CPKC forecasts solid earnings in 2024 after big profits drop last quarter


Canadian Pacific Kansas City Ltd. says it expects its adjusted earnings to grow by double digits this year, following an almost 20 per cent year-over-year drop in net income last quarter.

The Calgary-based company says net income attributable to controlling shareholders totalled $1.02 billion in the quarter ended Dec. 31, down from $1.27 billion in the same period a year before.

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CPKC — the product of Canadian Pacific’s purchase of Kansas City Southern in April — says it boosted revenues to $3.78 billion last quarter from $2.46 billion a year earlier, which was before the purchase.

The railroad operator says its fourth-quarter diluted earnings per share fell 19 per cent to $1.10 versus $1.36 per share the previous year.

Analysts had predicted diluted earnings of $1.13 per share, according to financial markets data firm Refinitiv.

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CPKC is planning capital spending of $2.75 billion throughout 2024 and forecasting core adjusted combined diluted earnings per share will grow in the double digits from $3.84 per share in 2023.

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