By Jeffrey T. Lewis


Canadian Pacific Railway Ltd.'s profit increased in the third quarter as a strong Canadian grain harvest helped boost shipment volumes and revenue.

The Calgary-based railway operator reported net income of C$891 million, the equivalent of $657 million, from C$472 million in the third quarter of 2021. Earnings per share reached 96 Canadian cents from C$0.70 a year earlier, while adjusted earnings per share rosel to C$0.97 from C$0.88. Revenue increased to C$2.31 billion from C$1.94 billion a year earlier.

"CP's unique growth initiatives coupled with a robust Canadian grain harvest provide a strong volume backdrop as we finish the year," said CP President and CEO Keith Creel. "We are well-positioned to carry the momentum we gained in the third quarter through the rest of the year and beyond.

The sales figure beat market expectations, while profit underperformed. The consensus, as compiled by FactSet, was for revenue of C$2.27 billion and net income of C$926 million.


Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com


(END) Dow Jones Newswires

10-26-22 1643ET