Revenues are up 6% to $3.5 billion, handily beating analyst estimates of $2.6 billion
The Calgary-based railway on Wednesday also said net income for the quarter was $837 million, up from $780 million in 2023, and diluted earnings per share were 90 cents, up from 84 cents.
“The network responded well,” he said on a call with investors on Wednesday.
Creel said the company is on pace to meet its financial goals for the year, specifically double-digit growth in diluted earnings per share. The railway is also looking at potentially exceeding its earlier projections on volume growth as measured by revenue ton-miles.
“We’re off to a strong start of the fourth quarter and great position for a strong finish to ’24 and an even more exciting transition into 2025 and momentum,” he said.
Also among the positive highlights for Creel was a lower number of reported accidents on CPKC’s network for the quarter.
“Most importantly, from the safety perspective, continuing improvement, train accidents decreasing 17 per cent, personal injuries decreasing eight per cent,” he said.
Creel also said the company marked a major milestone in the third quarter with the first test of a high-horsepower hydrogen locomotive, which involved hauling both loaded and empty bulk trains.
“A demonstration again of this company’s commitment to leadership in sustainability,” he said.
During the conference call, the railway’s senior leadership was asked about possible tariffs on imported goods that could be coming with a new presidential administration in the United States. John Brooks, CPKC’s chief marketing officer, said the company is currently taking a wait-and-see approach on that front.
“We’ll navigate whatever those tariffs may or may not look like as we move into the future,” he said.
The Saskatoon Star Phoenix has created an Afternoon Headlines newsletter that can be delivered daily to your inbox so you are up to date with the most vital news of the day. Click here to subscribe.
With some online platforms blocking access to the journalism upon which you depend, our website is your destination for up-to-the-minute news, so make sure to bookmark thestarphoenix.com and sign up for our newsletters so we can keep you informed. Click here to subscribe.