Operations at Canadian Pacific Kansas City Ltd. will likely grind to a halt due to a strike expected in the second half of August, says CEO Keith Creel.
"We're far apart," he said Tuesday, referring to the railway and the union representing 3,300 workers, which remain at loggerheads over a new collective agreement.A work stoppage is"most probable" toward the end of the month, Creel told analysts on a conference call.
"You can imagine the impact, obviously, of most railroads in the nation being shut down," Creel said, warning of"mass chaos" if the railway can't alert their clients to a work stoppage several weeks in advance. However, Creel said a labour disruption will not affect CPKC's financial guidance so long as it lasts less than two weeks.
Total revenues jumped 14 per cent to $3.60 billion from $3.17 billion, while operating expenses rose nearly five per cent to $2.34 billion, the company said.
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