Calgary Alberta - Canadian Pacific (CP) has completed its second share repurchase programme, the railway confirmed on 8 Feb 2018.
CP had announced on 11 Dec 2017 its intention to buy back up to 755,000 common shares from two third-party sellers under two consecutive programmes to be completed by 14 May 2018.
The first completed on 23 Jan 2018 saw CP buy back 134,000 shares for a total of $29.5 million, while the second covered 621,000 shares with an aggregate value of $135.4 million.
Thanks to its best ever fourth quarter results, including an operating ratio of 56.1, CP finished 2017 with a record low for the year of 58.2, an improvement of 40 basis points.
Reporting its annual results on 18 Jan 2018 the railway said total revenues had increased by 5 percent to $6.55 billion from $6.23 billion in 2016.
According to President and CEO Keith Creel, "the fourth quarter was a record by almost every measure and should be celebrated by the men and women in the CP family who work hard every day to deliver for our customers and shareholders. 2017 was a positive year where we continued to build the foundation for sustainable long-term growth".
Creel believed that CP had built momentum in 2017, "thanks to our strategic approach to growth combined with our continued focus on operational excellence".
This had left the railway "well positioned to start 2018", he added.
"We look forward to delivering another year of record results in a safe and disciplined manner".
Creel said the railway's 2018 plan would "balance strategic growth with continued productivity improvement".
The capital investment programme includes 350 kilometres of new rail, another 225 kilometres of re-railing, and 1.2 million sleepers.
CP plans to replace 150 turnouts and eliminate 23,000 rail joints.
In terms of structures, the railway expects to take forward 70 bridge projects as well as replacing or rebuilding 170 culverts.
It will also continue to invest in the roll out of PTC on its US routes.