Canadian Pacific Reports 4Q Net Income of C$82 Million, Up From C$15 Million in 4Q 2012
Date Posted: January 29, 2014
Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) announced Jan. 29 record Q4 and 2013 full-year results that clearly demonstrate the significant progress made to date in its corporate and operational turnaround.
Adjusted net income in the fourth-quarter was $338 million, or $1.91 per diluted share, representing a 49 per cent improvement versus fourth-quarter 2012.
Adjusted operating expenses, Adjusted operating income, Adjusted operating ratio, Adjusted net income and Free cash are Non-GAAP measures which exclude significant items (*see Non-GAAP Measures below).
“Once again, Canadian Pacific and its outstanding team of railroaders delivered solid results this quarter, closing a historic year with record-setting operational and financial performance,” said E. Hunter Harrison, Chief Executive Officer.
Adjusted net income for the year was $1.1 billion, or $6.42 per diluted share, representing a 48 per cent improvement versus year-end 2012.
“The transformational pace of change at CP has definitely exceeded expectations,” said Harrison.
“We entered 2013 with an aggressive agenda of change and financial targets that would put us squarely in the path of achieving our goal of once again becoming an industry leader.
"I am proud to report that we exceeded those targets and have reestablished a sense of pride and accomplishment to this historic organization,” added Harrison.
“This journey is far from complete. Riding this positive momentum, I fully anticipate that 2014 will be another year of solid returns for our shareholders,” said Harrison.
For more information, call 612-849-4717.