Grain, along with nearly all of of Canadian Pacific Railway’s (CP) business segments besides coal, saw increased traffic on the company’s lines in its third quarter.
Calgary-based CP on Wednesday posted overall profit of $197.3 million on $1.29 billion in revenues during its Q3 ending Sept. 30, down from a $209.3 million net on $1.12 billion in revenues in the year-earlier period.
Of CP’s Q3 gross, grain traffic was responsible for $300.2 million, up from $281.2 million in the year-earlier period. Revenue from handling sulphur and fertilizers was up 35.3 per cent at $110.1 million.
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Of the 685,700 carloads of commodities handled in Q3, grain accounted for 119,900, up from 117,600, while sulphur and fertilizers filled 41,800 cars, up from 29,700 un the year-earlier Q3.
In terms of Q3 revenue per carload, CP’s grain handle works out to $2,504 per carload, up 4.7 per cent from $2,391. Revenue per carload from sulphur and fertilizers was down 3.9 per cent at $2,634. CP’s overall freight revenue per carload was $1,824.
The railway “delivered another strong quarter of financial performance on double-digit revenue growth and an improved operating ratio,” CEO Fred Green said in the company’s release Wednesday.
Among other line items boosting the company’s Q3 results, CP reported proceeds of $80 million from the sale of Windsor Station, its former head office in Montreal, where it will now lease office space on a 10-year term.
CP also sold some of its land in Western Canada for transit purposes, for proceeds of $43 million.
