Canadian National Railway Co

CNI: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$472.00	Vny	Vgcmcgl

Canadian National Earnings: Margins Unspectacular, but Weather a Factor and Guidance Reaffirmed

Matthew Young

Apr 24, 2024

Wide-moat Canadian National's first-quarter revenue declined roughly 1.5% year over year due to a slight volume decline, along with easing accessorial income and lower fuel surcharges, which reduced total yield. Core carload pricing remains positive. Revenue was slightly shy of our expected run rate, partly because of coal, which should see sequential recovery in the quarters ahead.

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