Canadian Pacific Kansas City says its net income for the first quarter of 2023 was $800 million, up more than 35 per cent from $590 million a year earlier.

The Calgary-based railway company says diluted earnings per share were 86 cents, up more than 36 per cent from 63 cents the same quarter last year.

Revenues for the quarter ended March 31 were $2.27 billion, up more than 23 per cent from $1.84 billion a year earlier.

This is the first earnings report since Canadian Pacific Railway officially combined with Kansas City Southern Railway on April 14 after the U.S. rail regulator approved the US$31 billion deal in March.

CPKC says core adjusted earnings per share, which exclude significant items and accounting related to its purchase of Kansas City Southern, were 90 cents, up from 67 cents a year earlier.

Volumes, as measured in revenue ton-miles, were up 11 per cent compared with a year earlier.