CP reports record Q1 financial results

Canadian Pacific set first quarter records for revenues, net profits and operating ratio, according to the railway’s latest financial statements.    Canadian Pacific Railway Limited increased net profits 33 percent to $320 million in the first quarter of 2015 on 10-percent revenue growth to $1.67 billion. Both figures represented the highest ever recorded by the company in the first quarter, according to CP’s latest financial statements.
   The railway also increased adjusted earnings per share 59 percent to $2.26 per share, and decreased its operating ratio to a record low 63.2 percent.
   “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,” E. Hunter Harrison, CP’s chief executive officer, said of the results. “CP’s relentless focus on rail safety and cost control has created a solid foundation for growth, innovation and creative collaboration with customers.”
   Looking forward, Harrison said, “The diversity of the business and efficiency of CP’s network and team has the company well positioned for the rest of the year. 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.”
   Canadian Pacific is a transcontinental railway in Canada and the United States with direct links to eight major ports, including Vancouver and Montreal.