April 24, 2024
Class I

CPKC 1Q24: ‘Well Positioned to Deliver on 2024 Guidance’

Written by Carolina Worrell, Senior Editor

CPKC photo

“We exited last year with strong momentum and our performance in the first quarter, combined with an improving demand environment, has us well positioned to deliver on our 2024 guidance,” Canadian Pacific Kansas City (CPKC) President and CEO Keith Creel said in an April 24 earnings announcement. “As we enter the second year of our forever story, we are focused on safely executing on the unique and undeniable opportunities this franchise creates and delivering long-term value for our employees, customers and shareholders.”

For first-quarter 2024, CPKC reported revenues of $3.5 billion, up 55% from first-quarter 2023; diluted earnings per share (EPS) of $0.83, down 3% from the prior year period; and core adjusted combined diluted EPS of $0.93, up 3% from first-quarter 2023.

Among CPKC’s first-quarter 2024 results:

Reported operating ratio (OR) increased by 400 basis points to 67.4% from 63.4% in first-quarter 2023.
Core adjusted combined OR increased 50 basis points to 64.0% from 63.5% in first-quarter 2023.
Reported diluted EPS decreased to $0.83 from $0.86 in first-quarter 2023.
Core adjusted combined diluted EPS increased 3% to $0.93 from $0.90 in first-quarter 2023.
Volumes, as measured in Revenue Ton-Miles (RTMs), increased 1% on a combined basis.
Federal Railroad Administration (FRA)-reportable train accident frequency increased to 0.89 from 0.71 in first-quarter 2023 on a combined basis.
FRA-reportable personal injury frequency increased to 1.15 from 1.12 in first-quarter 2023 on a combined basis.

“One year into our historic combination, I am proud of what our dedicated family of railroaders has accomplished as we deliver on the benefits of our unrivaled network—spurring competition, increasing safety and connecting more markets for our customers,” said Creel. “Today’s results show the success of our efforts to drive growth as the only railway connecting Canada, the United States and Mexico.”