Q3 2024 Canadian Pacific Kansas City Ltd Earnings Call Transcript
Key Points
- Canadian Pacific Kansas City Ltd (CP) reported a 6% increase in revenues, reaching $3.5 billion, driven by strong volume growth of over 4%.
- The company achieved an 8% increase in earnings per share, reaching $0.99, despite operational challenges.
- CP received approval for a new direct connection with CSX, enhancing competitive rail service and providing new solutions to customers.
- The company made significant strides in sustainability with the successful testing of a high horsepower hydrogen locomotive.
- CP's automotive segment reached a record quarter with a 27% revenue increase, benefiting from a closed-loop service solution and new supply chain models.
- The company faced significant operational challenges, including a derailment and a strike, impacting performance.
- Personal injuries increased by 8%, highlighting ongoing safety concerns.
- Forest products and metals, minerals, and consumer products segments experienced declines due to a soft macro environment.
- Domestic intermodal volumes were down 7%, affected by lower short-haul business and a work stoppage.
- The operating ratio was impacted by a 100 basis point headwind due to a work stoppage and higher casualty costs.
Good afternoon. My name is Marjorie and I'll be your conference operator today. At this time, I would like to welcome everyone to CPKC's third-quarter 2024 conference call. The slides accompanying today's call are available at investor.cpkcr.com. (Operator Instructions)
I would now like to introduce Ashley Thorne, AVP, Investor Relations, to begin the conference call.
Thank you, Marjorie. Good afternoon, everyone, and thank you for joining us today. Before we begin, I want to remind you this presentation contains forward-looking information. Actual results may differ materially. The risks, uncertainties, and other factors that could influence actual results are described on slide 2 in the press release, and in the MD&A filed with Canadian and US regulators. This presentation also contains non-GAAP measures outlined on slide 3.
Please note, in addition to our regular quarterly financials, their supplemental Q3 combined revenue and operating
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