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Canadian Pacific Railway trains sit at the main CP Rail trainyard in Toronto on March 21, 2022.Nathan Denette/The Canadian Press

Canadian Pacific Railway Ltd. CP-T 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 per cent.