(Source: Bloomberg News, October 23, 2013)
NEW YORK — Canadian Pacific Railway Ltd. (CP) and larger rival Canadian National Railway Co. surged to record highs after the companies reported third-quarter earnings that beat analysts’ estimates. Both companies benefited from growing demand to haul crude oil while bolstering operating ratio, a costs-to-revenue measure of railroad efficiency. After Canadian National yesterday reported a 17 percent increase in petroleum and chemicals sales, Canadian Pacific posted the same gain in industrials and consumer products revenue, which includes crude shipments.
Full story: Bloomberg News