This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Canadian National Railway's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Welcome to CN's First Quarter 2012 Financial Results Conference Call. I would now like to turn the meeting over to Mr. Robert Noorigian, Vice President, Investor Relations. Ladies and gentlemen, Mr. Noorigan.

Robert Noorigian

Good afternoon, and thank you for joining us for CN's first quarter 2012 financial results. I'd like to remind you about the comments that have already been made regarding forward-looking statements. With us today is Claude Mongeau, President and Chief Executive Officer; Luc Jobin, Executive Vice President and Chief Financial Officer; Keith Creel, Executive Vice President and Chief Operating Officer; J.J. Ruest, Executive Vice President and Chief Marketing Officer. And we consider that we had a superb quarter, and we would really appreciate it when the Q&A starts that if you would kindly focus your questions on CN and business related to CN. [Operator Instructions]

With that, it's now my pleasure to introduce Mr. Claude Mongeau, CN's President and Chief Executive Officer.

Claude Mongeau

Thank you, Bob, and I'm here in a foggy Halifax with the team to cover these results with you. We have our AGM, and I'm very pleased that we will be officially finishing the cycle for 2011 and starting the cycle for 2012 with very, very solid results. Our Q1 results were helped by milder winter throughout our serving territory. But make no mistake, these results are about strong execution. The CN team delivered on all key fronts, whether it's growth, whether it's efficiency, whether it's safety. Our agenda is working, and it's showing through in very solid financial results for our shareholders.

Revenues during the quarter were up double digit, about 12% to be exact, J.J. will give you the details. We're seeing good growth across all of the commodity markets we serve. Our ability to accommodate that growth at a low incremental cost and to balance service and operational excellence also show through during the quarter. Keith will give you some you key metrics around those lines, but our operating ratio at 66.2% is a record operating ratio for a first quarter and it's a full 2.8% improvement versus last year.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.64 0.00%
FB $118.57 0.00%
GOOG $698.21 0.00%
TSLA $241.80 0.00%
YHOO $36.53 0.00%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs