Calgary Alberta - "Despite the continued COVID-19 impacts, volumes steadily improved over the second half of 2020 and we saw revenue ton-mile growth in the fourth quarter," Canadian Pacific (CP) President and CEO Keith Creel reported 27 Jan 2021 during the railroad's quarterly earnings announcement.
 
Revenues of $2.01 billion were down 3 percent from $2.07 billion in fourth-quarter 2019, with RTMs up 2 percent.
 
Operating income of $928 million rose 4 percent from $890 million in fourth-quarter 2019.
 
The railroad's operating ratio came in at 53.9 percent, improving by 310 basis points (bps).

Fourth Quarter results - Date? Photographer?

Purchased services and other includes a $68 million gain related to the acquisition of the Detroit River Tunnel," CP reported.
 
For the full year, revenues decreased 1 percent to $7.71 billion compared with $7.79 billion in 2019, and operating income rose 6 percent to $3.3 billion vs. $3.1 billion in the prior year.
 
The operating ratio improved by 280 bps to a "record-low" 57.1 percent, "driven by operating efficiencies, reduced casualty, and lower fuel price," according to CP.

Full year results - Date? Photographer?

Looking at 2021, CP reported capex of $1.55 billion, and anticipated "high single-digit revenue ton-mile growth."
 
In addition, the railroad said it was "well positioned to deliver double-digit earnings growth in 2021."
 
"The uncertainty caused by the COVID-19 pandemic dramatically disrupted global supply chains," Creel, Railway Age's 2021 Railroader of the Year, said.
 
"By leveraging our unique growth opportunities, and applying our precision scheduled railroading operating model, CP is continuing to lead the industry.
 
The momentum we've created in the fourth quarter will continue into 2021."
 
Marybeth Luczak.