Canadian Pacific Announces First Quarter Results

CALGARY — Canadian Pacific Railway announced its first-quarter results: Net income in the first-quarter was $100 million, an increase of 74 percent from $57 million in first-quarter 2009 and diluted earnings per share were $0.59, up from $0.36 in first-quarter 2009.

“We put in a solid performance this quarter and our results reflect both improvements in the economy and CP’s proven ability to rapidly adjust to changes in our customers’ demands,” said Fred Green, President and CEO. “Our ongoing commitment to service reliability, safety and managing our productivity objectives will continue to drive shareholder value.”

— Total revenues were $1.2 billion, up five per cent from $1.1 billion

— Operating expenses were $962 million, down two per cent from $977 million

— Operating income increased to $205 million from $132 million, or 55 percent

— Operating ratio improved 570 basis points to 82.4 percent

— Diluted earnings per share increased to $0.59 from $0.36, or 64 percent

— Adjusted diluted earnings per share increased to $0.60 from $0.32, or 88 percent