Canadian Pacific Railway reported second-quarter revenues of $1.79 billion, down 9 percent from a year ago.
“The CP family of railroaders has achieved these results during some of the most challenging conditions the world has experienced in recent memory,” CP President and Chief Executive Officer Keith Creel said in a news release. “Our second-quarter results showcase the resiliency of our people and of the precision scheduled railroading (PSR) operating model.
“The COVID-19 pandemic has created immense challenges, but CP has risen to the occasion, adapted and responded to the benefit of our customers, communities and shareholders,” Creel added. “The pride I feel each day coming to work with this team has never been stronger.”
CP officials said they expect capital expenditures of $1.6 billion and a mid-single-digit decline in revenue ton-miles.
“While economic uncertainty remains, we’re controlling what we can control – our costs,” Creel said. “Our strong bulk franchise, which included record movements for Canadian grain and potash in the first half of the year, helped to offset some of the declines we experienced in other lines of business.
“Given our strong cost control measures, industry-leading execution of the PSR model, and improved clarity on the volume environment, we now expect positive adjusted diluted EPS growth for the year,” Creel added. “As a result of the continued strength of our balance sheet, we have also restarted our share repurchase program.”