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Revenue and profit up for Canadian Pacific in the third quarter



(Calgary) Canadian Pacific Railway on Wednesday posted third-quarter revenue and profit up from the same period last year as it saw strong demand for potash and other services.

The Calgary rail carrier saw revenues total $2.31 billion for the quarter ended Sept. 30, up 19% from $1.94 billion in the same period a year earlier.

After adjusting for exchange rates, potash revenues were up 48%, intermodal revenues were up 44%, autos were up 31%, while energy , chemicals and plastics decreased by 10%.

Net income was $891 million, or 96 cents per share, for the most recent quarter, down from $472 million, or 71 cents per share, a year earlier.

Adjusted basic earnings per share, which excludes one-time items and accounting items related to the Kansas City Southern acquisition, reached $1.01, up 15% from the third quarter last year .

Canadian Pacific said the frequency of reported train accidents fell 76% to a record low of 0.37 per million trains, compared to 1.54 in the third quarter of 2021. The personal injury rate has for its share fell 12% to 0.86 injuries per 200,000 employee hours.

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