CNI · CNI Q2 FY2026 earnings call record财报电话会记录

“Now, this team has delivered another quarter of strong performance: EPS growth of 12%, FX adjusted, on 5% volume growth.”

“With this momentum, we're raising our guidance to now expect earnings for the year of mid to high single digits on the back of low single-digit volumes.”

“Now, whether it's metals moving within Canada, energy-related traffic, domestic intermodal, other areas across the portfolio, we are seeing benefits of stronger commercial intensity a team that is focused on creating value for our customers.”

“We can see the impact of our actions in 2026, but what's more exciting to me is the opportunity that is unfolding across 2027 and beyond, supported by unique long-term tailwinds in our economic exposure and a team that is showing it can drive results through cycles.”

“Our metals volumes were up 11% in the second quarter, despite the significant tariffs on steel and aluminum, as we worked with our customers to create new supply chains.”

“In refined products, we increased long-haul shipments from Western to Eastern Canada, and we continued to grow our volumes into the GTA fuel terminal, growing RTMs in this segment by nearly 30%.”

“The solid performance from Pat and the operating team allowed us to deliver an adjusted operating ratio of 62.2%, a 50 basis point increase versus last year's operating ratio of 61.7%, impacted by higher year-over-year fuel prices in the quarter, which had a diluted impact on the operating ratio of 210 basis points.”

“Year-to-date, free cash flow is up approximately 20% or roughly CAD 300 million, driven by stronger earnings, disciplined capital spending, and continued attention on working capital, partially offset by higher required tax payments.”

“Leverage at the end of Q2 was 2.6x and will continue to be opportunistic on our current share buyback program.”

“Fuel expense was about CAD 250 million higher than in the same period last year due to higher fuel prices, with the impact of higher volumes offset by record fuel efficiency.”

“Certainly, we are seeing those volumes continue to grow, and we'll have some full-year effect of that benefit as well in 2027.”

“I would say overall volumes are much stronger than we anticipated at the beginning of the year that they will be this year.”