CN's Network Stressed by Heavy Demand Amid Bad Weather, Quarterly Operating Ratio Deteriorates
Shares may reflect disappointment in the operating ratio at open tomorrow, but wide-moat Canadian National’s weakened margins still represent all-time bests for nearly every other railroad. Quarterly demand surged, even as capacity was hampered by harsh winter weather. Consequently, the rail shortened, delayed, or detoured trains, driving up cost of labor and leased motive power, which degraded the OR 380 basis points to 60.4%. We do not expect to make a material adjustment to our fair value bec...
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