CALGARY, ALBERTA, CANADA — Newly merged railroad Canadian Pacific Kansas City (CPKC) tallied revenues of C$3.8 billion in the fourth quarter of 2023 and C$12.5 billion for the full year, up from C$2.4 billion and C$8.8 billion, respectively, in 2022.

In its Jan. 30 report, CPKC said its net income was C$1.02 billion during the fourth quarter, with diluted earnings per share (EPS) of C$1.10. Full-year income was C$3.9 billion, with EPS increasing to $4.21 from $3.77 in 2022.

Rail grain shipments accounted for C$844 million in revenue during the fourth quarter, a 29% jump from C$655 million the previous year. For the year, CPKC posted C$2.5 billion in revenue from grain shipments, up 41% from C$1.8 billion in 2022.

CPKC, the result of a merger completed in April 2023 between Canadian Pacific and Kansas City Southern (KCS), owns and operates a transcontinental freight railway spanning Canada, the United States, and Mexico. Headquartered in Calgary, Alberta, Canada, CPKC provides rail and intermodal transportation services over a network of approximately 20,000 miles. 

Consolidated financial information includes KCS as a consolidated subsidiary from April 14, 2023. Prior to April 14, 2023, the company’s 100% interest in KCS was reported as an equity investment.

“I am proud of how our team of incredible railroaders finished this transformational year with a strong fourth quarter, allowing CPKC to deliver volume growth and best-in-class earnings growth in 2023,” said Keith Creel, president and chief executive officer of CPKC. “Since our historic combination in April 2023, our united CPKC team has steadily built momentum, bringing new competition to supply chains and creating more value for our customers, while remaining focused on service and safety.”

Looking ahead to 2024, Creel said the company’s unique synergy opportunities, along with improving macro-economic conditions, can overcome a weak Canadian grain crop and position it for a strong performance for its first full year as a combined company.

“We stand ready to deliver on our commitments to our customers and our shareholders with long-term sustainable growth,” he said.