Canadian Pacific Kansas City Ltd

CP: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 764.00	Fkxw	Jhyzndlgl

Canadian Pacific Earnings: Intermodal Container Activity Challenged, but No Major Surprises

Matthew Young

Jul 28, 2023

Wide-moat Canadian Pacific Kansas City's second-quarter pro forma revenue (combining CP and Kansas City Southern results; merger finalized in April) fell 3% year over year, excluding foreign exchange. The decline was driven by lower overall volumes and now-falling fuel surcharges. Revenue came in shy of our forecast due to greater-than-expected intermodal deterioration.

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