CALGARY – Canadian Pacific Railway Ltd. reported a lower profit despite higher revenue in its latest quarter.
The Calgary-based railway reported a net income of $765 million in its second quarter, down from $1.25 billion in the same period last year.
CP Rail reported adjusted earnings per share of 90 cents, down from $1.03 in 2021.
The company posted an adjusted operating income of $887 million in the quarter, a three per cent drop from $919 million the year before.
Revenue for the three months ended June 30 was $2.20 billion, a seven per cent increase from $2.05 billion in the same quarter last year
The company announced its quarterly dividend would be 19 cents per share for the quarter, payable on Oct. 31.
CP president and CEO Keith Creel says the results come after a challenging first quarter of the 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,” he said in a statement Thursday.
This report by The Canadian Press was first published July 28, 2022.
Companies in this story: (TSX:CP)