CP Reports Strong Q2 Results; Momentum Accelerating in Second Half of the Year
Canadian Pacific Railway Limited (“CP”) announced its second-quarter 2022 results, including revenues of $2.20 billion, reported operating ratio (“OR”) of 60.6 percent, adjusted OR1 of 59.7 percent, reported diluted earnings per share (“EPS”) of $0.82 and core adjusted diluted EPS1 of $0.95.
“After a challenging first quarter of the year, I’m proud of the resiliency and discipline the CP team demonstrated to deliver these results,” said Keith Creel, CP President and CEO. “They continue to display the grit and tenacity it takes to run a world-class North American railroad and deliver for our customers.”
- Revenues increased by 7 percent to $2.20 billion from $2.05 billion last year
- Reported OR increased by 50 basis points to 60.6 percent from 60.1 percent last year
- Adjusted OR1 increased by 440 basis points to 59.7 percent from 55.3 percent last year
- Reported diluted EPS was $0.82, a 56 percent decrease from last year
- Core adjusted diluted EPS1, excluding significant items and Kansas City Southern (“KCS”) purchase accounting, was $0.95, an 8 percent decrease from last year
“The strong demand environment for North American goods and commodities, coupled with our own unique growth initiatives and the promising upcoming Canadian grain crop, gives me confidence that we will continue to see momentum build into the back half of 2022 and beyond,” said Creel.
CP is continuing to progress towards creating the first single-line rail network linking the U.S., Mexico and Canada by combining with KCS, subject to U.S. Surface Transportation Board approval.
“Our proposed combination with KCS will connect customers to new markets, enhance competition in the U.S. rail network and drive economic growth across North America,” Creel said. “As we continue to progress toward this historic combination, our excitement about the opportunities ahead with the combined companies continues to grow.”
For the full second quarter results, click here.
1) These measures have no standardized meanings prescribed by accounting principles generally accepted in the United States of America (“GAAP”) and, therefore, may not be comparable to similar measures presented by other companies. For information regarding non-GAAP measures, including reconciliations to the most comparable GAAP measures, see the attached supplementary schedule Non-GAAP Measures.
About Canadian Pacific
Canadian Pacific is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts. CP provides North American customers a competitive rail service with access to key markets in every corner of the globe. CP is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpr.ca to see the rail advantages of CP. CP-IR
Source: Canadian Pacific Railway Limited