-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下：加拿大國家鐵路公司（CNR）公佈第一季調整後每股收益為1.80加元，高於我們先前1.73加元的預期，但低於市場普遍預期的1.81加元。由於匯率波動和碳稅取消的影響，每千英哩貨運收入下降3%，抵銷了3%的貨運量成長。營運比率惡化80個基點至64.2%，成本上漲抵銷了收入壓力。儘管如此，該公司第一季的營運表現仍創下歷史新高，包括燃油效率提高3%，車輛週轉率提高6%，員工生產力提高8%。商業績效喜憂參半，穀物/化肥業務成長10%，金屬/礦產業務下降11%。自由現金流成長44%至9億加元，用於支持8.69億加元的股票回購。管理層重申了對2026年全年銷售額增長持平的預期，預計每股收益增長將略高於銷售增長，原因是宏觀經濟波動和貿易緊張局勢加劇了需求風險。我們對強勁的營運指標和現金流狀況持樂觀態度，但營收成長放緩和利潤率承壓仍然是近期需要關注的問題。
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