Canadian Pacific Railway Ltd. reported on Wednesday that its fourth-quarter results included revenues of $2 billion, an operating ratio of 56.5 per cent and record operating income of $874 million.
The company said fourth-quarter diluted earnings per share decreased 43 per cent to $3.83 from $6.77, but adjusted diluted earnings per share rose 41 per cent to a new quarterly record of $4.55 from $3.22 a year ago.
“CP’s impressive fourth-quarter operating results are a testament to the hard work and dedication of our 13,000-strong CP family – who continue to safely and efficiently deliver for our customers and the North American economy,” said Keith Creel, CP president and CEO, in a news release.
“The power of the CP operating model is evident in the strong performance across the company. We set records across many lines of business in 2018, including Canadian grain, potash and domestic intermodal.”
The company said it continues to focus on a disciplined approach to sustainable, profitable growth – a plan rooted in the foundations of precision scheduled railroading.
“This approach in 2018 enabled CP to deliver its highest-ever revenues, lowest-ever yearly operating ratio and a 13th consecutive year leading Class 1 railways with the lowest train accident frequency,” it said.
For 2018, CP reported:
- revenues increased 12 per cent to $7.3 billion from $6.6 billion;
- operating ratio improved to a record 61.3 per cent;
- diluted earnings per share decreased 17 per cent to $13.61 from $16.44, while adjusted diluted earnings per share rose 27 per cent to $14.51 from $11.39.
Creel said “2018 was a record by almost every measure and will be remembered as a watershed year for our company. Our record operating results are proof that the CP family is committed to making this company the best it has ever been.
“We are entering 2019 with tremendous momentum and a commitment to operating the precision scheduled railroading model in its true form.”
– Mario Toneguzzi for Calgary’s Business
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