Canadian Pacific earned first-quarter net income of C$100 million, an increase of 74% from first-quarter 2009. Earnings per share were C$0.59, up from C$0.36 and ahead of the Wall Street consensus estimate of C$C0.51.
“We put in a solid performance this quarter, and our results reflect both improvements in the economy and CP’s proven ability to rapidly adjust to changes in our customers' demands,” said Fred Green, president and CEO.
Other highlights of CP’s first-quarter report:
* Total revenue was C$1.2 billion, up 5% from C$1.1billion.
* Operating expenses were C$962 million, down 2% from C$977 million.
* Operating income increased to C$205 million from C$132 million, or 55%.
* Operating ratio improved 570 basis points to 82.45%.