2024-2025 CN Grain Plan Builds on Strong Performance
Rhea-AI Summary
CN (TSX: CNR) (NYSE: CNI) has released its 2024-2025 Grain Plan, building on last year's strong performance. The plan outlines several new initiatives, including:
- Delivery of 750 new high-efficiency grain hopper cars
- Continued focus on scheduled railroading
- Deployment of new firefighting equipment
- Use of new technologies for improved safety
CN is prioritizing employee engagement, recruiting, and training to address labour market challenges. The plan was developed through consultation with key stakeholders, including the CN Agricultural Advisory Council. It assesses CN's ability to move anticipated grain levels and outlines steps to ensure safe and efficient transportation for farmers, customers, and supply chain partners.
Positive
- Delivery of 750 new high-efficiency grain hopper cars
- Continued implementation of successful scheduled railroading model
- Deployment of new firefighting equipment to protect supply chain
- Introduction of new safety technologies
- Ongoing consultation with key stakeholders for plan development
Negative
- Challenges in maintaining crew availability due to labour market issues and federal regulatory environment
News Market Reaction
On the day this news was published, CNI gained 0.49%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
CN builds on last year’s strong, steady performance with continued fleet enhancements, deployment of new technologies and a focus on building its team of railroaders
MONTREAL, July 31, 2024 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) today published its 2024-2025 Grain Plan, which builds on the Company’s successful operational improvements and strategic capital investments from the previous grain season.
“We are confident that we have the right approach and resources in place to move this year’s Canadian grain crop efficiently. We continue to lean into our scheduled railroading model and making sure that our ongoing capital investments position us for success again this year. Working with supply chain stakeholders and governments, we are taking steps to address several regulatory issues impacting the sector, to remove obstacles so we can focus our attention on continuing to deliver even better service to our customers.”
- Tracy Robinson, President and Chief Executive Officer, CN
The CN Grain Plan highlights several new actions and initiatives for 2024-25. These include:
- the delivery of 750 new high-efficiency grain hopper cars this crop year,
- a continued focus on scheduled railroading which has produced demonstrated improvement since implementation in 2022-23,
- deployment of new firefighting equipment to help protect the supply chain, and
- the use of new technologies to improve safety, such as testing new mobile fire detection equipment and the continued use of CN’s autonomous track inspection program.
CN is focused on developing and preparing our people for the upcoming grain season. A major priority for this year, is ongoing employee engagement, recruiting and training as we continue to manage a challenging labour market and the impacts of the federal regulatory environment that has created difficulties in maintaining crew availability.
CN’s annual Grain Plan is prepared through extensive consultation with, and input from, key stakeholders, including the CN Agricultural Advisory Council – a group of western Canadian farmers and industry leaders. The plan assesses and describes in detail the Company’s ability to move anticipated levels of grain during the upcoming crop year. It also outlines specific steps CN is taking to ensure it has the capacity to move grain safely and efficiently on behalf of farmers, customers, and supply chain partners.
CN Forward-Looking Statements
Certain statements by CN included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
About CN
CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the Gulf of Mexico, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.
| Contacts: | |
| Media | Investment Community |
| Jonathan Abecassis | Stacy Alderson |
| Director, Public Affairs and | Assistant Vice-President |
| Media Relations | Investor Relations |
| (438) 455-3692 media@cn.ca | (514) 399-0052 investor.relations@cn.ca |
FAQ
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