CN Delivers 2% Revenue Ton Mile Growth in a Weak Freight Market; Back to Excellent Operating Ratio
Overall, carloads were lower than we modeled for the full year, pricing was much greater than we expected, the normalized operating ratio improved modestly, and we still project full-year OR betterment of about 1 percentage point, to 60.5%. We expect to increase our fair value estimate by 3% or so as we update our full-year expectations. Our wide economic moat rating remains in place, and bolstering this, CN continues to invest in capacity, with plans to double-track about 80 additional miles an...Canadian National Railway, together with its wholly-owned subsidiaries, is engaged in the rail and related transportation business. Co.'s network of approximately 20,000 route miles of track spans Canada and mid-America, from the Atlantic and Pacific oceans to the Gulf of Mexico. Co.'s network and connections to all Class I railroads provide access to all three North American Free Trade Agreement nations. Co. handles and carries cargo, serving exporters, importers, retailers, farmers and manufacturers. Co. is engaged in the movement of a portfolio of goods, including petroleum and chemicals, grain and fertilizers, coal, metals and minerals, forest products, intermodal and automotive.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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