Calgary Alberta - Canadian Pacific Railway Limited (CP) today announced its fourth-quarter results, including revenues of $2.04 billion, operating ratio of 59.2 percent, adjusted OR1 of 57.5 percent, diluted earnings per share of $0.74 and adjusted diluted EPS1 of $0.95.
 
Fourth-Quarter 2021 Highlights
 
- Revenues increased 1 percent to $2.04 billion, from $2.01 billion in Q4 2020.
 
- Reported OR increased by 530 basis points to 59.2 percent from 53.9 percent. The OR in the fourth quarter of 2021 includes $36 million in costs related to the Kansas City Southern acquisition.
 
- Adjusted OR, which excludes the acquisition-related costs, increased 360 basis points to 57.5 percent.
 
- Diluted EPS decreased to $0.74, from $1.19 in Q4 2020, while adjusted diluted EPS decreased to $0.95, from $1.01 in Q4 2020.
 
"I am tremendously proud of the resilience the CP team demonstrated to deliver these results. CP's world-class railroaders relied on our strong operating model and commitment to controlling what we can control to safely deliver for customers and shareholders despite the unique challenges faced in the quarter. This quarter we also reached a crucial milestone in our journey to create the first single line rail network linking the U.S., Mexico, and Canada by combining with Kansas City Southern, which closed into voting trust 14 Dec 2021," said Keith Creel, CP President and CEO.
 
Full-Year 2021 Highlights
 
- Federal Railroad Administration reportable personal injuries declined 17 percent to a record low 0.92 from the previous record low of 1.11 in 2020.
 
- Revenues increased 4 percent to $8.0 billion, from $7.71 billion in 2020.
 
- OR increased 280 basis points to 59.9 percent.
 
- Adjusted OR increased 50 basis points to 57.6 percent.
 
- Diluted EPS increased to $4.18 from $3.59, while adjusted diluted EPS increased to $3.76, from $3.53 in 2020.
 
"During a historic year for CP, our dedicated team confronted the adversity we faced throughout 2021 head-on with grit and tenacity. I am excited for what lies ahead with this franchise as we move past the uncertainty and extensive supply chain disruptions created by the COVID-19 pandemic. The demand environment and overall economic strength, combined with CP's unique initiatives and service excellence, have us well-positioned to drive profitable growth for our customers, employees, and shareholders. These factors, coupled with the progression of our proposed combination with Kansas City Southern, position CP for another history-making year," said Creel.

The Board of Directors of Canadian Pacific Railway Limited today declared a quarterly dividend of $0.19 per share on the outstanding Common Shares.
 
The dividend is payable on 25 Apr 2022 to holders of record at the close of business on 25 Mar 2022 and is an eligible dividend for purposes of the Income Tax Act (Canada) and any similar provincial/territorial legislation.
 
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