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Canadian Pacific reports record second quarter revenues

Published by , Assistant Editor
Dry Bulk,

Canadian Pacific Railway Ltd have announced record second quarter revenues of CAN$1.98 billion, an increase of 13% from last year, and record earnings per share (EPS) with reported diluted EPS of CAN$5.17 or CAN$4.30 on an adjusted diluted EPS basis.

"I commend the team for this record second-quarter performance," said CP President and CEO Keith Creel.

"These results demonstrate the strength of precision scheduled railroading and are a testament to our collective commitment to deliver for our customers and the broader economy."

Second quarter highlights

  • Revenues increased by 13% to CAN$1.98 billion from CAN$1.75 billion last year.
  • Reported diluted EPS of CAN$5.17, a 70% increase from CAN$3.04 last year, and adjusted diluted EPS of CAN$4.30, a 36% increase from CAN$3.16 last year.
  • Operating ratio was a second quarter record 58.4%, a 580 basis point improvement over last year's second-quarter operating ratio of 64.2%.

"This quarter, we saw revenue growth across every line of business, strong operating metrics, and our best-ever second-quarter performance from a workload perspective, as measured by Gross Ton-Miles," said Creel.

"As has been proven time and again, our operating model can perform well in all economic conditions and we will remain disciplined in controlling our costs and doing what we said we would do. Our strategy for sustainable, profitable growth is working and we look forward to a strong finish to 2019."

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