Yield||1.63 (1.89%)|
|Ex-Dividend Date||Jun. 08, 2020|
|1y Target Est||N/A|
(Bloomberg) -- One of Canada’s railways is seeing signs the economy is slowly bouncing back from the coronavirus pandemic.Volumes rose 4% at Canadian National Railway Co. in the last week of May as manufacturing and construction sectors reopened, said Chief Financial Officer Ghislain Houle. While the recovery is expected to be slow, it’s a positive sign after shipments hit bottom last month, he said.“I think we’re seeing the light at the end of the tunnel,” Houle said Tuesday at the UBS Global Industrials & Transportation virtual conference. “Hopefully, it will hold.”Rail volumes fell sharply during the height of the pandemic as manufacturers cut production amid shutdowns to contain the outbreak. CN furloughed more than 2,500 employees and put 710 locomotives and 20,000 rail cars in storage in response to lower demand.Things started to pivot during the last week of May when lumber shipments rose 20% and automotive volumes climbed 60% from the previous week, Houle said. The railway is bullish on grain and coal shipments through the West Coast while crude and frack-sand shipments will probably remain under pressure amid low oil prices, he said.Pandemic Downturn Frees Up Rail Cars to End Canada Grain LogjamThe railway will be “patient” before returning locomotives, cars and crews back to its network. Volumes in June are expected to be “less worse” than May but still lower than a year ago, Houle said. The recovery will probably be gradual as social-distancing rules continue across parts of North America amid concerns there could be a second wave of the virus, he said.“It’s not all a rush at the gate,” Houle said. “It’s gradual.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Why choosing Canadian National Railway (TSX:CNR)(NYSE:CNI) and Fortis (TSX:FTS)(NYSE:FTS) can boost your dividend returns.The post Stop Making This Common Dividend Mistake appeared first on The Motley Fool Canada.
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The Zacks Analyst Blog Highlights: T-Mobile US, Citigroup, Blackstone Group, Regeneron Pharmaceuticals and Canadian National Railway
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MONTREAL — Business at Canadian National Railway Co. has gone downhill since mid-March, leading to thousands of temporary job cuts at the company as the COVID-19 pandemic rips into a sector that serves as a barometer of economic cycles.Revenue ton miles — a key industry metric — fell 15 per cent year over year in April and 21 per cent in May, CEO JJ Ruest said Thursday, speaking at a conference held online."Business has been slowing down since mid-March, April was lower than March and May was lower than April," he said. "June might be flat to May," although it could be the "tipping point ... slightly."CN Rail has cut its workforce by 5,800 employees or 21 per cent since May 2019, including 3,500 workers furloughed due to the pandemic, Ruest said.More than 70 per cent of those furloughs were already in place by late April, the company said last month.The job cuts come in lockstep with a reduction in the number of active cars by 17 per cent, with some 21,000 now in storage. More than 20 per cent of CN's locomotive fleet — about 720 engines — are also off the track indefinitely, it said.Ruest said automotive shipments have been a "roller-coaster," falling, rising and falling again as factories in China closed and then reopened just as plants shut down in North America.Auto volumes have dropped more than 90 per cent year over year, he said, with a bleak outlook for the months ahead as frugal consumers pull back on big purchases in a recession."I don't know whether people will start to buy vehicles again," Ruest said.Meanwhile, earnings from crude by rail and frac sand are "as bad as can be" amid a global glut of oil and a pandemic-induced plunge in demand, both of which have sent oil prices to near-record lows over the past two months.On the plus side, the CEO said grain revenues will likely hit new monthly highs in May, June and July after notching record levels in March and April following a backlog owing to a late, wet crop last year.CN, which last month scrapped its 2020 profit forecast as well as the three-year targets it outlined last June, is aiming for $2.5 billion of free cash flow in 2020, Ruest said.This report by The Canadian Press was first published May 28, 2020.Companies in this story: (TSX:CNR)Christopher Reynolds, The Canadian Press
CN (CNI) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
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