CP Rail reports record third-quarter revenue

Results follow record second quarter that included strong operating metrics including train speed and terminal dwell

Canadian Pacific Railway Ltd. had record third-quarter revenues of $1.98 billion, up by four per cent from a year ago.

The company also reported diluted earnings per share (EPS) of $4.46, or $4.61 on an adjusted diluted EPS basis. The company also said it achieved a record-low quarterly operating ratio of 56.1 per cent.

“After a record second quarter that included strong operating metrics including train speed and terminal dwell, we continue to see those performance measures be improved upon,” said Keith Creel, CP president and CEO, in a news release. “Our disciplined approach to precision scheduled railroading and the commitment of our 13,000-strong CP family puts us in a position to control what we can as we navigate softer volumes, macroeconomic challenges and geopolitical tensions into the fourth quarter.

“Our operating model allows us to quickly adapt in a changing environment. By controlling our costs real-time, we continue to drive margin improvements. While we now expect low-single digit volume growth for the year, we remain confident in our guidance to deliver full-year double-digit adjusted diluted EPS growth.”

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