Canadian Pacific Railway Ltd. (CP: Quote, CP.TO) reported first-quarter net income of C$142 million or C$0.82 per share, higher than C$34 million or C$0.20 per share a year ago.
On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of C$0.80 per share. Analysts' estimates typically exclude special items.
Total revenues rose to C$1.38 billion from C$1.16 billion in the prior-year quarter. Analysts estimated revenues of C$1.33 billion.
Fred Green, President & Chief Executive Officer, said, "….We have improved operating momentum, we are delivering excellent service and we have a stronger, more resilient rail network. This quarter, we generated an 18% year-over-year increase in freight revenues. Looking ahead, we are confident we can continue to deliver improvements in our operating metrics and financial performance and further growth in shareholder value.
...During the first-quarter, CP continued to successfully execute on all three pillars of the Multi-Year Plan, driving volume growth, expanding network capacity to safely and efficiently support higher volumes and controlling costs. The CP Board and management team is confident in the Company's Plan and its goal of delivering a 70% to 72% operating ratio for 2014, and an operating ratio of between 68.5% to 70.5% for 2016."
by RTT Staff Writer
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