CP Rail earns $1.27 billion, revenues up 21 per cent in fourth quarter
Canadian Pacific Railway trains sit idle on the train tracks due to the strike at the main CP Rail trainyard in Toronto on March 21, 2022. THE CANADIAN PRESS/Nathan Denette
Canadian Pacific Railway Ltd. says it earned $1.27 billion in the fourth quarter of 2022, compared with $532 million in the same period of 2021.
The diluted profit worked out to $1.36 per share, compared to 74 cents per share in the prior year's quarter.
The Calgary-headquartered company reported revenue of $2.46 billion, a 21 per cent increase from the same period of 2021.
CP says its freight revenue per carload for the fourth quarter was $3,381, an 11 per cent increase year-over-year.
The company says its adjusted operating ratio, a key metric of railroad efficiency where a smaller number is better, increased 160 basis points to 59.1 percent.
For the full year 2022, CP Rail's adjusted operating ratio increased 380 basis points to 61.4 percent.
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