Canadian Pacific, coming off a tough winter, posted first-quarter 2019 increases in revenues and earnings per share, accompanied by a 1.8% operating ratio increase.
Canadian Pacific’s 1Q2019 revenues increased by 6% to C$1.77 billion, from C$1.66 billion in the prior-year period, a 1.07% increase. The reported diluted EPS was C$3.09, a 28% increase from $2.41 last year; adjusted diluted EPS was C$2.79, a 3% increase from $2.70 last year. The operating ratio was 69.3%, an increase of 180 basis points, compared to last year’s 67.5%
“This past winter was one of the most challenging in my railroading career,” said CP President and CEO Keith Creel. “I applaud our employees for their resiliency in overcoming loss and pushing through extraordinary conditions and [problems] throughout February and March. Our commitment to Precision Scheduled Railroading enabled a strong recovery, and gives us a solid foundation moving forward. I thank our customers and stakeholders for working with and supporting CP over the past few months, and our 13,000-strong CP family for their tireless dedication. As we look forward, we remain confident in our ability to deliver record financial and operating results in 2019.”
As CP said on Jan. 23, 2019, it expects to grow volumes, as measured in revenue ton-miles (RTMs), in the mid-single digits and generate double-digit adjusted diluted EPS growth in 2019.