Calgary-based Canadian Pacific Railway Ltd. announced on Tuesday record second-quarter revenues of $1.98 billion, an increase of 13 per cent from last year.
It also had record earnings per share (EPS) with reported diluted EPS of $5.17 or $4.30 on an adjusted diluted EPS basis.
Keith Creel
CP president and CEO Keith Creel
“I commend the team for this record second-quarter performance,” said CP president and chief executive officer Keith Creel in a news release. “These results demonstrate the strength of precision scheduled railroading and are a testament to our collective commitment to deliver for our customers and the broader economy.
“This quarter, we saw revenue growth across every line of business, strong operating metrics, and our best-ever second-quarter performance from a workload perspective, as measured by gross ton-miles. As has been proven time and again, our operating model can perform well in all economic conditions and we will remain disciplined in controlling our costs and doing what we said we would do. Our strategy for sustainable, profitable growth is working and we look forward to a strong finish to 2019.”
The CP report said diluted EPS of $5.17 was a 70 per cent increase from $3.04 last year, and adjusted diluted EPS of $4.30 was a 36 per cent increase from $3.16 last year.
It said the operating ratio was a second-quarter record 58.4 per cent, a 580 basis point improvement over last year’s second-quarter operating ratio of 64.2 per cent.
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