CANADA – Canadian Pacific Kansas City Ltd. (CPKC), a key player in North American grain transportation, has released its second-quarter financial results for June 30, 2024, highlighting impressive revenue growth.

For the quarter, CPKC achieved a revenue of C$3.63 billion (US$2.6 billion), marking a robust 14% increase from C$3.17 billion (US$2.34 billion) in the same quarter of 2023.

This growth was largely driven by the company’s grain segment, which remains its largest operating area. Revenue from grain surged 24%, reaching C$665 million (US$ 487.6 million) compared to C$537 million (US$ 393.3 million) in the previous year.

Additionally, CPKC moved 128,900 carloads of grain during the quarter, an increase of 11,900 carloads or 10% from the 117,000 carloads transported in the same quarter last year.

Keith Creel, President and CEO of CPKC, highlighted the company’s achievements in his statement: “Our excellent second-quarter results showcase how the advantages of this unrivaled North American network are being realized.”

He noted that the results directly reflect the dedication and hard work of railroaders, whose commitment to safety, service, and efficiency remains the cornerstone of our achievements.

“ We delivered robust revenue growth driven by synergies, along with strong operating and safety performance.”

However, the company reported a net income of C$905 million (US$ $654.25 million), translating to C$0.97 (US$ 0.71) per share. This figure marks a notable 32% decrease from the C$1.32 billion (US$966.5 million), or C$1.42 (US$ 1.04) per share, recorded during the same period in 2023.

For the first six months of 2024, CPKC’s total revenues amounted to C$7.12 billion (US$ 5.2 billion), representing a 31% improvement over the C$5.44 billion (US$ 4.01 billion) recorded in the same period of 2023.

Although net income for the quarter saw a decline, falling to C$905 million (US$654.25 million) from C$1.32 billion (US$966.5 million) in the previous year, CPKC’s overall revenue growth demonstrates the company’s robust market position and effective operational strategies.

The financial results reflect the ongoing integration of Kansas City Southern (KCS), acquired on April 14, 2023, enhancing CPKC’s extensive 20,000 route miles network connecting Canada, the United States, and Mexico.

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