Canadian Pacific Railway Limited (CP) has reported that revenues for the 2017 first quarter have increased by 1 percent to C$1.6 billion when compared to the first quarter of 2016. Diluted earnings per share (EPS) were $2.93, and adjusted diluted EPS was $2.50.
Keith Creel, CP president and CEO, said, "Thanks to our hard-working employees, industry-leading operating model and commitment to service, we produced solid results this quarter. We turned a corner in March and are now seeing positive volumes, which makes us cautiously optimistic that the demand environment is improving."
CP’s operating ratio decreased 80 basis points to 58.1 in the quarter. The operating ratio includes a $51-million recovery associated with the early departure of the previous CEO.
"CP's strong focus on developing its bench strength resulted in a seamless leadership transition and a seasoned executive team that is focused on leveraging CP's proven operating model," added Creel. "Our talented and engaged workforce together with disciplined cost control gives us a great deal of confidence that we'll be able to deliver high single-digit adjusted diluted EPS growth in 2017 and create long-term value for shareholders."
"Given the strength of our foundation, rooted in precision scheduled railroading, we are well positioned to write the next chapter of this story – one that focusses on sustainable, profitable growth," concluded Creel.