The B.C. port workers' strike deprived Canadian Pacific Kansas City Ltd. of scores of millions of dollars, its chief marketing officer said, tacking on a costly coda to a tough quarter.
The B.C. port workers' strike deprived Canadian Pacific Kansas City Ltd. of scores of millions of dollars, its chief marketing officer said, tacking on a costly coda to a tough quarter.
CPKC framed its first quarter following a major merger as a tough one, as demand for container shipments and some bulk goods fell across the rail sector. In the quarter ended June 30, CPKC saw revenue nudge up two per cent compared with the two formerly separate railways' combined results from a year earlier, Brooks said. Overall volume fell five per cent.
Grain volumes also fell five per cent year over year, while potash shipments and revenue plummeted 18 per cent — despite heightened global demand — due to a"major mechanical failure" in April at the Canpotex bulk terminal in Portland, Ore., Brooks said. The operation is not expected to come back online until 2024, as CPKC works to divert fertilizer to other ports.
The benefits of a single-line service across the continent will also become more apparent as CPKC moves lumber from British Columbia to legacy markets of Kansas City Southern, Brooks said,"although we are seeing the impacts of a softer economy on residential construction and related building products."
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