04:50 PM EDT, 10/23/2024 (MT Newswires) -- Canadian Pacific Kansas City ( CP ) (CP.TO, CP) was last seen down 0.4% in after hours New York trading after the railway on Wednesday reported an earnings and revenue miss for the third quarter.

But the company did signal it should be back on track by the end of 2024.

The company's adjusted earnings per share rose 8% to $0.99 from $0.92, in the year-prior quarter, missing a Capital IQ forecast of $1.01.

Net income, including one-time items, rose 7.3% to $837 million, or $0.90, from $$780 million, or $0.84.

Revenue rose 6.1% to $3.5 billion from $3.3 billion, missing the Capital IQ forecast of near $3.6 billion.

CPKC reported its operating ratio, a closely watched efficiency measure where lower is better, rose 120 basis points to 66.1% from 64.9%. Its core adjusted combined operating ratio also rose by 120 basis points to 62.9% from 61.7%.

On 2024 guidance, CPKC now expects volumes, as measured in Revenue Ton-Miles to increase by mid-single digits from 2023 on a combined basis.

CPKC continues to expect 2024 core adjusted earnings per share to grow by double digits versus 2023 core adjusted earnings of $3.84 per share.

"During the third quarter, we delivered strong performance across the operations of our unrivaled North American network, despite dealing with a number of temporary headwinds," said Keith Creel, CPKC's chief executive."

The company's shares were last seen down US$0.33 to US$78.50 after hours. They closed down $0.97 to $109.07 on the Toronto Stock Exchange.