CP’s revenues increased 19% to $2.31bn in the third quarter of this year. Credit: Canadian Pacific.

Canadian Pacific Railway (CP) has posted a net income of $891m in the third quarter of this year, a 89% surge from $472m in the same quarter last year.

Diluted earnings per share (EPS) was $0.96 in the July-September 2022 quarter, versus $0.70 a year ago.

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The firm’s revenues soared 19% to $2.31bn from $1.94bn over this period.

Total operating expenses increased 18% year-on-year to $1.37bn.

Reported operating ratio (OR) improved 70 basis points to 59.5% from 60.2%, while adjusted OR improved 70 basis points to 58.7% from 59.4%.

Meanwhile, through the merger with KCS, CP plans to create the first single-line rail network that will link the US, Mexico and Canada. It awaits the nod of the US Surface Transportation Board.

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The company also plans to achieve locomotive greenhouse gas emissions (GHG) intensity reduction target of 38.3% by 2030 besides the absolute emissions reduction target of scope one and two  emissions for 27.5% of non-locomotive emissions.

CP president and CEO Keith Creel said: “Throughout the year, we have said 2022 would be a tale of two halves and that is exactly how it is unfolding.

“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. I’m proud of the results the team delivered this quarter and excited about the opportunities in front of us.

“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.”