(Source: Bloomberg, April 22, 2014)
NEW YORK — Canadian Pacific Railway Ltd. (CP) reported first-quarter profit that beat analysts’ estimates as a drop in benefits and compensation spending helped the country’s second-largest railroad blunt weather-related costs. Chief Executive Officer Hunter Harrison managed to beat estimates by overseeing a 4 percent drop in operating expenses, including an 8.3 percent reduction in the workforce. Operating ratio, an industry benchmark that compares expenses to revenue, improved by 380 basis points to 72 percent.
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