Thank you
EPS was $1.18, ahead of estimates ($1.12). Revenue of $3.77B beat estimates by 2.5%. CP's KCS-merger story is just getting started as management begins to deliver on synergy promises it made ahead of the merger. New revenue opportunities created by the combined network will drive low-single-digit revenue ton-mile growth this year, according to management's targets. Increased economic uncertainty is fueling CPKC's conservative outlook for flattish organic demand growth. Operational synergies, especially in Mexico, coupled with its ability to reprice a portion of its portfolio that hasn't been touched over the past two years will help drive strong margin improvement this year. Consensus has CPKC's adjusted operating ratio set at 60.2%, 180 bps better than 2024 and second only to 190 bps of improvement expected at Union Pacific. It was a good quarter and outlook. At 24X earnings we think it remains attractive.