Calgary Alberta - Canadian Pacific Railway Limited (CP) today announced third-quarter adjusted diluted earnings per share (EPS) of $2.90, an increase of 6 percent, and revenue grew 3 percent to $1.6 billion.
 
On the strength of its operating model, CP produced an operating ratio of 56.7 percent.
 
"Thanks to the hard work of our CP family and a disciplined, balanced, approach in the marketplace and to our operations, we were able to produce another quarter of exceptional results," said Keith Creel, CP President and Chief Executive Officer.
 
"Volume momentum grew over the course of the quarter, setting us up for a strong finish to the year. As a result, we are raising our 2017 guidance."
 
THIRD-QUARTER HIGHLIGHTS

• Revenue grew 3 percent to $1.6 billion from $1.55 billion;
   
  
• Diluted earnings per share rose 50 percent to $3.50 from $2.34 and adjusted diluted earnings per share advanced 6 percent to $2.90 from $2.73;
   
  
• The operating ratio of 56.7 percent improved by 100 basis points from 57.7 percent;
   
  
• Operating income increased 5 percent to $690 million from $657 million;
   
  
• Cash from operations for the first nine months rose to $1.45 billion from $1.32 billion a year earlier, supporting a gain in free cash flow to $575 million from $488 million in the same period.

CP is revising its 2017 guidance upwards, and now expects adjusted diluted EPS to grow in the double-digits from full-year 2016 adjusted diluted EPS of $10.29.
 
"We remain grounded in our foundations of precision railroading and continue to pursue sustainable, profitable, growth, which has us well-positioned to finish the year with strong momentum leading into 2018 and beyond," Creel said.
 
CP will discuss its results with the financial community in a conference call beginning at 16:30 eastern time (14:30 mountain time) on 17 Oct 2017.
 
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