Canadian Pacific Announces Second Quarter Results

CALGARY — Canadian Pacific Railway announced second-quarter net income of $166.6 million.

Diluted earnings per share were $0.98, up 23 per cent from $0.80 in the second-quarter 2009 which included a $0.41 per share gain from an asset sale.

“We leveraged volume growth in the quarter to deliver a solid financial performance through a keen focus on cost management,” said Fred Green, President and CEO. “Our emphasis on safety, productivity and asset velocity is improving service reliability for our customers.”

— Adjusted diluted earnings per share increased 96 percent to $0.92

— Total revenues were up 20 per cent to $1.23 billion

— Operating income increased 48 per cent to $274.1 million

— Adjusted earnings increased 97 per cent to $156.2 million

— Operating ratio improved 430 basis points to 77.8 percent

“Markets are likely to remain volatile,” added Green. “Our proven track record of quickly adjusting our resources to meet changing volume demands position us well for the second half.”