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investor relations canadian national railway

Investor Relations: Canadian National Railway

CN Announces Record Fourth-Quarter and Annual Grain Volumes

CN (TSX: CNR) (NYSE: CNI), a leading North American transportation and logistics company, today announced record fourth-quarter and annual grain volumes. The company handled 5.6 million metric tons (MMT) of grain in the fourth quarter, a 12% increase over the same period last year. This brought CN's total grain volume for 2022 to a record 21.9 MMT, a 10% increase over 2021.

Strong Demand for Grain Exports Drives Volume Growth

The increase in grain volumes was driven by strong demand for exports from key markets such as China, Japan, and Europe. CN's strategic investments in its grain network, including the expansion of its Fairview terminal in Prince Rupert, British Columbia, and the addition of new high-capacity grain cars, have enabled the company to meet the growing demand for grain transportation.

CN's Commitment to Grain Transportation

CN is committed to providing safe, reliable, and efficient grain transportation services to its customers. The company has invested heavily in its grain network and is working closely with grain producers, processors, and exporters to meet their needs. CN's commitment to grain transportation is reflected in its long-term contracts with major grain companies and its participation in industry initiatives to improve the efficiency of the grain supply chain.

Financial Performance Highlights

In addition to the record grain volumes, CN reported strong financial results for the fourth quarter and full year 2022. The company's revenue increased by 11% to $4.4 billion in the fourth quarter and by 10% to $17.0 billion for the full year. CN's operating income increased by 15% to $1.2 billion in the fourth quarter and by 12% to $4.5 billion for the full year. The company's diluted earnings per share increased by 22% to $1.46 in the fourth quarter and by 16% to $5.51 for the full year.

Outlook for 2023

CN expects continued growth in grain volumes in 2023. The company is well-positioned to meet the growing demand for grain transportation with its strategic investments in its grain network. CN is also focused on improving the efficiency of its operations and reducing its environmental footprint.