CALGARY, ALBERTA, CANADA — Net income at Canadian Pacific Railway Ltd. (CP) totaled C$409 million in the first quarter ended March 31, equal to C$2.99 per share on the common stock, down 6% from C$434 million, or C$3.10 per share, in the same period a year ago. Revenues, meanwhile, increased 16% to C$2.04 billion from C$1.77 billion.

The Canadian rail company shattered its previous first-quarter grain movement record by transporting more than 6.35 million tonnes of grain and grain products in the first quarter of 2020. The new record exceeded the previous by 300,000 tonnes.

“Grain volumes were up 8% on the quarter, with revenue up 10%,” said John Kenneth Brooks, executive vice president and chief marketing officer of CP. “Our 8,500-foot grain train operation model is enabling new capacity on existing train starts. And our covered hopper fleet investment is giving customers the ability to load more grain per car. In fact, our high capacity cars alone enabled the movement of an additional 100,000 tonnes of grain in Q1.”

Looking ahead, CP said it will continue to focus on its strong leadership from employees and operating model for the future.

“We have had a tremendous start to 2020,” said Keith Creel, president and chief executive officer. “Our operating team is tried and tested, and has shown exemplary leadership during a challenging period, including now managing the COVID-19 crisis. The same operating model that produced record results for CP during good times now serves us well during challenging economic times.

“The company is in a strong position from both a balance sheet and liquidity perspective, and as we navigate through this extraordinary period, we remain well-positioned not only to weather this storm, but to recover stronger on the other side. I could not be prouder of the team, particularly those on the operating side who continue to deliver for North Americans.”

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