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
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
Three progressive groups want President Joe Biden to remove Marty Oberman from chairmanship of the Surface Transportation Board and replace him with board member Robert Primus because of the way Oberman handled the merger between Canadian Pacific and Kansas City Southern.
Their Wednesday letter addressed to Biden follows unrelated actions last week when the Coalition to stop CPKC, a group representing Chicago’s western suburbs, filed a lawsuit against STB on its decision to approve the $31...
https://www.freightwaves.com/news/rail-industry-crises-spur-call-to-oust-stb-chair
Canadian Pacific Kansas City is now offering a daily premium intermodal service running between the U.S. Midwest and Mexico.
This latest offering, which CPKC (NYSE: CP) says will be “the first truck-competitive, single-line rail service option between the Midwest and Mexico,” comes as competing Class I railroads aim to bolster their own transcontinental offerings. Late last month, rival CN (NYSE: CNI) announced it, Union Pacific (NYSE: UNP) and Mexico railway Ferromex would be offering a...
https://www.freightwaves.com/news/cpkc-now-offering-daily-intermodal-service-between-midwest-mexico
Union Pacific is asking a federal district court to review the decision by the Surface Transportation Board to approve the merger between Canadian Pacific and Kansas City Southern.
UP had expressed concerns during STB hearings on the merger that the board needed to impose conditions upon CP and KCS that would ensure competition at interchanges.
“The merger of Kansas City Southern and Canadian Pacific is likely to reduce competition and negatively impact shippers and stakeholders,” UP (NYSE: UNP)...