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) reported strong Q2 2024 results, with revenues of $3.6 billion and core adjusted combined diluted EPS of $1.05, up 27% year-over-year. The company's reported operating ratio decreased by 550 basis points to 64.8%, while the core adjusted combined OR improved by 280 basis points to 61.8%. CPKC saw a 6% increase in volumes (Revenue Ton-Miles) and improvements in safety metrics. CEO Keith Creel attributed the robust performance to the advantages of CPKC's North American network and synergies from the merger. The company remains confident in meeting its full-year guidance and delivering sustainable growth for stakeholders.
Canadian Pacific Kansas City (CPKC) mourns the passing of Patrick J. Ottensmeyer, former President and CEO of Kansas City Southern (KCS). Ottensmeyer served as KCS's final President and CEO from 2015 until April 14, 2023, when CP and KCS combined to form CPKC. His career at KCS included roles as Executive VP of Sales and Marketing (2008-2015) and Executive VP and CFO (2006-2008). Ottensmeyer also served as the U.S. Chairman of the U.S. Chamber of Commerce's U.S.-Mexico Economic Council from 2019 to 2023, playing a key role in the formation of the USMCA. He received numerous industry awards, including the North American Rail Shippers Association Edward R. Hamberger Lifetime Achievement Award in 2023 and was twice named Railway Age Railroader of the Year. CPKC will honor Ottensmeyer by lowering flags to half-mast across its network.
Canadian Pacific Kansas City (CPKC) has announced a quarterly dividend of $0.19 per share on its outstanding Common Shares. The dividend will be paid on October 28, 2024, to shareholders of record as of September 27, 2024. This dividend is classified as an "eligible" dividend for Canadian tax purposes, which may have implications for shareholders under the Income Tax Act (Canada) and similar provincial/territorial legislation. CPKC, traded on both the Toronto Stock Exchange (TSX: CP) and the New York Stock Exchange (NYSE: CP), continues its practice of rewarding shareholders through regular dividend payments.
The CPKC Women's Open golf tournament in Calgary raised a record $4.3 million for heart health in Alberta. $3.8 million went to the Alberta Children's Hospital Foundation and $507,000 to the Red Deer Regional Health Foundation. Lauren Coughlin won her first LPGA Tour victory, finishing 13 under par and earning $390,000 from the $2.6 million purse.
CPKC's Has Heart campaign has raised over $22 million for children's heart health since 2014. Fundraising efforts included CPKC Birdies for Heart, matching donations during Heart Month, and contributions for birdies made on the 14th hole during the tournament. The funds will support early detection of heart defects in babies and enhance cardiac care in Alberta.
Canadian Pacific Kansas City (CPKC) is set to release its second-quarter 2024 financial and operating results after the market closes on July 30, 2024.
The company will host a conference call for the financial community at 4:30 p.m. ET (2:30 p.m. MT) on the same day to discuss the results.
Investors can access the webcast and presentation materials on CPKC's investor website. A replay of the call will be available until August 6, 2024, via phone for both domestic and international callers.
Canadian Pacific Kansas City (CPKC) provided an update on its collective bargaining with the Teamsters Canada Rail Conference (TCRC) on May 16, 2024. The negotiations are set to resume on May 17, 2024, with the assistance of federal mediators. The Federal Minister of Labour’s referral to the Canada Industrial Relations Board (CIRB) has added uncertainty regarding potential work stoppages. Submissions from CPKC and TCRC are due by May 21, 2024, with replies by May 31, 2024. A legal strike or lockout cannot occur until the CIRB makes a decision. CPKC proposed maintaining certain services during strikes or lockouts to avoid the CIRB process, which the TCRC declined. CPKC committed to providing regular updates.
Canadian Pacific Kansas City (CPKC) Executive Vice-President and Chief Marketing Officer John Brooks will speak at the 2024 Bank of America Transportation, Airlines and Industrials Conference on May 15, 2024. CPKC will offer a live audio webcast and replay for investors.
Canadian Pacific Kansas City (CPKC) President and Chief Executive Officer, Keith Creel, will address the 2024 RBC Capital Markets Canadian Industrials Conference on May 14, 2024. Investors can access the live audio webcast on investor.cpkcr.com.
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