CP: Fourth Quarter Revenue Increased 13 Percent

CALGARY — Canadian Pacific Railway announced its fourth-quarter and full-year 2010 results, and revenue in the fourth-quarter increased 13 percent with gains across all lines of business.

Reported net income in the fourth-quarter was $186 million, an increase of 27 per cent and diluted earnings per share was $1.09 for the quarter and $3.85 for the full year. Adjusted diluted earnings per share was $1.12 for the quarter and $3.87 for the full year.

“Fourth quarter saw double digit revenue growth, a continuation of our year-to-date trend,” said Fred Green, President and Chief Executive Officer. “We delivered an improvement in our operating ratio by staying focused on three priorities: safety, asset velocity, and productivity. During the year we once again improved our industry leading train safety performance, a great accomplishment while moving a significant increase in volumes.”

—   Total revenues increased 13 per cent to $1.3 billion

— Adjusted operating income increased 34 per cent to $298 million

— Adjusted operating ratio improved 360 basis points to 77.0 percent

— Adjusted diluted earnings per share increased 51 per cent to $1.12 per share