Canadian Pacific’s second-quarter 2021 revenues were a record CA$2.05 billion amid revenue gains for coal, automotive and intermodal.
Second-quarter 2021 revenue was up 15% from CA$1.79 billion in the second quarter of 2020. One Canadian dollar equals about 80 cents in U.S. dollars, so second-quarter 2021 revenue would be about US$1.64 billion.
Freight revenue was CA$2billion, compared with CA$1.75 billion in the same period last year.
Meanwhile, second-quarter 2021 net income was CA$1.25 billion, or $1.87 per diluted share, compared with second-quarter 2020 net income of CA$635 million, or 93 cents per diluted share.
Operating expenses for CP (NYSE: CP) were CA$1.23 billion in the second quarter, compared with CA$1.02 billion a year ago.
Operating ratio was 60.1%, with an adjusted OR of 55.3% in the second quarter. The adjusted OR excludes costs related to CP’s attempts to acquire Kansas City Southern (NYSE: KSU). Investors sometimes use OR to gauge the financial health of a company, with a lower OR implying improved financial health.
“Our industry-leading team of railroaders delivered another record quarter. I am particularly proud of our all-time record safety performance made possible by the collective efforts of the over 12,000-strong CP family,” CP President and CEO Keith Creel said. “The robust base demand environment coupled with our unique growth opportunities has CP extremely well positioned as we head into the second half of the year.”