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CP Rail sees second quarter profit fall despite higher revenue

Canadian Pacific Railway Ltd. reported a decrease revenue regardless of increased income in its newest quarter.

The Calgary-based railway reported a internet earnings of $765 million in its second quarter, down from $1.25 billion in the identical interval final 12 months.

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CP Rail reported adjusted earnings per share of 90 cents, down from $1.03 in 2021.

The corporate posted an adjusted working earnings of $887 million within the quarter, a 3 per cent drop from $919 million the 12 months earlier than.

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Income for the three months ended June 30 was $2.20 billion, a seven per cent enhance from $2.05 billion in the identical quarter final 12 months

The corporate introduced its quarterly dividend could be 19 cents per share for the quarter, payable on Oct. 31.

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CP president and CEO Keith Creel says the outcomes come after a difficult first quarter of the 12 months.

“The robust demand surroundings for North American items and commodities, coupled with our personal distinctive development initiatives and the promising upcoming Canadian grain crop, offers me confidence that we are going to proceed to see momentum construct into the again half of 2022 and past,” he mentioned in a press release Thursday.

© 2022 The Canadian Press

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