CP Reports 1Q Net Income of C$254 Million, Up From C$217 Million in 1Q 2013
Date Posted: April 24, 2014
Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) April 22 announced record Q1 2014 financial results.
Reported net income in the first quarter was $254 million, or $1.44 per diluted share, versus $217 million, or $1.24 per share, in the first quarter of 2013.
This represents a 16 per cent year-over year improvement in earnings per share.
FIRST-QUARTER 2014 RESULTS COMPARED WITH FIRST-QUARTER 2013
Total revenues were $1,509 million, an increase of 1 per cent Operating expenses were $1,086 million, a decrease of 4 per cent Operating income was $423 million, an increase of 17 per cent Operating ratio was 72.0 per cent, a 380 basis point improvement
"CP delivered solid results in a period that was severely impacted by extraordinary cold and severe winter weather conditions,” said E. Hunter Harrison, Chief Executive Officer.
“In the face of such difficult operating conditions, I am particularly proud of the women and men of CP who remained on the job 24/7, to keep the railway operating.”
“Despite a slow start to the year and the reduced capacity which limited our ability to meet strong customer demand, we still have the utmost confidence in our ability to achieve our financial targets for 2014.”
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