Thursday, July 17, 2014

CP touts “strongest financial results” in 2Q

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Canadian Pacific early Thursday, July 17, 2014, reported second-quarter net income of C$371 million (US$345 million), or C$2.11 (US$1.96) per diluted share, a record for the second quarter, and up from C$252 million, or C$1.43 per share, in the comparable quarter of 2013.

CP emphasized  earnings per share were up 48% year-over year.

Second-quarater revenue of C$1.68 billion was 12% higher than the year-ago quarter. CP’s operating ratio was 65.1%, “a 680 basis point improvement,” the company said.

"CP delivered another record quarter,” said CEO E. Hunter Harrison. “The team has made great strides in my two years at CP and they continue to demonstrate resiliency by delivering these results despite continued operational challenges in the US Midwest after a devastating winter. The future is very promising for the railroad as we transition towards leveraging our lower cost structure and improved service.”