Core Points - Canadian Pacific Kansas City Limited (CP) reported first-quarter 2025 earnings of 74 cents per share, in line with Zacks Consensus Estimate, reflecting a 7.3% year-over-year improvement [1] - Operating revenues were $2.64 billion, slightly missing the Zacks Consensus Estimate of $2.66 billion, but showed year-over-year growth [1] - Total freight revenues per revenue ton miles increased by 5% year-over-year, while total freight revenues per carload rose by 6% year-over-year [2] Financial Performance - Operating income increased by 15%, with total operating expenses growing by 5% year-over-year, resulting in an operating ratio improvement of 210 basis points to 65.3% from 67.4% [2] - Freight revenues, which accounted for 98.2% of total revenues, increased by 8.7% to $3.72 billion, surpassing the estimate of $3.5 billion [3] - Cash and cash equivalents at the end of the first quarter were C$695 million, down from C$739 million in the previous quarter, while long-term debt rose to C$21.1 billion from C$19.8 billion [5] Segment Performance - The Freight segment saw varied performance: Grain up 4%, Coal up 21%, Potash up 10%, Energy, chemicals and plastics up 3%, Automotive up 18%, while Metals, minerals and consumer products decreased by 1% [4] - Other revenues increased by 7.6% year-over-year in the first quarter of 2025 [4] Outlook - The company expects 2025 core adjusted combined diluted earnings per share to grow in the 10-14% range, revised from a prior view of 12-18%, targeting C$4.25 per share [6] - Capital expenditures for the full year are projected to be C$2.9 billion, with an expected core adjusted effective tax rate of 24.5% [7]