In the first quarter of 2023, revenues increased 23% to $2.27 billion, from $1.84 billion in 1Q22. Volumes, as measured in revenue ton-miles, increased 11%. Reported OR improved by 750 basis points to 63.4%, from 70.9% in 1Q22. Adjusted OR improved 690 basis points to 62.9% from 69.8% in 1Q22. Reported diluted EPS increased to $0.86, from $0.63 in 1Q22. Core adjusted diluted EPS increased to $0.90, from $0.67 in 1Q22.
“In our final quarter before our historic combination, the CP team delivered solid results driven by our investment in capacity, service and continued focus on safety,” said Keith Creel, CPKC President and CEO. “Our strong bulk franchise, fueled by a robust Canadian grain harvest, plus competitive service offerings in intermodal, helped produce these results, providing momentum as we begin our journey as CPKC. Since we first announced our intention to combine CP and KCS more than two years ago, we never lost our conviction that a CP-KCS combination is right for our railroaders, our customers, our stakeholders and the North American economy. We are excited to have united the talented railroaders at CP and KCS to form our new CPKC family and are working to deliver on the synergies and countless benefits the combined company will produce.”
CPKC’s unaudited Interim Consolidated Financial Statements “do not include Kansas City Southern (KCS) and its subsidiaries on a consolidated basis but continue to account for KCS using the equity method while the outstanding shares of KCS were held in a voting trust,” CPKC noted. For complete details, download the report:
