This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
10/27/2022
Canadian Pacific reported "solid" third-quarter 2022 results, including revenue of CA$2.31 billion, diluted earnings per share (EPS) of 96 cents and an adjusted diluted EPS of $1.01, company officials announced yesterday.
CP's operating ratio (OR) improved to 59.5% from 60.2% compared to the same period last year. The Class I also reported an adjusted OR of 58.7%, up from 59.4%.
The diluted EPS of 96 cents reflected a 37% increase. The core adjusted EPS of $1.01, excluding Kansas City Southern purchase accounting, was a 15% increase from Q3 2021.
"Throughout the year, we have said 2022 would be a tale of two halves and that is exactly how it is unfolding," said President and CEO Keith Creel in a press release. "The third quarter saw strong demand in potash and intermodal that we anticipated, and CP was well resourced to handle the volume increases we have seen."
CP posted operating income of CA$937 million, up from CA$774 million a year ago, and net income of CA$891 million, up from CA$472 million.
"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 work toward creating the first single-line rail network linking the United States, 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."