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Wednesday, October 23, 2013

Record 3Q earnings for CP

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Canadian Pacific early Wednesday, Oct. 23, 2013, reported third-quarter net income of C$324 million (US$312.5 million), or C$1.84 (US$1.77) per diluted share, noting it was a record. Results beat CP's 3Q12 income of C$224 million or C$1.30 per share.

CP also touted its operating raio of 65.9%, an improvement of 820 basis points, calling it the "lowest operating ratio in company history."

Third-quarter revenue of C$1.5 billion was 6% above revenue in the same quarter a year ago, and was an all-time quarterly record, CP said. Operating expenses declined 6%, CP added.

"By all standards, this was an outstanding quarter," said CEO E. Hunter Harrison. "The company's focus on service execution while controlling costs is a testament to our team of dedicated, hardworking railroaders.

"What we have proven this quarter is the ability to drive earnings growth and lower our operating ratio, even in a softer volume environment. That's the power of the CP plan," Harrison said.