Canadian Pacific Railway (CP) reported that its profit in the fourth quarter of 2022 rose 139% to $1.27 billion from $532 million in the same period of 2021.
The diluted profit worked out to $1.36 a share compared to 74 cents per share a year earlier.
The Calgary-based rail company reported Q4 revenue of $2.46 billion, up 21% from the same period of 2021.
Canadian Pacific Railway attributed its strong results to freight revenue per carload of $3,381, an 11% year-over-year increase.
The company said its adjusted operating ratio, which is a key metric of railroad efficiency, increased 160 basis points to 59.1% in Q4.
CP Rail’s stock is up 16% over the last 12 months at $105.02 per share.
