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2/1/2023
Canadian Pacific yesterday reported fourth-quarter 2022 revenue rose 21% to CA$2.46 billion from CA$2.04 billion in Q4 2021.
The Class I posted Q4 2022 operating income of CA$989 million, up from CA$832 million; diluted earnings per share (EPS) of $1.36, up from 74 cents; and core adjusted diluted EPS of $1.14, up from 96 cents in Q4 2021.
CP reported volume as measured in revenue-ton miles rose 8% during the quarter. The Class I posted an adjusted operating ratio (OR) of 59.8% in Q4 2022 compared to 59.2% in Q4 2021. The adjusted OR was 59.1%, up 160 basis points from a year earlier.
For full-year 2022, revenue climbed 10% to CA$8.8 billion from CA$8 billion in 2021; operating income rose to CA$3.3 billion from CA$3.2 billion; diluted EPS decreased to $3.77 from $4.18; and the core adjusted diluted EPS was flat compared to $3.77 in 2021. CP's OR for the full year was 62.2%, up from 59.9% in 2021.
"We finished the year with the people, capacity and resources in place to meet the needs of our customers today and are well-positioned to make history in 2023," said CP President and CEO Keith Creel said in a press release.
Creel added: "In a year of changing conditions and challenges, in order to support the broader economy and prepare for our proposed combination, we executed one of the largest hiring plans and capital investment programs in our company's history."
CP officials anticipate the Surface Transportation Board will rule later this quarter on CP's proposed merger with Kansas City Southern.
"We remain focused on our precision scheduled railroading model and fundamentals of efficiency and strong service to our customers as we await a decision," Creel said.