CN Sees Tons of Volume Opportunity, Maintains Expectation of Mid-50s Operating Ratio
At its 2017 investor meeting, CN management shared its expectation that the firm will increase EPS by 10% during each of the next five years, fueled by volume outpacing a 3% growth economy, annual rate increases exceeding 2%-3% rail inflation, a mid-50s operating ratio, and yearly share repurchases of around 3% of shares outstanding. These projections are in line with our existing model, which we retain, except that we foresee volume growth about 100 basis points slower. We maintain our wide moa...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.
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