Canadian Pacific Railway Ltd. says it earned $1.27 billion in the fourth quarter of 2022, compared with $532 million in the same period of 2021.

The diluted profit worked out to $1.36 per share, compared to 74 cents per share in the prior year's quarter.

The Calgary-headquartered company reported revenue of $2.46 billion, a 21 per cent increase from the same period of 2021.

CP says its freight revenue per carload for the fourth quarter was $3,381, an 11 per cent increase year-over-year.

The company says its adjusted operating ratio, a key metric of railroad efficiency where a smaller number is better, increased 160 basis points to 59.1 percent.

For the full year 2022, CP Rail's adjusted operating ratio increased 380 basis points to 61.4 percent.

This report by The Canadian Press was first published Jan. 31, 2023.