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CN Rail may miss growth forecasts, hurt by lower oil shipments

  • Canadian National Railway (CNI +1.4%) is casting doubt on its outlook for growth in its energy-related shipments, with CFO Luc Jobin saying that meeting its 2015 forecast of 257K carloads will prove challenging unless energy-related shipments pick up in H2 of the year.
  • Jobin says CNI is not altering its guidance for an increase in energy shipments of 40K carloads over last year’s 217K, but that the company will need to see rising volumes in Q3 and Q4 if it is to hit the target, which was lowered in April.
  • CNI rival Canadian Pacific Railway (CP +1%) has said “for now” it is sticking to its energy products guidance.

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