Canadian Pacific Kansas City cut its expected increase in earnings this year to 10 to 14 per cent, from a previous forecast of 12 to 18 per cent. The cargo railway nevertheless raised its dividend by 20 per cent and reported a strong first quarter, with net income of $909 million. It made $775 million in the same quarter in 2024. (The Logic)

Talking point: CPKC’s CEO Keith Creel said unstable North American trade policies are biting into CPKC’s business of moving freight, but he spun the crisis as an opportunity for a company whose rail network extends from northern B.C. to ports in southern Mexico. A sales blitz has yielded $100 million in new business carrying (mainly) Alberta petroleum and petrochemicals to Mexico, he said. CPKC also hopes to move Mexican-manufactured goods like appliances straight to Canada, skipping usual stops in the United States for packaging and labelling.