CALGARY, ALBERTA, CANADA — Canadian Pacific Kansas City Ltd. (CPKC), a major North American grain shipper, posted net income for the second quarter ended June 30 of C$905 million ($654.25 million), equal to C$0.97 per share on the common stock, down 32% from C$1.32 billion, or C$1.42 per share, in the same period a year ago. 

Revenues in the second quarter totaled C$3.63 billion ($2.6 billion), up 14% from C$3.17 billion in the same quarter a year ago.

Second-quarter revenue from Grain, the company’s largest operating segment, was C$665 million, a jump of 24% from C$537 million year on year for the three-month period ended June 30. CPKC moved 128,900 carloads during the quarter, an increase of 11,900 carloads, or 10%, from 117,000 in 2023.

“Our excellent second-quarter results showcase how the advantages of this unrivaled North American network are being realized,” said Keith Creel, president and chief executive officer. “These results are a direct reflection of the dedication and hard work of our railroaders, whose commitment to safety, service and efficiency remains the cornerstone of our achievements. We delivered robust revenue growth driven by synergies, along with strong operating and safety performance.”

Total revenues during the first six months were C$7.12 billion, a 31% improvement over C$5.44 billion for the first half of 2023. During the same period, net income dropped C$448 million (21%), to C$1.67 billion from C$2.12 billion.

The results of Kansas City Southern (KCS) are included on a consolidated basis from April 14, 2023, the date CP acquired control. From Dec. 14, 2021, to April 13, 2023, CP recorded its interest in KCS under the equity method of accounting.

With its global headquarters in Calgary, Alberta, Canada, CPKC is the only single-line transnational railway linking Canada, the United States and Mexico, stretching approximately 20,000 route miles.