Canadian Pacific Railway saw revenues jump 13 percent to $1.64 billion during the second quarter of 2017 compared to the same period last year, according to the Class I railroad’s most recent financial statements.
Canadian Pacific Railway (CP) in the second quarter of 2017 posted revenues of $1.64 billion, a 13 percent increase compared to the same 2016 period, according to the company’s most recent financial statements.
The increase in revenue was driven by strong
top-line growth and continued margin improvements, said the company. The rail company’s net income rose 46 percent to $480
million, or $3.27 per diluted share, the highest ever for the period. Adjusted
earnings per share rose 35 percent to $2.77 per diluted share, said CP.
“This quarter’s impressive results demonstrate the
power of precision railroading,” said Keith Creel, CP’s president and
chief executive officer. “Strong volumes across many of our key business
segments, combined with disciplined cost control, produced record operating
income and earnings for the quarter.”
The company said that its operating ratio improved 330 basis
points to a second-quarter record of 58.7 percent, allowing operating income to
increase 23 percent to $679 million, a significant improvement from the 20.2 percent decline in earnings seen in the first quarter and another second-quarter record.
“We are off to a strong start in 2017 and remain
confident that our team of committed railroaders will continue to safely and
efficiently deliver results for our customers and shareholders in the second
half of the year and beyond,” said Creel.