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CPKC lowers earnings expectations due to 'economic headwinds,' port workers strike

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CALGARY — Canadian Pacific Kansas City Ltd. is lowering its financial forecast due to economic challenges and losses stemming from the B.C. port workers strike.

CEO Keith Creel says"economic headwinds" and the 13-day job action in July that shut down the country's largest port prompted it to predict flat to slightly positive adjusted diluted earnings this year versus last.

The revision marks a more pessimistic outlook than the one offered three months earlier, when the Calgary-based company projected adjusted diluted earnings would grow by mid-single digits in 2023. In the quarter ended Sept. 30, CPKC is reporting that net income fell 12 per cent to $780 million from the combined $891 million earned by Canadian Pacific and Kansas City Southern a year earlier — before the two railways merged in April.

Despite the drop in profits, CPKC says revenues surged 44 per cent to $3.34 billion in its third quarter from a combined $2.31 billion in the same period the year before. Diluted earnings fell to 84 cents per share from 96 cents per share, below analyst expectations of more than 90 cents per share, according to financial data firm Refintiv.The Canadian Press

 

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