Canadian National Railway - CNI STOCK NEWS

CN (TSX: CNR) (NYSE: CNI) has announced a public debt offering of US$750 million in 4.375% Notes due 2034. The offering is expected to close on September 18, 2024, subject to customary conditions. The net proceeds will be used for general corporate purposes, potentially including debt redemption, refinancing, share repurchases, acquisitions, and other business opportunities.

The debt offering is being made in the United States under a shelf registration statement dated April 2, 2024. Several major financial institutions are involved as joint book-running managers, senior co-managers, and co-managers. Interested parties can obtain a copy of the prospectus supplement and accompanying prospectus from the specified contacts.

CN (TSX: CNR) (NYSE: CNI) has announced the recovery of its operations following labor uncertainty and a network shutdown in Canada. The company is adjusting its 2024 guidance and long-term financial outlook due to various factors, including labor issues, wildfires in Alberta, and weaker demand in key sectors. CN now expects:

- Adjusted diluted EPS growth in the low single-digit range for 2024 (previously mid to high single-digit growth)
- Capital investment of approximately C$3.5 billion
- Adjusted ROIC in the 13%-15% range for 2024 (previously ~15%)
- Compounded annual adjusted diluted EPS growth in the high single-digit range for 2024-2026

The company remains focused on executing its scheduled operating plan, growing volumes, pricing above rail inflation, and improving efficiency.

CN (TSX: CNR) (NYSE: CNI) has announced that Ghislain Houle, Executive Vice-President and Chief Financial Officer, will be presenting at Morgan Stanley's 12th Annual Laguna Conference on September 11, 2024. The presentation is scheduled to begin at 12:20 p.m. Eastern Time.

Investors and interested parties can access a live webcast of the presentation through CN's website in the Investors section. For those unable to attend the live event, a replay of the webcast will be made available after the conference concludes.

CN (TSX: CNR) (NYSE: CNI) has received an order from the Canada Industrial Relations Board (CIRB) imposing binding arbitration between the company and the Teamsters Canada Rail Conference (TCRC). The CIRB has also ordered that no further labour stoppage, including a lockout or strike, can occur during the arbitration process. This voids the recent strike notice issued by the Teamsters to CN.

The order extends the current collective agreement until a new agreement is signed. CN had been negotiating for nine months, offering improved pay, rest, schedules, and a voluntary mobile workforce. While disappointed that an agreement couldn't be reached at the bargaining table, CN is satisfied that this order ends the unpredictability affecting supply chains. The company remains focused on safely and efficiently resuming goods movement.

CN (TSX: CNR) (NYSE: CNI) has received a 72-hour strike notice from the Teamsters Canada Rail Conference (TCRC), with a potential strike starting at 10:00 AM ET on August 26, 2024. This comes after CN proactively ended a lockout following the Minister of Labour's direction for binding arbitration. CN emphasizes its focus on economic recovery, while criticizing the Teamsters' intent to strike.

Key points:

• CN claims to have negotiated in good faith for nine months, offering improved pay and working conditions
• Average 2023 earnings: conductors ~$121,000, locomotive engineers ~$150,000 (excluding benefits)
• CN offered modernized agreements in January and April, which were refused
• A simplified offer in May and proposal for voluntary binding arbitration in June were also rejected
• CN urges quick action from the Canada Industrial Relations Board (CIRB) to prevent economic harm

CN (TSX: CNR) (NYSE: CNI) has announced the end of its lock out and the immediate initiation of its recovery plan, effective 18:00 ET on August 22, 2024. This decision comes following an order by the Minister of Labour and aims to expedite economic recovery. CN is resuming train movements while awaiting the formal order from the Canada Industrial Relations Board (CIRB).

While CN expresses satisfaction that the labour conflict has concluded, allowing it to resume its role in powering the economy, the company also voiced disappointment that a negotiated deal could not be reached at the bargaining table despite its best efforts. The resolution of this dispute is expected to have significant implications for CN's operations and the broader Canadian economy.

CN (TSX: CNR) (NYSE: CNI) has initiated a lockout of employees represented by the Teamsters Canada Rail Conference (TCRC) as of Aug. 22, 2024, at 00:01 ET. This action follows the union's non-response to CN's latest offer, which aimed to improve wages and align work hours with federal rest mandates. The offer included a pilot project for hourly rates and scheduled shifts on part of the network.

Over nine months of negotiations, CN proposed offers with better pay, improved rest, and more predictable schedules. Currently, conductors and locomotive engineers work approximately 160 days a year, with average earnings in 2023 of about $121,000 for conductors and $150,000 for locomotive engineers, excluding benefits. CN urges the Teamsters to engage in negotiations with urgency, emphasizing the importance of reaching a deal beneficial for employees, the company, and the economy.

CN (TSX: CNR) (NYSE: CNI) has issued a lockout notice to the Teamsters Canada Rail Conference (TCRC) for Aug. 22 at 00:01 ET, as negotiations remain at an impasse. CN is continuing a phased shutdown of its Canadian rail network for safety reasons. The company has made several offers since January, including improved wages (up to $75/hour for Locomotive Engineers and $65/hour for Conductors), job security, and work-life balance. However, the TCRC has rejected all proposals, including an offer for binding arbitration.

Currently, conductors and locomotive engineers work approximately 160 days a year. In 2023, average earnings were about $121,000 for conductors and $150,000 for locomotive engineers, excluding benefits. CN emphasizes the need for a resolution to avoid disrupting supply chains and the Canadian economy.

CN (TSX: CNR) (NYSE: CNI) has formally requested government intervention under section 107 of the Canada Labour Code due to a lack of progress in negotiations with the Teamsters Canada Rail Conference (TCRC). The company is seeking binding arbitration to resolve the labour conflict and protect Canada's economy from prolonged uncertainty.

CN warns of a potential phased network shutdown starting August 22nd if no progress is made. The company has made four offers to the TCRC since January, including proposals on wages, rest, and labour availability, all of which were rejected. CN emphasizes the need for predictability in supply chains and highlights the potential impact on consumers and workers across Canada.