CP net income reaches all-time quarterly high

by World Grain Staff
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CALGARY, ALBERTA, CANADA — Canadian Pacific Railway Limited said on April 21 that net income reached an all-time quarterly high of C$320 million, or $1.92 per diluted share.
 
That compares to C$254 million or C$1.44 per share in the same quarter a year ago. Revenues increased 10% to a first-quarter record of C$1.67 billion.
 
“CP’s success in the first quarter of the year is the result of hard work by its people and a business model that responds nimbly to any shift in economic conditions,” said E. Hunter Harrison, CP’s chief executive officer. “CP’s relentless focus on rail safety and cost control has created a solid foundation for growth, innovation and creative collaboration with customers.”
 
Revenue from Canadian grain was up 11% and up 14% for U.S. grain.
 
“The diversity of the business and efficiency of CP’s network and team has the company well positioned for the rest of the year,” Harrison said. “Amid persistent uncertainty in the pace of the
North American economic recovery, CP continues to demonstrate the ability to recognize and
capitalize on new business opportunities and operational efficiencies.”
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