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Canadian National Railway Co. Q2-2020 Earnings, Price Target Update

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CN (CNR-TSX) is in the rail and related transportation business. CN's network of 19,600 miles of track spans Canada and mid-America, from the Atlantic and Pacific oceans to the Gulf of Mexico, serving the cities and ports of Vancouver, Prince Rupert, Montreal, Halifax, New Orleans and Mobile, and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth (Minnesota)/Superior(Wisconsin) and Jackson (Mississippi), with connections to all points in North America. CN's extensive network and connections to all Class I railroads provide CN customers access to Canada, the U.S. and Mexico. CN handles over $250B worth of goods annually and carries over 300M tons of cargo, serving exporters, importers, retailers, farmers and manufacturers. CN's freight revenues are derived from seven commodity groups with no group contributing more than 25% of total revenues. Geographically, 15% of revenues relate to U.S. domestic traffic, 34% transborder traffic, 17% Canadian domestic traffic and 34% overseas traffic. Revenues of $14B(Cdn) for 2019 were from hauling intermodal containers (24%), petroleum and chemicals (19%), grain and fertilizers (17%), forest products (13%), metals and mining (12%), automotive shipments (6%), and coal (5%) and other items (4%).

They are the originating carrier for over 85%, and the originating and terminating carrier for over 65%, of traffic moving along its network. Total assets as of Jun-30-2020 were $45.2B, term debt was $13.4B; with revenues forecast at $14B for 2020. This compares to CP(CP-TSX) with assets of $23.5B and term debt of $9.5B, and annual revenues of $7.3B.

Revenues are influenced by seasonal weather conditions, general economic conditions, cyclical demand for rail transportation, and competitive forces in the transportation marketplace. Operating expenses reflect the impact of freight volumes, seasonal weather conditions, labor costs, and fuel prices.

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