May 24th, 2024

Canadian Pacific Kansas City reports Q1 profit down from year ago

By The Canadian Press on April 24, 2024.

A Kansas City Southern locomotive is shown in this undated photo. Canadian Pacific Kansas City reported its first-quarter profit fell compared with a year ago.THE CANADIAN PRESS/HO-Kansas City Southern MANDATORY CREDIT

CALGARY – Canadian Pacific Kansas City reported its first-quarter profit fell compared with a year ago.

The railway says it earned net income attributable to controlling shareholders of $775 million or 83 cents per diluted share for the quarter ended March 31.

That is down from a profit of $800 million or 86 cents per diluted share a year earlier.

Canadian Pacific completed its acquisition of Kansas City Southern in December 2021, but had to wait to combine operations until April last year following regulatory approval of the deal.

CPKC says revenue for its most recent quarter totalled $3.52 billion, up from $2.27 billion in the same quarter last year before the railways combined operations.

The railway says its core adjusted combined diluted earnings per share amounted to 93 cents in its latest quarter, up from 90 cents a year earlier.

This report by The Canadian Press was first published April 24, 2024.

Companies in this story: (TSX:CP)

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