Canadian National Railway Co

CNR: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 397.00	Cmff	Dgfczbc

Canadian National Posts Q3 Carload Growth and OR Improvement, Though Demand Risk Is Elevated

Matthew Young

Oct 26, 2022

Wide-moat Canadian National Railway's third-quarter revenue grew 23% year over year (removing foreign exchange). Revenue once again came in slightly ahead of our forecast on continued strong yield gains (up 21%), including higher fuel surcharges, as total carload volume was largely in line with our expectations.

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