(Source: Canadian Pacific Railway press release, April 21, 2015)
CALGARY — Canadian Pacific Railway Limited today announced the lowest first-quarter operating ratio in the company’s history and the highest-ever net income for the period.
Revenues climbed 10 percent to a first-quarter record of $1.67 billion. Net income rose to an all-time quarterly high of $320 million, or $1.92 per diluted share, an improvement of 33 percent. Adjusted earnings per share improved 59 percent to $2.26.
“CP’s success in the first quarter of the year is the result of hard work by its people and a business model that responds nimbly to any shift in economic conditions,” said E. Hunter Harrison, CP’s Chief Executive Officer. “CP’s relentless focus on rail safety and cost control has created a solid foundation for growth, innovation and creative collaboration with customers.”
FIRST-QUARTER 2015 HIGHLIGHTS
• Revenue climbed 10 percent to $1.67 billion
• OR fell to a first-quarter record 63.2 percent, an 880-basis-point improvement
• Adjusted earnings per share advanced 59 percent to $2.26
“The diversity of the business and efficiency of CP’s network and team has the company well positioned for the rest of the year,” Harrison said. “Amid persistent uncertainty in the pace of the North American economic recovery, CP continues to demonstrate the ability to recognize and capitalize on new business opportunities and operational efficiencies.”
“We are confident in our plan and our people, and are committed to achieving our goals for 2015,” Harrison said.