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    CNR   CA1363751027

CANADIAN NATIONAL RAILWAY COMPANY

(CNR)
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Canadian National Railway : railways expect weaker crop year after moving record grain in 2020-2021

08/03/2021 | 12:02pm EDT

TORONTOCanada's two largest railways say weather will reduce the grain crop in the coming year after moving record amounts of Canadian grain in the past year.

Canadian National Railway Co. moved 31 million tonnes as of the end of July, beating the previous record of 29.4 million tonnes a year earlier and above its forecast for the year.

Calgary-based Canadian Pacific Railway Ltd. says it moved more than 30 million tonnes, up from 29.52 million tonnes during the 2019-2020 crop year.

The railways were helped in transporting the bountiful harvest by investing in the purchase of larger hopper cars.

The railways say record high temperatures and drought in Western Canada have stressed crops and could have a negative impact on yields if conditions persist.

Montreal-based CN says it expects total available supplies should be down 8.6 per cent to 80.7 million tonnes and below the three-year average of 86.1 million tonnes.

"CN’s grain movement has been resilient during the pandemic, achieving 14 straight months of Canadian grain volume shipment records," stated CEO JJ Ruest in a news release.

"We recognize that growing conditions across much of the Prairies have been very challenging as many producers face extremely hot and dry weather this year."

Exports are also expected to be below the three-year average levels at 45.2 million tonnes and significantly below the 52.2 million tonnes in 2020-2021.

This report by The Canadian Press was first published Aug. 3, 2021.

Companies in this story: (TSX:CNR, TSX:CP)

© 2021 The Canadian Press. All rights reserved., source Canadian Press DataFile

Stocks mentioned in the article
ChangeLast1st jan.
CANADIAN NATIONAL RAILWAY COMPANY -2.87% 146.01 Delayed Quote.7.42%
CANADIAN PACIFIC RAILWAY LIMITED -2.08% 83.95 Delayed Quote.-2.92%
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Financials
Sales 2021 14 587 M 11 374 M 11 374 M
Net income 2021 4 327 M 3 374 M 3 374 M
Net Debt 2021 12 376 M 9 650 M 9 650 M
P/E ratio 2021 25,0x
Yield 2021 1,63%
Capitalization 106 B 83 126 M 82 972 M
EV / Sales 2021 8,14x
EV / Sales 2022 7,65x
Nbr of Employees 24 376
Free-Float 99,4%
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Number of Analysts 26
Last Close Price 150,32 CAD
Average target price 158,64 CAD
Spread / Average Target 5,54%
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Managers and Directors
Jean-Jacques Ruest President, Chief Executive Officer & Director
Ghislain Houle Chief Financial Officer & Executive Vice President
Robert L. Pace Chairman
Dominique Malenfant Chief Information & Technology Officer, EVP
Nayan Bharadwa Vice President-Automated Rail & Technology
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