Capex is only a number

摘要

At first glance, our cover story on expected North American Class 1 2016 capital expenditures (page 16) can be shocking. The numbers, on the surface, have a bit of a gut-punch effect: 1. $3 billion: The approximate dollar amount that North American Class 1 railroads capital spending will be down in 2016 when compared to 2015. This represents a 15 percent drop in year-over-year spending. 2. -27.7 percent: The difference in Canadian Pacific's 2016 program versus 2015, the biggest percentage drop followed by BNSF with a 25-percent reduction. 3. 0.4 percent: The percent that Canadian National is increasing its year-over-year capital spend, bucking the trend.