Canadian National Railway (CNI) Stock News

Canadian National Railway (TSX: CNR, NYSE: CNI) will release its second-quarter 2024 financial and operating results on July 23, 2024, after market close. A conference call to discuss the results and the company's outlook, led by President and CEO Tracy Robinson, will commence at 4:30 p.m. Eastern Time. Participants can join via phone or through a live webcast available on CN's investor website. The webcast replay will be accessible after the call concludes.

Canadian National Railway (CN) announced that its net-zero greenhouse gas (GHG) emissions target by 2050 has been validated by the Science Based Targets initiative (SBTi). CN's 2023 Sustainability Data Supplement highlights its progress and targets, including a 90% reduction in absolute Scope 1, 2, and 3 GHG emissions by 2050 and a 43% reduction in Scope 1 and 2 GHG emissions intensity by 2030. Despite slight increases in GHG emissions and intensity in 2023, CN has made notable progress towards its goals. Additionally, CN diverted 94% of operational waste from landfills and planted nearly 113,000 trees. Social and governance targets include reducing personal and operational safety incidents and increasing diversity. CN was also named to Corporate Knights’ Best 50 Corporate Citizens list for the 16th consecutive year. More details can be found on CN's website.

CN (TSX: CNR) (NYSE: CNI) has offered binding arbitration to the Teamsters Canada Rail Conference (TCRC) to resolve their ongoing labor dispute. Despite CN's efforts to modernize the collective agreement to improve work-life balance and productivity, the TCRC has rejected all proposals, including a simplified offer made in May 2023. The dispute centers around scheduling and hourly wages versus the current miles-based pay system. CN's offers comply with government guidelines on work and rest periods. Meanwhile, the Canada Industrial Relations Board (CIRB) has extended the deadline for submissions related to the Minister of Labour’s request for clarity on work stoppage activities until June 14, 2024, delaying any potential strike or lockout until mid to late July 2024.

CN (TSX: CNR, NYSE: CNI) has introduced two new firefighting trains, Neptune and Trident, to its fire mitigation and suppression fleet, joining the existing Poseidon train. This addition aims to combat wildfires across Canada, ensuring the safety and security of goods on CN's network. These purpose-built trains are operated by specially trained staff and are meant to protect the supply chain from the impacts of wildfires, which have become more frequent due to extreme weather. CN collaborates with various wildfire management authorities and Indigenous communities to deploy these assets effectively.

Tracy Robinson, CEO, and Ghislain Houle, CFO of CN (TSX: CNR, NYSE: CNI), are scheduled to speak at Bernstein’s 40th Annual Strategic Decisions Conference on May 31, 2024, at 9:00 a.m. ET. The event will feature a live webcast accessible through CN's investor website, with a replay available afterward. This provides an opportunity for investors and stakeholders to gain insights into CN's strategic direction and financial health.

CN (CNI) has presented a new offer to the Teamsters Canada Rail Conference (TCRC) aiming to prevent work stoppages and stabilize Canada's supply chains. This offer, compliant with the Federal Government’s Duty and Rest Period Rules (DRPR), focuses on employee safety, predictable scheduling, work-life balance, and increased compensation. The revised offer includes:

- Scheduled days off.

- Higher pay for work over 10 hours per shift, capped at 12 hours.

- Wage increases of 3% in 2024 and 2.5% in 2025.

- Maintenance of existing paid leave, medical leave, vacation, and statutory holidays.

Employees must self-assess their fitness for duty through scientific fatigue evaluations, and cannot work more than 60 hours per 7-day period or 192 hours per 28-day period, with a mandatory 'reset break' every 7 days.

In 2023, the average conductor earned $121,000, while the average locomotive engineer earned $150,000. The offer aims to enhance employee satisfaction and operational predictability.

CN announced that a new four-year collective agreement between CNTL, its subsidiary for first and last mile trucking, and Unifor-affiliated owner-operators has been ratified. This agreement impacts around 750 owner-operators in Canada and will be in effect until December 31, 2027. The agreement was achieved through collaborative negotiations and aims to support business needs and ensure the seamless delivery of container pickups and deliveries.

On May 14, 2024, CN (TSX: CNR) (NYSE: CNI) announced the grand opening of a new transload logistics facility in Flat Rock, Michigan. The facility's first customer, Target Steel, plans to shift a significant portion of its steel coil traffic from trucks to rail, potentially reducing greenhouse gas emissions by up to 75%. The 20,000 sq. ft. facility features a 50-ton overhead crane and a 10-car track for seamless transfer of steel coils. The Michigan Department of Transportation's Freight Economic Development Program covered up to 50% of the project costs, enhancing access to the state's rail system. This initiative underscores CN's commitment to sustainable logistics, innovation, and environmental stewardship.

Executive Vice-President and Chief Financial Officer, Ghislain Houle, and Executive Vice-President and Chief Field Operating Officer, Derek Taylor, of CN (NYSE: CNI) will be speaking at the 17th Annual Wolfe Research Global Transportation & Industrials Conference on May 22, 2024. The event will start at 9:10 a.m. ET and will be live webcasted on CN's Investors section of the website.