Canadian Pacific

First look: CPKC earnings

Canadian Pacific Kansas City on Wednesday said first-quarter profit rose on higher revenues from increased freight on its network.

Calgary, Alberta-based CPKC (NYSE: CPKC) reported revenues increased by 8% to $3.8 billion from $3.5 billion in the year-ago quarter as freight measured in revenue ton-miles increased 4%.

Diluted earnings per share of 97 cents was 17% higher from 83 cents, while core adjusted diluted EPS of $1.06 improved by 14% from 93 cents y/y.

CPKC is the only Class I railroad that...

https://www.freightwaves.com/news/first-look-cpkc-earnings

Ancora didn’t oust Norfolk Southern’s Shaw at first but ultimately succeeded

In the end, Ancora got its man. 

In a stunning turn of events that could not have been foreseen when Alan Shaw, then the CEO of Norfolk Southern (NYSE: NSC), swatted away a proxy battle by Ancora Holdings in May to have him removed from his job, Shaw is now gone anyway.

He was felled soon after the launch of an investigation of a personal relationship with the company’s chief legal officer, Nabanita C. Nag. 

And according to an explosive piece in The Wall Street Journal, it was Ancora that spurred...

https://www.freightwaves.com/news/ancora-didnt-oust-norfolk-southerns-shaw-at-first-but-ultimately-succeeded

Norfolk Southern wants close look at proposed CPKC-CSX Southeast corridor

Norfolk Southern wants the Surface Transportation Board to compel Canadian Pacific Kansas City and CSX to provide more information on how their plans to create a Mexico-U.S. Southeast corridor will affect passenger and other freight rail traffic — including the Meridian Speedway that NS operates with CPKC.

NS (NYSE: NSC) is asking STB to get CPKC (NYSE: CP) and CSX (NASDAQ: CSX) to consolidate seven applications into one, as well as require CPKC and CSX to provide more analysis on how their...

https://www.freightwaves.com/news/norfolk-southern-wants-close-look-at-proposed-cpkc-csx-southeast-corridor

CPKC cautious heading into 2024

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The uncertain macroeconomic environment, including when North American consumer sentiment will...

https://www.freightwaves.com/news/cpkc-cautious-heading-into-2024

Canadian Pacific Kansas City sees Q3 net income fall 12%

A 44% increase in revenue in the third quarter was not enough to offset higher expenses at Canadian Pacific Kansas City.

The railway reported net profit of CA$780 million (US$565 million) in the third quarter of 2023, down 12% year-over-year (y/y) from CA$891 million. Diluted earnings per share in the third quarter was US$0.84, compared with US$0.96 y/y. All figures except earnings per share are in Canadian dollars.

Overall revenue totaled CA$3.3 billion in the third quarter, compared with CA$2.3...

https://www.freightwaves.com/news/canadian-pacific-kansas-city-sees-q3-net-income-fall-12

CPKC and CSX file plans paving way to Mexico-Southeast corridor

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Class I railroads CSX and Canadian Pacific Kansas City (CPKC) have requested Surface Transportation...

https://www.freightwaves.com/news/cpkc-and-csx-file-plans-paving-way-to-mexico-southeast-corridor

Metra renews suit against STB over CP-KCS merger approval

Chicago commuter rail provider Metra has renewed its lawsuit criticizing how the Surface Transportation Board handled its review of the merger between Canadian Pacific and Kansas City Southern. Metra joins Union Pacific and a Chicago-area citizens group in suing STB.

In a Sept. 29 filing before the U.S. District Court of Appeals in Washington, D.C., Metra asked the court to find that STB’s March 15 approval of the CP-KCS merger was unlawful and should be sent back to the board so it can address...

https://www.freightwaves.com/news/metra-sues-stb-over-cp-kcs-merger-approval

Canadian grain shippers hopeful about rail service in current crop year

Canadian grain producers generally expect rail service in the 2023-2024 harvest year to meet market needs, but they’re keeping an eye on other factors that could affect rail service in the coming years, such as grain export capacity at the Port of Vancouver.

Grain shippers are also waiting for the supply chain to completely recover from a July labor strike at the ports of Vancouver and Prince Rupert.

“It’s always the same story this time of year when it comes to rail service and rail capacity. We...

https://www.freightwaves.com/news/canadian-grain-shippers-hopeful-about-rail-service-in-current-crop-year

Port-bound rail volumes approach prestrike levels in Canada

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Rail volumes have largely returned to normal at the Canadian West Coast ports of Vancouver and...

https://www.freightwaves.com/news/port-bound-rail-volumes-approach-prestrike-levels-in-canada

Cross-border traffic, West Coast port activity benefit Eastern railroads

Canadian Pacific Kansas City’s plans to drum up additional cross-border business will benefit shippers wanting to use the eastern U.S. Class I railroads to access markets in the Southeast, according to executives speaking at an investor conference this week.

“I haven’t seen a new interchange pop up [in my years at CSX] … that is going to be as significant as this one,” CSX CFO Sean Pelkey said at Deutsche Bank’s transportation conference for investors Tuesday. 

Pelkey was referring to plans that...

https://www.freightwaves.com/news/cross-border-traffic-west-coast-port-activity-benefit-eastern-railroads

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