Welcome to our dedicated page for Canadian Pacific Kansas City news (Ticker: CP), a resource for investors and traders seeking the latest updates and insights on Canadian Pacific Kansas City stock.
Canadian Pacific Kansas City Limited (CPKC) (TSX: CP, NYSE: CP) is a Class I railroad operator that emerged from the merger of Canadian Pacific Railway and Kansas City Southern on April 14, 2023. Headquartered in Calgary, Alberta, CPKC is the first and only single-line transnational railway connecting Canada, the United States, and Mexico. With approximately 20,000 route miles, CPKC provides unparalleled rail service, offering freight transportation services, logistics solutions, and supply chain expertise to North American customers.
The merger has greatly expanded CPKC's network, allowing for single-line-haul services from Canada through the upper Midwest down to Texas, the Gulf of Mexico, and into Mexico. CPKC operates roughly 3,300 miles of rail in Mexico and is a significant player in cross-border and intra-Mexico freight transport. The company hauls a diverse mix of products, including grain, intermodal containers, energy products like crude and frac sand, chemicals, plastics, coal, fertilizer and potash, automotive products, and various other merchandise.
CPKC's most recent financial results highlight their strong performance in the fourth quarter of 2023. They reported revenues of $3.8 billion, a diluted earnings per share (EPS) of $1.10, and core adjusted combined diluted EPS of $1.18. The company has led the industry with the lowest frequency of train accidents among Class I railroads for 17 consecutive years. This achievement underscores CPKC's commitment to safety and reliability.
Looking forward to 2024, CPKC is optimistic about leveraging unique synergy opportunities and improving macroeconomic conditions to sustain their growth trajectory. Their dedication to service and safety continues to drive value for customers and shareholders alike. In addition to their operational achievements, CPKC is also involved in community investment programs, such as a notable $1.5 million commitment to the American Heart Association for heart research over the next three years.
CPKC's operational excellence is complemented by their strong financial management and strategic initiatives. They have successfully issued and managed commercial paper programs backed by significant revolving credit facilities. CPKC's acquisition-related costs and financial integration of Kansas City Southern have been managed efficiently, ensuring minimal disruption to their operational performance.
In summary, CPKC stands as a pivotal force in North American rail transport, providing extensive rail service that connects key markets across Canada, the United States, and Mexico. Their continued focus on safety, service excellence, and strategic growth initiatives make them a critical player in the industry.
Canadian Pacific Kansas City (CPKC) has completed construction of a new international railway bridge span connecting Laredo, Texas, to Nuevo Laredo, Tamaulipas. The US$100 million project, named the Patrick J. Ottensmeyer International Railway Bridge, more than doubles CPKC's capacity at North America's largest international trade port of entry.
The new 1,170-foot bridge features a ballasted deck plate girder design with six reinforced concrete piers, positioned 35 feet from the existing track bridge. The expansion includes 4,500 feet of new track and enhanced security features, including a VACIS X-ray inspection system and surveillance cameras. The project, which began in late 2022, aims to accommodate growing U.S.-Mexico trade through the only railroad crossing at this border point.
CPKC and Americold Realty Trust announced plans to explore co-development opportunities in Mexico, expanding their strategic collaboration in temperature-controlled logistics across North America. The partnership, established in June 2023, combines CPKC's single-line intermodal freight transportation and TempPro™ containers with Americold's cold chain expertise.
The companies are already developing a 335,000-square-foot, $127 million import-export hub at CPKC's Intermodal Facility in Kansas City, scheduled to open mid-2025. CPKC recently added 1,000 new refrigerated containers to its fleet, enhancing its Mexico Midwest Express service. Americold plans to invest between $500 million and $1 billion over the next 5-10 years in development projects with CPKC and DP World.
Ballard Power Systems has signed a new Long Term Supply Agreement with Canadian Pacific Kansas City (CPKC) for 98 fuel cell engines, totaling approximately 20 megawatts (MW) of power. Each engine has a 200 kW capacity, with deliveries expected in 2025.
This agreement builds upon their existing partnership started in 2021, which has already delivered about 10 MW of fuel cell engines. CPKC currently operates three hydrogen locomotives, with prototype testing ongoing since 2022. The new engines will support CPKC's expanding hydrogen locomotive program, focusing on switching and freight service applications in Alberta, Canada.
Canadian Pacific Kansas City (CP) announced that President and CEO Keith Creel and EVP and COO Mark Redd will speak at the 2024 UBS Global Industrials and Transportation Conference on Dec. 4, 2024, at 9:40 a.m. ET. The company will provide a live audio webcast accessible through investor.cpkcr.com, with a replay available after the event.
CPKC and ATCO EnPower have completed construction of two hydrogen production and refuelling facilities in Calgary and Edmonton. The facilities, now fully operational, feature 1-megawatt electrolyzers, compression, storage, and dispensing systems for locomotive refuelling. The Calgary facility is partially powered by CPKC's existing 5 MW solar power facility. These stations support CPKC's Hydrogen Locomotive Program, which involves retrofitting diesel locomotives with hydrogen fuel cells to eliminate direct emissions. ATCO EnPower will operate both facilities under a signed agreement.
Canadian Pacific Kansas City (CPKC) announced that President and CEO Keith Creel and EVP and COO Mark Redd will speak at the 2024 UBS Global Industrials and Transportation Conference on December 3, 2024, at 8:50 a.m. ET. The company will provide a live audio webcast of the presentation through their investor relations website, with a replay available after the event.
Canadian Pacific Kansas City (CP) announced that Executive Vice-President and Chief Marketing Officer John Brooks and Senior Vice-President Accounting, Planning and Procurement Ian Gray will speak at the 24th Annual Scotiabank Transportation & Industrials Conference on November 13, 2024, at 9 a.m. ET. The company will provide a live audio webcast of the presentation through their investor relations website, with a replay available after the event.
Canadian Pacific Kansas City (CP) announced Q3 2024 results with revenues of $3.5 billion, up 6% from Q3 2023. The company reported diluted EPS of $0.90 and core adjusted combined diluted EPS of $0.99, an 8% increase year-over-year. Operating ratio increased by 120 basis points to 66.1%. Revenue Ton-Miles grew by 4%, while safety metrics improved with decreased FRA-reportable personal injury and train accident frequencies. CPKC maintains its guidance for double-digit core adjusted combined diluted EPS growth in 2024 versus 2023's $3.84, with RTMs expected to increase mid-single digits.
Canadian Pacific Kansas City (CP) has announced a quarterly dividend payment. The Board of Directors declared a dividend of $0.19 per share on outstanding Common Shares. Shareholders of record as of December 27, 2024, will receive the payment on January 27, 2025. The dividend qualifies as an 'eligible' dividend under the Income Tax Act (Canada) and similar provincial/territorial legislation.
The Surface Transportation Board (STB) has approved a transaction involving Canadian Pacific Kansas City (CPKC), CSX , and Genesee & Wyoming Inc. (G&W) to create a new direct CPKC-CSX interchange connection in Alabama. This approval, effective November 16, 2024, allows CPKC to acquire and operate a 52-mile segment between Meridian, Miss., and Myrtlewood, Ala., while CSX will operate lines east of Myrtlewood.
The transaction will establish a direct Class I-to-Class I interchange near Myrtlewood, connecting shippers in Mexico, Texas, and the Southeast U.S. This new east-west Class I route aims to create competition, reduce truck traffic, and expand rail transportation markets across the southern U.S., from Dallas to Atlanta and beyond. The Meridian & Bigbee Railroad (MNBR) will continue to provide local service between Meridian and Myrtlewood.
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