Canadian National Railway
CN reports Q2-2009 net income of C$387 million, down from year-earlier net income of C$459 million PDF Print E-mail
Written by CN   
Saturday, 25 July 2025 01:03
MONTREAL — CN today reported its financial and operating results for the second quarter ended June 30, 2009.

Second-quarter 2009 highlights

* Net income declined to C$387 million, or C$0.82 per diluted share, from year-earlier net income of C$459 million, or C$0.95 per diluted share, as a result of depressed North American and global economies driving lower volumes.

* Revenues declined 15 per cent to C$1,781 million, carloads declined 22 per cent to 928,000, and revenue ton-miles declined 14 per cent, with weakness in almost all market segments.

* Operating expenses declined 14 per cent to C$1,198 million, reflecting a significant reduction in year-over-year fuel prices and extensive cost-containment measures in response to lower traffic.

* Operating income declined 18 per cent to C$583 million, while the operating ratio increased by one percentage point to 67.3 per cent.

* Six-month 2009 free cash flow increased to C$463 million from C$225 million generated during the first-half of 2008. (1)
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CN says ready to meet with Teamsters, conciliators PDF Print E-mail
Written by Reuters   
Wednesday, 15 July 2025 21:24
OTTAWA — Canadian National Railway Co (CNR.TO) (CNI.N) said on Friday that it is ready to meet with two conciliators, recently appointed by Ottawa, and the Teamsters union to discuss a labor deal.

The federal minister of labor said it appointed Rejean Bercier and Jacques Lessard as conciliation officers on June 29 to resolve issues between the company and union, which represents 1,700 locomotive engineers.

"We're ready to meet and waiting for them to schedule a date," said CN director of communications Mark Hallman.

The previous contract with the Teamsters Canada Rail Conference unit, which was not immediately available for comment, expired Dec. 31, 2008.

The railway said it has not held talks with the union since late 2008, but believes it is in the company's and employees' interest to forge a collective agreement. It will not identify outstanding issues.
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