Canadian Pacific Kansas City Limited

**Robust Financial Performance**: CPKC reported Q3 2024 revenues of $3.5 billion, a 6% increase year-over-year, with earnings per share rising 8% to $0.99. The operating ratio improved to 62.9%, which reflects the company's operational efficiency despite challenges in the quarter.

**Volume Growth Forecast**: The company has updated its volume growth outlook to mid-single digits for 2024, driven by a strong Canadian grain crop, increasing demand in potash and coal, and recovery in bulk commodities. This growth is expected despite a weak macroeconomic backdrop.

**Operational Challenges and Resilience**: The quarter faced significant operational challenges, including a major derailment and a four-day strike. However, CPKC's operational team quickly bounced back, demonstrating resilience with improvements in terminal dwell time, train speed, and fuel efficiency.