CP Rail reports revenue, earnings up on higher shipping volumes

CALGARY – Canadian Pacific Railway Ltd. says its revenue and earnings for the third quarter were up from last year as it saw strong demand for potash shipping and other services.

The Calgary-based railway says revenues of $2.31 billion for the quarter ending Sept. 30 were up 19 per cent compared with $1.94 billion in the same quarter last year.

The company says foreign-exchanged adjusted potash revenue was up 48 per cent, intermodal up 44 per cent, automotive up 31 per cent, while energy, chemical and plastics were down 10 per cent.

Net income of $891 million or 96 cents per share for the quarter was up from $472 million or 71 cents per share for the same quarter last year.

Core adjusted diluted earnings per share, which exclude significant items and accounting related to its purchase of Kansas City Southern, came in at $1.01, a 15 per cent increase from a year earlier.

The company says its reportable train accident frequency was down 76 per cent to a record-low of 0.37 per million train-miles from 1.54 in the third quarter of 2021, while its personal injury rate was down 12 per cent to 0.86 injuries per 200,000 employee-hours.

This report by The Canadian Press was first published Oct. 26, 2022.

Companies in this story: (TSX:CP)