The B.C. port workers' strike deprived
"At this point, we're estimating the strike had a negative impact of about
The 13-week strike — plus a brief wildcat job action — earlier this month halted operations at most ports along the
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.
“No doubt a challenging quarter as we dealt with a softer demand environment,” CEO
In April,
In the quarter ended
He said revenues from container traffic dropped 10 per cent in the second quarter versus the combined figures from a year earlier, as consumers rerouted their spending toward services over products in a reversal of pandemic trends.
In better years, the corrugated steel boxes, which haul everything from kitchenware to construction materials, accounted for about a quarter of
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
“This is a long game, it’s not about the first quarter (following the merger)," Creel said, though he also acknowledged the snarls caused by the strike. “This is not to say that everything’s been perfect."
On the plus side, the railway hauled higher volumes of "frac sand" and steel as well as automotive products amid ongoing demand for parts and finished vehicles.
The benefits of a single-line service across the continent will also become more apparent as CPKC moves lumber from
Creel said long-term growth opportunities are "undeniable" given the greater reach of the merged outfit.
Employing roughly 20,000 people, the freshly fused rail network stretches from
Consistent with the trend of labour hoarding, CPKC is "carrying surplus headcount and incurring additional expense" at the moment, said chief financial officer
On Thursday, CPKC reported total revenues of
Net income reached
The
This report by The Canadian Press was first published
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