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Rail News: Canadian Pacific

Canadian Pacific posts record revenue, operating ratio in Q3


Canadian Pacific yesterday announced it achieved record third-quarter revenue of CA$1.98 billion and a record-low quarterly operating ratio (OR) of 56.1 percent.

Year over year, revenue was up 4 percent. The Class 1 reported Q3 adjusted net income climbed 8.7 percent to CA$640 million, or CA$4.61 earnings per share (EPS), from CA$589 million, or $4.12 per share, a year ago. CP's diluted EPS of CA$4.46 was up 3 percent.

Q3 operating income rose 10 percent to CA$869 million from CA$790 million a year ago. CP's record-low quarterly OR of 56.1 percent was a 220-basis-point improvement from the same quarter last year.

"After a record second-quarter that included strong operating metrics including train speed and terminal dwell, we continue to see those performance measures be improved upon," said President and Chief Executive Officer Keith Creel in a press release. "Our disciplined approach to precision scheduled railroading and the commitment of our 13,000-strong CP family puts us in a position to control what we can as we navigate softer volumes, macroeconomic challenges and geopolitical tensions into the fourth quarter."

CP's operating model enables the company to adapt to a changing environment, Creel said.

"While we now expect low-single digit volume growth for the year, we remain confident in our guidance to deliver full-year double-digit adjusted diluted EPS growth," he said.

Contact Progressive Railroading editorial staff.

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