CPKC reports record revenue on strength of grain and intermodal traffic
CPKC turned in record 3Q revenue as the railway set records for domestic and international intermodal volumes, as well as for grain.
CPKC reported stronger third-quarter operating income Wednesday, on record revenue and higher volumes.
“Against a pretty dynamic backdrop, I’m pleased with what the team has delivered,” Chief Executive Keith Creel said on an earnings call after the close of markets.“We handled 6% more volume while continuing to improve the performance of the railroad, and more importantly, there is so much more opportunity in front of us.”
Quarterly operating income rose 11%, to $1.06 billion U.S., as revenue increased 15%, to $3 billion. Earnings per share grew 3%, to 74 cents.
The improved performance didn’t extend to the operating ratio, a key indicator of efficiency. The OR was 64.8%, a 1.3-point increase over a year ago as expenses climbed 18% largely due to higher fuel costs.
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