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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 (TSX: CP) announced the completion of its acquisition of an 83.5% stake in the Detroit River Rail Tunnel from OMERS affiliates for approximately US$312 million. Previously, CP held a 16.5% stake in the tunnel. This strategic purchase increases CP's ownership and control over this critical infrastructure, enhancing its competitive rail service capabilities across North America.
On December 18, 2020, Canadian Pacific (TSX: CP) announced plans to develop North America's first hydrogen-powered locomotive. This innovative initiative aims to retrofit a line-haul locomotive using hydrogen fuel cells and battery technology, targeting the decarbonization of the freight-rail sector. President Keith Creel emphasized the project's global significance for sustainability in transportation. CP has a history of enhancing fuel efficiency and reducing emissions, with efforts dating back to 1990, achieving over a 40% improvement in fuel economy.
Canadian Pacific Railway Limited (TSX: CP) announced a tentative five-year collective agreement with the International Brotherhood of Electrical Workers (IBEW) Canadian Signals and Communications System Council No. 11. This agreement, which represents 360 Signal Maintainers in Canada, is expected to support continued growth and opportunities within the company. The ratification of the agreement is pending union membership approval. CP's President, Keith Creel, emphasized the importance of good faith negotiations in reaching this agreement, which is crucial for the company’s operations and employee relations.
On December 10, 2020, Railway Age Magazine announced its 58th annual Railroader of the Year Award, honoring Canadian Pacific President and CEO Keith Creel. His leadership since becoming CEO in January 2017 has been pivotal for CP, enhancing the railway's efficiency and safety while supporting North America's economy. Railway Age's Editor-in-Chief praised Creel for revitalizing pride within the company amid challenging times. This award marks Creel as the third CP leader to receive this recognition, with a cover profile scheduled in the January 2021 issue.
On December 3, 2020, Canadian Pacific (CP) announced a successful collaboration with Homes for Heroes Foundation during the fourth annual Spin for a Veteran event, held on November 9 and 10. The event exceeded its fundraising goal, raising over $400,000 to aid in constructing affordable housing for homeless veterans, doubling the initial target of $200,000. Over the past four years, CP has contributed more than $1.2 million, leading to the construction of 12 homes since 2016. CP's President and CEO emphasized the company's long-standing commitment to supporting veterans.
Canadian Pacific Railway Limited (TSX: CP) is planning to construct a multi-modal transload and logistics facility, the CP Logistics Park: Vancouver, adjacent to its intermodal rail facility in Pitt Meadows, B.C. This 41-hectare project aims to enhance infrastructure for Canada's economy by supporting agricultural distribution, accommodating North American-made automobiles, and serving Metro Vancouver's demand for transportation fuels. The initiative is in its design phase and awaits regulatory approval. Community engagement will include virtual open houses in December 2020.
Canadian Pacific (NYSE: CP) and Hapag-Lloyd AG have extended their long-term rail service agreement until the end of 2025. Starting in 2021, Hapag-Lloyd will also begin regular service to the Port of Saint John, New Brunswick, a significant development following CP's reacquisition of access to the port in June 2020. CP's President, Keith Creel, emphasized that this extension enhances service capabilities, providing a 200-mile advantage over competitors into key markets. This partnership is expected to stimulate economic growth in Atlantic Canada, leading to more jobs and investments in the region.
Canadian Pacific (CP) announced a record-breaking November for shipping Canadian grain, moving 2.96 million metric tonnes (MMT), an 8% increase over November 2019. In the current crop year, CP has shipped 11.13 MMT, representing a 15% rise from the previous year. To support this growth, CP is enhancing its grain fleet, recently adding over 3,700 high-efficiency hopper cars that carry more volume and weight. The company also provides a weekly scorecard on grain movement performance. Forward-looking statements regarding growth and potential risks are included in the release.
Canadian Pacific (TSX: CP) announced that CEO Keith Creel will speak at the Credit Suisse 8th Annual Industrials Conference on December 2, 2020, at 12:30 p.m. ET. CFO Nadeem Velani will present at the BMO 2020 Growth & ESG Conference on December 8, 2020, at 10 a.m. ET. Live audio webcasts for both events will be accessible via their investor relations website, along with replays post-event.
As a transcontinental railway, CP connects key markets in North America, providing competitive freight transportation and logistics solutions.
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