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1/28/2022
Canadian Pacific yesterday reported fourth-quarter 2021 revenue rose 1% to CA$2.04 billion and net income fell 34% to CA$532 million compared with the same quarter in 2020.
CP’s diluted earnings per share (EPS) decreased to 74 cents from $1.19 in Q4 2020, while the adjusted diluted EPS decreased to 95 cents from $1.01 in Q4 2020.
The Class I’s Q4 2021 operating ratio (OR), which increased 530 basis points to 59.2%, includes $36 million in costs related to the Kansas City Southern acquisition. The adjusted OR, which excludes the acquisition-related costs, increased 360 basis points to 57.5%.
During the quarter, CP "reached a crucial milestone in our journey to create the first single-line rail network linking the U.S., Mexico and Canada by combining with Kansas City Southern, which closed into voting trust Dec. 14," said CP President and CEO Keith Creel in a press release.
CP reported that KCS posted Q4 revenue of $748 million, up from $693 million a year earlier, and an adjusted OR of 60.1% for the quarter.
"I am excited for what lies ahead with this franchise as we move past the uncertainty and extensive supply chain disruptions created by the COVID-19 pandemic," Creel said.
"The demand environment and overall economic strength, combined with CP's unique initiatives and service excellence, have us well-positioned to drive profitable growth for our customers, employees and shareholders," Creel continued. "These factors, coupled with the progression of our proposed combination with Kansas City Southern, position CP for another history-making year."