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Canadian Pacific yesterday reported higher fourth-quarter 2020 profit on lower revenue compared with Q4 2019, as well as a record operating ratio (OR).
The Class I posted Q4 net income of CA$802 million compared with CA$664 million in Q4 2019. Diluted earnings per share (EPS) jumped 23% to $5.95 from $4.82, while adjusted diluted EPS rose 6% to $5.06 from $4.77.
Revenue decreased 3% to CA$2.01 billion from CA$2.07 billion. Operating expenses decreased 8% to CA$1.08 billion.
The railroad's OR of 53.9%, down from 57% in Q4 2019, reached a record low, CP officials said in a press release.
"With a foundation of strong operational performance and a commitment to controlling what we can, the team continues to deliver," said President and Chief Executive Officer Keith Creel. "Despite the continued COVID-19 impacts, volumes steadily improved over the second half of 2020 and we saw revenue ton mile (RTM) growth in the fourth quarter."
For 2021, CP's full-year guidance indicates high single-digit volume growth, as measured in RTMs, and capital expenditures of CA$1.55 billion.