CALGARY, ALBERTA, CANADA — Canadian Pacific Railway Ltd. (CP) posted net income of C$1.27 billion in the fourth quarter of 2022, a 139% increase year-over-year from $532 million in the three months ended Dec. 31. For all of 2022, the railroad said it garnered $3.51 billion in net income, up 23% from $2.85 billion in 2021.

In its Jan. 31 earnings report, the Calgary, Alberta, Canada-based company said total fourth-quarter revenue reached $2.46 billion, up 21% from 2021, while annual revenue totaled $8.81 billion in 2022, an increase of 10%.

Grain freight revenue in the fourth quarter was $655 million compared to $440 million year-over-year, a jump of 49%. Grain freight revenue totaled $1.77 billion in 2022, an increase of 5% over 2021’s $1.68 billion. 

“We remain focused on our precision scheduled railroading model and fundamentals of efficiency and strong service to our customers as we await a decision by the US Surface Transportation Board on our proposed combination with Kansas City Southern, which we anticipate occurring later this quarter,” said Keith Creel, president and chief executive officer of CP.

CP said its freight revenue per carload for the fourth quarter was $3,381, an 11% increase year-over-year, with grain bringing in $5,170 per carload, up $873 from 2021.

Also in the fourth quarter, CP reported hauling 126,700 carloads of grain, up from 102,400 in 2021, but for all of 2022, CP hauled 382,100 carloads of grain, down from 426,200 in 2021.