CP reports increase in earning and revenue in Q3

by Inside Logistics Online Staff

Canadian Pacific Railway Limited announced revenues of $2.31 billion for the third-quarter of 2022.

“Throughout the year, we have said 2022 would be a tale of two halves and that is exactly how it is unfolding,” said Keith Creel, CP president and CEO.

“The third quarter saw strong demand in potash and intermodal that we anticipated.”

Revenues increased by 19 percent to $2.31 billion from $1.94 billion last year

Reported OR improved by 70 basis points to 59.5 percent from 60.2 percent last year

Adjusted OR improved by 70 basis points to 58.7 percent from 59.4 percent last year

Reported diluted EPS was $0.96, a 37 percent increase from last year

Core adjusted diluted EPS, excluding significant items and Kansas City Southern (“KCS”) purchase accounting, was $1.01, a 15 percent increase from last year

Federal Railroad Administration (FRA) – reportable train accident frequency decreased 76 percent to a record-low 0.37 from 1.54 in Q3 2021. FRA-reportable personal injury frequency declined 12 percent to 0.86 from 0.98 in Q3 2021.

“CP’s unique growth initiatives coupled with a robust Canadian grain harvest provide a strong volume backdrop as we finish the year,” said Creel. “We are well-positioned to carry the momentum we gained in the third quarter through the rest of the year and beyond.”

CP is continuing to progress towards creating the first single-line rail network linking the U.S., Mexico and Canada by combining with KCS, subject to U.S. Surface Transportation Board approval.

“We’ve successfully demonstrated how our proposed combination with KCS will connect customers to new markets, enhance competition in the U.S. rail network, take trucks off the roads and drive economic growth across North America,” Creel said. “Our excitement grows each day we progress toward this transformative combination.”