24 July 2013

CP Reports Q2-2013

Calgary Alberta - Canadian Pacific Railway Limited today announced record Q2 2013 results that continues to highlight the significant progress in its transformational journey.
 
SECOND-QUARTER 2013 RESULTS COMPARED WITH SECOND-QUARTER 2012:

• Total revenues were $1.5 billion, an increase of 10 percent and a quarterly record;
   
  
• Operating expenses were $1.1 billion, a decrease of 4 percent;
   
  
• Operating income was $420 million, an increase of 76 percent;
   
  
• Operating ratio was 71.9 percent, a 1,060 basis-point improvement and an all-time quarterly record.

Reported net income in the second-quarter was $252 million, or $1.43 per diluted share, versus $103 million, or $0.60 per share, in the second-quarter 2012. This represents a 138 percent year-over-year improvement in earnings per share.
 
"The second quarter was a significant test for our employees who worked tirelessly during extensive network outages, including more than 40 washouts over a four-day period of historic flooding in Calgary and Southern Alberta," said CP Chief Executive Officer, E. Hunter Harrison. Harrison also noted that network interruptions during the quarter impacted revenue growth by approximately $25 million or 2 percent.
 
"The disciplined execution of our model allowed us to quickly recover from these challenges and restore service for our customers in a timely manner," added Harrison. "Moving forward, CP is well positioned to continue to build upon its strong first half and deliver record financial and operating results for 2013."
 
Author unknown.

Vancouver Island
British Columbia
Canada