STOCK TITAN

CN Sets Grain Movement Record for Twelve Consecutive Months

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary

CN sets a new record by shipping over 2.28 million metric tonnes of Canadian grain in February, surpassing the previous record of 2.12 MMT from 2019 by over 7%. For the 2020-2021 crop year, CN has moved more than 19.7 MMT, 24% higher than the three-year average. The company attributes this success to investments exceeding $10B in infrastructure and enhanced operational capabilities, ensuring safe and efficient grain transport despite challenging weather conditions.

Positive
  • Set record with 2.28 MMT of grain shipment in February, 7% above 2019 record.
  • 19.7 MMT moved in the current crop year, 24% above three-year average.
  • Over $10B invested in infrastructure since 2018, improving capacity and safety.
Negative
  • None.

Company continues to move grain safely and at a record pace despite Arctic temperatures

MONTREAL, March 02, 2021 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) is proud to announce that for the 12th consecutive month it has set a new record by shipping over 2.28 million metric tonnes (MMT) of Canadian grain and processed grain products via carload in February. This exceeds the previous February record set in 2019 of 2.12 MMT by over 7%.

So far, during the 2020-2021 crop year, CN has moved over 19.7 MMT of Canadian Grain. This is 24% higher than the three-year average of 15.9 MMT, and 17% higher than the record of 16.9 MMT set in the 2018-2019 crop year. CN is also breaking records with over 700,000 metric tonnes of grain moving directly from western Canada via containers, in addition to volumes shipped from eastern Canada.

“We are proud of the accomplishments of our team of railroaders despite the fact that the first half of the month of February was characterized by a severe cold outbreak. The resulting challenging operating conditions across a large part of our network did not prevent them from ensuring that our network was running safely and that we kept meeting our customers’ needs during this period. CN’s investments in air distribution cars and automated track inspection technology has contributed to greater safety and higher productivity this winter. The ongoing collaboration between CN, the ports, Canadian grain farmers, as well as all of our supply chain partners has been, without any doubt, the key to our success during this challenging month.“

-  Rob Reilly, Executive Vice-President and Chief Operating Officer at CN

CN's continued ability to deliver record amounts of grain and as well as other commodities and goods is largely due to the investments in capacity made by the railroad over the past few years. Since 2018, CN has invested over $10B in track, locomotives, and railcars, including the purchase of over 2,500 new high capacity grain hopper cars. To find out more about CN’s commitment to grain please visit www.cn.ca/grain

CN diligently prepares in order to implement specific measures to mitigate the difficult operating conditions that inevitably arise when extreme winter temperatures occur on its network in its annual Winter Plan. To find out more about our winter plan please visit www.cn.ca/en/your-industry/customer-reports/winter-plan/.

About CN
CN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the U.S. South through a 19,500-mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.

Contacts:

MediaInvestment Community
Jonathan AbecassisPaul Butcher
Senior ManagerVice-President
Media RelationsInvestor Relations
(514) 399-7956
media@cn.ca
(514) 399-0052
investor.relations@cn.ca

FAQ

What record did CN set in February 2021 for grain shipments?

CN shipped over 2.28 million metric tonnes (MMT) of Canadian grain in February 2021, surpassing the previous record of 2.12 MMT set in 2019.

How much grain has CN moved in the 2020-2021 crop year?

As of March 2021, CN has moved over 19.7 million metric tonnes (MMT) of Canadian grain, which is 24% higher than the three-year average.

What investments has CN made to improve grain transportation?

CN has invested over $10 billion in track, locomotives, and railcars since 2018 to enhance its capacity for grain transportation.

How did CN perform despite the cold weather in February 2021?

CN continued to operate safely and meet customer needs despite challenging conditions due to extreme cold temperatures in February 2021.

What technology investments has CN made for winter operations?

CN's investments include air distribution cars and automated track inspection technology to improve safety and productivity during winter.

Canadian National Railway

NYSE:CNI

CNI Rankings

CNI Latest News

CNI Stock Data

67.86B
628.80M
2.64%
77.17%
0.37%
Railroads
Industrials
Link
United States of America
Montreal