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Strong grain, crude-oil and domestic intermodal traffic, effective cost controls and operational efficiencies in the third quarter helped Canadian Pacific register what the Class I is characterizing as a "record quarter on all accounts."Revenue rose 8 percent to a record $1.7 billion, operating income jumped 19 percent to an all-time-best $621 million and net income soared 26 percent to a record $400 million, or $2.31 per diluted share, compared with third-quarter 2013 results (all figures are in Canadian dollars). Although revenue and earnings narrowly missed analysts' projections, the results showed "substantial improvements" on a year-over-year basis, according to Thomson Reuters.In addition, CP's operating ratio fell 3.1 points to a record-low 62.8, volume rose 2 percent to 687,000 units and operating expenses increased only 4 percent to slightly more than $1 billion."The CP team delivered another quarter of impressive results," said Chief Executive Officer E. Hunter Harrison in a press release.U.S. grain and Canadian grain revenues climbed 19 percent to $127 million and 17 percent to $248 million, respectively. Crude revenue jumped 74 percent to $136 million, domestic intermodal revenue soared 19 percent to $202 million, metals, minerals and consumer products revenue rose 16 percent to $190 million, and chemicals and plastics revenue increased 13 percent to $160 million. The only revenue decliners were coal, down 15 percent to $150 million; automotive, down 13 percent to $83 million; fertilizers and sulphur, down 13 percent to $55 million; and international intermodal, down 8 percent to $156 million.In terms of operational efficiencies, gross ton-miles grew 8 percent, train miles increased 2 percent, and average train weight and length rose 6 percent and 2 percent, respectively.Going forward, CP plans to continue executing its plan to provide safe and superior service to customers, drive further efficiencies and capacity initiatives, and build upon a solid foundation for growth, said Harrison."Despite recent volatility in commodity prices, we are confident in the strength of the franchise and are on track to finish the year with CP's strongest quarter to date," he said.Meanwhile, CP announced yesterday that its inaugural 100-car train departed Landmark Services Cooperative's new grain terminal in Fall River, Wis. — the first CP-served grain facility in Wisconsin capable of loading unit trains. The train carried soybeans destined to the Gulf Coast for export."[Our] expansive rail network, in combination with Landmark Services Cooperative's well-designed new grain facility, will be a powerful force in enabling Wisconsin farmers to reach new markets," said John Brooks, CP's vice president of marketing and sales bulk, in a press release.