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...
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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
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
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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
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 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...
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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
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...
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The work stoppage by members of the International Longshore and Warehouse Union at Canadian West...
Higher combined revenues for the second quarter of 2023 helped boost net profits for Canadian Pacific Kansas City.
Revenues for the second quarter were nearly CA$3.2 billion (US$2.4 billion), up 44% year over year (y/y), CPKC said Thursday afternoon. The y/y figure reflects CP’s results in the second quarter of 2022. Canadian Pacific and Kansas City Southern completed their merger in April to become CPKC (NYSE: CP). Results are reported in Canadian dollars.
Net income was $1.3 billion, or $1.42...
https://www.freightwaves.com/news/cpkcs-q2-net-income-rises-above-1b