Key facts
- CPKC's net income for the second quarter was $1.02 billion, a decrease from $1.23 billion in the prior year.
- Revenues increased by 13 per cent to $4.16 billion.
- Grain revenue saw a nearly 25 per cent increase, and container revenue rose 11 per cent.
- Diluted earnings per share decreased to $1.15 from $1.33.
- Board chair Isabelle Courville is retiring.
Canadian Pacific Kansas City (CPKC) announced its second-quarter financial results, revealing a dip in net income despite a significant rise in revenues. The company's net income for the three months ending June 30 fell by nearly two per cent to $1.02 billion, compared to $1.23 billion in the same period last year. This occurred even as revenues climbed 13 per cent year-over-year to $4.16 billion.
CPKC attributed the revenue growth primarily to a strong performance in its largest segment, grain, which saw revenues increase by nearly a quarter. Container revenues also contributed, jumping 11 per cent. Despite the revenue gains, diluted earnings per share decreased to $1.15 from $1.33 in the prior year. The company's reported operating ratio increased to 64.6 percent, and the core adjusted operating ratio rose to 61.6 percent.
President and Chief Executive Officer Keith Creel highlighted the company's status as the only freight railway spanning all three North American countries as a key factor in its performance. In a separate announcement, CPKC also disclosed the retirement of its board chair, Isabelle Courville, who was the first woman to chair a major North American freight railway.