A Canadian Pacific Railway locomotive is shown at the main CP Rail trainyard in Toronto on Monday, March 21, 2022.THE CANADIAN PRESS/Nathan Denette
CALGARY – Canadian Pacific Kansas City Ltd. is reporting a bump in revenues and shipment volumes in its second quarter, even as profits dropped amid higher costs.
The railroad operator says net income fell 32 per cent to $903 million in the three months ended June 30 from $1.33 billion in the same period a year earlier.
CPKC says total revenues jumped 14 per cent to $3.60 billion from $3.17 billion, while operating expenses rose nearly five per cent to $2.34 billion.
The Calgary-based company says core adjusted combined diluted earnings increased 27 per cent last quarter to $1.05 per share from 83 cents per share the year before.
Meanwhile, freight volumes nudged up by more than one per cent year-over-year to nearly 1.09 million carloads.
Keith Creel, who heads the company that merged its operations with Kansas City Southern in April 2023, says CPKC is on track to deliver on its financial forecast for the year.
This report by The Canadian Press was first published July 30, 2024.
Companies in this story: (TSX:CP)
