Operating income increased 5.9% Y/Y to C$868 million, and margin contracted 50 bps to 39.4%.
Operating expenses were C$1.33 billion, up by 8.1% Y/Y. The adjusted operating ratio was 59.7% compared to 55.3% in 2Q21.
Canadian Pacific Railway’s cash provided by operating activities year-to-date totaled C$1.32 billion, compared to C$2.54 billion. It held cash and equivalents of C$154 million at the end of the quarter.
Total Freight Revenue per RTM increased 10% Y/Y, and Total Freight Revenue per Carload increased 9% Y/Y.
Gross ton miles declined 4% Y/Y in Q2, and Train miles declined by 5% Y/Y.
The average fuel price (U.S. dollars per U.S. gallon) increased by 68% Y/Y to $4.55.
“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,” commented Keith Creel, CP President, and CEO.
Price Action: CP shares are trading higher by 0.75% at $77.54 on the last check Thursday.
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