Canadian National Railway Co

CNR: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 988.00	Tcrqq	Cldwbzs

Canadian National Earnings: Intermodal Stabilizing and 2024 Guidance Generally Positive

Matthew Young

Jan 24, 2024

Wide-moat Canadian National's fourth-quarter revenue fell 2% year over year on lower—albeit stabilizing—intermodal volumes, easing accessorial income, and lower fuel surcharges. Core carload pricing remains positive. Revenue was slightly better than we expected.

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