logo
CN Rail holds firm on financial outlook amid tariff uncertainty

CN Rail holds firm on financial outlook amid tariff uncertainty

Ottawa Citizen02-05-2025

Article content
Canada's largest railway says there is a higher risk of recession in both Canada and the United States due to the trade war initiated by U.S. President Donald Trump, but it hasn't impacted its outlook yet.
Article content
Article content
'There's no question that uncertainty has increased over the last few months and we're seeing a heightened risk of recession in both Canada and the U.S.,' Canadian National Railway Co. chief executive Tracy Robinson said during a first-quarter earnings call with analysts. 'The resiliency we saw is again proof that our operating model is the right one for this railroad.'
Article content
Article content
The Montreal-based railway reported revenues of $4.4 billion in the first quarter, which is up four per cent from the $4.25 billion recorded a year ago, and net income of $1.16 billion, an increase from $1.1 billion in the same timeframe.
Article content
Article content
Strong grain and fertilizer shipping, along with coal and petrochemicals, primarily drove revenue growth for CN Rail. Currently, its volumes are not being impacted by the uncertainty created by tariffs and other trade-related issues, but Robinson said this may not be the case in the near future.
Article content
Nevertheless, the railway is still expecting to deliver earnings per share growth of 10 per cent to 15 per cent, while rival Canadian Pacific Kansas City Ltd. lowered its outlook on Wednesday.
Article content
Robinson said CN Rail is optimistic that the U.S. will be able to reach new trade agreements with Canada, China other countries and is projecting year-over-year volume growth.
Article content
'CN is well positioned to enable global trade regardless of potential changes in trade patterns,' she said.
Article content
Article content
Remi Lalonde, CN Rail's chief commercial officer, said many customers are taking a wait-and-see approach with regards to tariffs, and there are some sectors of the railway's business being impacted since some companies are pausing shipments to avoid tariffs, reducing production or building inventory.
Article content
Article content
'The tariffs are starting to bite and we're seeing that in the intermodal business,' he said. 'We're taking a bit more of a cautious approach to some of the other segments, the metals and mining, the autos in particular.'
Article content
CN Rail also reached an agreement with its Canadian train operators and conductors through arbitration during the first quarter.
Article content
Robinson said the agreement is for three years with annual wage increases of three per cent, which she said was in line with the company's expectations. She said progress has also been made in reaching agreements with workers within the company's U.S. operations.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Federal immigration raid at Omaha food production plant sparks protests
Federal immigration raid at Omaha food production plant sparks protests

Winnipeg Free Press

time31 minutes ago

  • Winnipeg Free Press

Federal immigration raid at Omaha food production plant sparks protests

OMAHA, Neb. (AP) — Immigration authorities raided at least one Omaha food production plant Tuesday morning, inspiring some small protests, but details about how many workers were affected weren't immediately clear. Omaha police and the Douglas County sheriff said immigration officials had warned them about their plans, and their departments helped block off traffic around the neighborhood where many food production plants are located while U.S. Immigration and Customs Enforcement officers worked. ICE officials didn't immediately respond to questions. Meatpacking plants rely heavily on immigrant workers who are willing to do the physically demanding work. The industry has not yet been the focus of President Donald Trump's immigration enforcement efforts, but the administration has been intensifying its efforts in recent weeks. Trump called out the National Guard this week to respond to ongoing protests in Los Angeles over his immigration policies. In Omaha, a small group of people came out to protest the raids, and some of them even jumped on the front bumper of a vehicle to try to stop officers. Glenn Valley Foods officials didn't immediately respond to an inquiry from The Associated Press, but WOWT reported that CEO and owner Gary Rohwer said he wasn't made aware of the operation ahead of time and that there was no warrant. 'Of course not. It's a raid,' said Rohwer, whose company makes the Gary's QuickSteak brand of ready-to-grill steak. Federal agents entered the plant around 9 a.m. Tuesday with a list of 97 people they wanted to screen, Rohwer said. He said the company regularly checks the immigration status of employees with the federal E-Verify database. The raids prompted one Douglas County Commissioner to walk out in the middle of a meeting Tuesday to head down to the area he represents in southeast Omaha where the plants are located. Commissioner Roger Garcia and City Councilman Ron Hug both expressed concern about the impact of the raids on families. Monday Mornings The latest local business news and a lookahead to the coming week. 'These actions are deeply harmful to the South Omaha community,' Hug said in a statement. 'Not only are they unjust and disruptive, but they also directly undermine the economic stability and growth of District 4 and the broader community.' Douglas County Sheriff Aaron Hanson said his agency is 'not privy to the exact nature of the ICE operation' but that his agency is there to assist with assuring 'peace and safety' of everyone in the area. Asked when he learned of the operation, he said his department received 'respectful and ample notification.' He says he got the notification about a week ago.

T.D. Williamson Announces Strategic Investment from Apollo Funds
T.D. Williamson Announces Strategic Investment from Apollo Funds

Cision Canada

time44 minutes ago

  • Cision Canada

T.D. Williamson Announces Strategic Investment from Apollo Funds

TULSA, Okla., June 10, 2025 /CNW/ -- T.D. Williamson ("TDW"), a global leader in pipeline infrastructure technology and services, announced today a strategic investment from funds managed by Apollo (NYSE: APO) (the "Apollo Funds"). SCF Partners, a Houston-based private equity firm specializing in energy & infrastructure services investments that acquired TDW in June 2022, will continue to retain a majority ownership stake. TDW has been a leader in the pipeline maintenance and integrity industry for over 100 years. The company offers a comprehensive suite of maintenance and asset optimization solutions that enhance safety, reliability, and performance throughout the full lifecycle of pipeline infrastructure. A recognized technology leader, TDW holds more than 500 registered patents, including innovations in advanced isolation, integrated pigging, in-line integrity assessment and repair — deployed across both infrastructure and utility end markets. Bob McGrew, CEO of TDW, said, "At TDW, we are committed to delivering best-in-class, technically differentiated solutions to support the evolving needs of the operators of critical pipeline infrastructure. This investment by Apollo Funds, alongside our existing relationship with SCF Partners, marks a significant milestone in our journey as we continue to invest in meeting the needs of our customers through innovation and expanding our global reach." Scott Browning, Partner at Apollo, said, "TDW has a long track record of innovation and serving customers across the pipeline industry value chain. We look forward to supporting TDW management and SCF to accelerate strategic growth initiatives that contribute to the safety, reliability and efficiency of energy infrastructure to help serve global energy demand trends." "For over a century, TDW has stood at the forefront of pipeline integrity and innovation," commented Deviyani Misra-Godwin, Managing Director at SCF. "Over the past three years, we've seen tremendous growth in the company, with the team expanding its technology and product portfolio, deepening customer relationships, and continuing to lead the way on safety and operational excellence. We're honored to continue to work alongside TDW's world-class team and excited to welcome Apollo Funds as a strategic partner in this next chapter of growth." TDW and SCF Partners were advised by Vinson & Elkins LLP, while Kirkland & Ellis LLP advised the Apollo Funds. About T.D. Williamson T.D. Williamson ("TDW") serves the gathering, transmission, and distribution sectors of the pipeline industry with a global portfolio of products and services, including advanced isolation, integrated pigging, integrity assessment and repair solutions. With both onshore and offshore applications, TDW offers expansive pipeline maintenance and asset optimization activities. TDW cultivates long-term relationships with pipeline operators that endure throughout the life of a pipeline. To learn more, visit About Apollo Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2025, Apollo had approximately $785 billion of assets under management. To learn more, please visit About SCF Partners Founded in 1989, SCF provides equity capital and strategic growth assistance to build and grow leading energy service, equipment, and technology companies that operate throughout the world. SCF has invested in more than 80 platform companies, made more than 370 additional acquisitions, and developed 18 publicly listed energy service and equipment companies over its history. The firm is headquartered in Houston, Texas, and has offices in Aberdeen and Australia. For more information, please visit

One Tech Tip: How to protect your 23andMe genetic data
One Tech Tip: How to protect your 23andMe genetic data

Winnipeg Free Press

timean hour ago

  • Winnipeg Free Press

One Tech Tip: How to protect your 23andMe genetic data

Remember 23andMe? The company that gave customers saliva-based DNA testing kits to learn about their ancestry? Founded in 2006, the company also conducted health research and drug development. But it struggled to find a profitable business model and eventually filed for Chapter 11 bankruptcy protection back in March, raising concerns about the safety of customer data. Well, 27 states and the District of Columbia on Monday filed a lawsuit in bankruptcy court seeking to block the sale of the company's archive of genetic data without customer consent. The lawsuit comes as a biotechnology company seeks court's approval to buy the struggling firm. If you were a customer of 23andMe, you're probably wondering what is going on with your data. It turns out you do have options if you want to protect your genetic self. What happened to 23andMe? 23andMe filed for Chapter 11 bankruptcy protection back in March. Anne Wojcicki, who co-founded the company nearly two decades ago and served as its CEO stepped down. The San Francisco-based company said that it would look to sell 'substantially all of its assets' through a court-approved reorganization plan. Wojcicki intends to bid on 23andMe as the company pursues a sale through the bankruptcy process. In a statement on social media, Wojcicki said that she resigned as CEO to be 'in the best position' as an independent bidder. 23andMe said that filing for Chapter 11 bankruptcy protection helps facilitate a sale of the company, meaning that it's seeking new ownership. The company said it wants to pull back on its real estate footprint and has asked the court to reject lease contracts in San Francisco and Sunnyvale, California, and elsewhere to help cut costs. But the company plans to keep operating during the process. I used the service, is my DNA data safe? In a post about the Chapter 11 process, 23andMe said its users' privacy and data are important considerations in any transaction and that any buyer will be required to comply with applicable laws when it comes to how it treats customer data. But experts note that laws have limits. For one, the U.S. has no federal privacy law and only about 20 states do. There are also security concerns. For instance, the turmoil of bankruptcy and related job cuts could leave fewer employees to protect customers' data against hackers. It wouldn't be the first time — a 2023 data breach exposed the genetic data of nearly 7 million customers at 23andMe, which later agreed to pay $30 million in cash to settle a class-action lawsuit accusing the company of failing to protect customers whose personal information was exposed. Experts note that DNA data is particularly sensitive — and thus valuable. 'At a fundamental biological level, this is you and only you,' said David Choffnes, a computer science professor at Northeastern University and executive director of its Cybersecurity and Privacy Institute. 'If you have an email address that gets compromised, you can find another email provider and start using a new email address. And you're pretty much able to move on with your life without problem. And you just can't do that with your genetic code.' 23andMe says it does not share information with health insurance companies, employers or public databases without users' consent and with law enforcement only if required by a valid legal process, such as a subpoena. Choffnes said while that's good, it's a fairly narrow set of categories. Monday Mornings The latest local business news and a lookahead to the coming week. 'There's still other things that they are allowed to do with that data, including, as they mentioned, provide cross context, behavioral or targeted advertising,' he said. 'So, you know, in a sense, even if they aren't sending your personal data to an advertiser, there's a long line of research that identifies how third parties can re-identify you from de-identified data by looking for patterns in it. And so if they're targeting you with advertisements, for example, based on some information that they have about your genetic data, there's probably a way that other parties could piece together other information they have access to.' How can I delete my data from 23andMe? California Attorney General Rob Bonta issued an urgent consumer alert before 23andMe filed for bankruptcy — noting the company's financial distress and reminding people they have the right to have their data deleted. If you have a 23andMe account, you can delete your data by logging in and going to 'settings' and scrolling to a section called '23andMe Data' at the bottom of the page. Then, click 'View,' download it if you want a copy then go to the 'Delete Data' section and click 'Permanently Delete Data.' 23andMe will email you to confirm and you will need to follow the link in the email to confirm your deletion request. If you previously asked 23andMe to store your saliva sample and DNA, you can also ask that it be destroyed by going to your account settings and clicking on 'Preferences.' And you can withdraw consent from third-party researchers to use your genetic data and sample under 'Research and Product Consents.'

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store