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Canadian Pacific Kansas City (CPKC) announced it will restart railway operations in Canada by 00:01 ET on Monday, Aug. 26, following a Canada Industrial Relations Board (CIRB) order. This comes after CPKC initiated a lockout on Thursday, Aug. 22. The company has requested Teamsters Canada Rail Conference (TCRC) employees to return for the Sunday day shift to expedite economic recovery and minimize supply chain disruptions.
CPKC is implementing a restart plan for safe resumption of rail service across Canada and working with customers to normalize operations. The CIRB will hold a meeting on Thursday, Aug. 29, to discuss final binding interest arbitration. Existing collective agreements remain in force. CPKC expects it will take several weeks for the railway network to fully recover and additional time for supply chains to stabilize.
Canadian Pacific Kansas City (CPKC) expressed disappointment over the Teamsters Canada Rail Conference's (TCRC) decision to challenge the Canadian Minister of Labour's direction to resume railway operations. Following the Minister's order under section 107 of the Canada Labour Code, the Canada Industrial Relations Board (CIRB) held an urgent conference with CPKC. However, the TCRC refused to discuss service resumption and instead indicated their intention to challenge the constitutionality of the Minister's direction and the CIRB's discretion.
A follow-up conference is scheduled for 10:00 a.m. ET on Friday, Aug. 23, to hear further submissions. CPKC remains ready to resume service once ordered by the CIRB but is concerned about the delay's impact on serving the Canadian economy.
Canadian Pacific Kansas City (CPKC) is preparing to restart railway operations in Canada following the Labour Minister's announcement to direct the Canada Industrial Relations Board (CIRB) to impose final binding arbitration. CPKC will follow the CIRB's order once issued. The company acknowledges the government's intervention to protect Canada's national interest, despite preferring collective bargaining. CPKC CEO Keith Creel expressed readiness to welcome employees back and restore full railway operations. The work stoppage affected approximately 3,200 locomotive engineers, conductors, and train/yard workers, as well as 80 rail traffic controllers represented by the Teamsters Canada Rail Conference (TCRC).
Canadian Pacific Kansas City (CPKC) has initiated a lock out of Teamsters Canada Rail Conference (TCRC) employees, leading to a full shutdown of its Canadian rail network. The lock out affects approximately 3,200 locomotive engineers, conductors, and train and yard workers, as well as 80 rail traffic controllers. CPKC cites unrealistic demands from TCRC leadership as the reason for the impasse, stating these demands would impair the railway's ability to serve customers reliably and cost-effectively.
CPKC is proposing binding arbitration to resolve the dispute, emphasizing it as a fair process used successfully in the past. The company has offered a three-year status-quo contract with competitive wage increases for the TCRC – T&E division, and competitive wage increases for the TCRC - RCTC division. CPKC stresses the potential negative impact on Canada's economy and supply chains if the dispute continues into the fall peak shipping period.
Canadian Pacific Kansas City (CPKC) has announced plans to issue a lockout notice to the Teamsters Canada Rail Conference (TCRC) for August 22, 2024, if a negotiated settlement or binding interest arbitration is not reached. This decision follows a Canada Industrial Relations Board (CIRB) ruling that no essential services need to be maintained during a railway strike or lockout. CPKC aims to protect Canada's supply chains and mitigate uncertainty for customers.
Key points:
- CPKC offers binding interest arbitration to resolve the dispute
- Company will issue embargoes for toxic goods to ensure safe network exit
- CPKC withdraws offer for a modernized, time-based collective agreement
- Focus shifts to a three-year status quo-style contract with competitive wage increases
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.
