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CP Rail reports Q1 2019 results

(Source: Canadian Pacific Railway press release, April 23, 2019)

CALGARY — Canadian Pacific Railway Limited today announced first-quarter revenues of $1.77 billion and reported diluted earnings per share (EPS) of $3.09, or $2.79 on an adjusted diluted EPS basis.

"This past winter was one of the most challenging in my railroading career," said CP President and Chief Executive Officer, Keith Creel. "I applaud our employees for their resiliency in overcoming loss and pushing through extraordinary conditions and challenges throughout February and March. Our commitment to precision scheduled railroading enabled a strong recovery, and gives us a solid foundation moving forward."

FIRST-QUARTER HIGHLIGHTS:

• Revenues increased by 6 percent to $1.77 billion from $1.66 billion last year
• Reported diluted EPS of $3.09, a 28 percent increase from $2.41 last year, and adjusted diluted EPS was $2.79, a 3 percent increase from $2.70 last year
• Operating ratio was 69.3 percent, an increase of 180 basis points compared to last year's operating ratio of 67.5 percent

"I thank our customers and stakeholders for working with and supporting CP over the past few months, and our 13,000-strong CP family for their tireless dedication," Creel said. "As we look forward, we remain confident in our ability to deliver record financial and operating results in 2019."

As noted on January 23, 2019, CP expects to grow volumes, as measured in revenue ton miles (RTMs), in the mid-single digits and generate double digit adjusted diluted EPS growth in 20191.

CP will discuss its results with the financial community in a conference call beginning at 4:30 p.m. eastern time (2:30 p.m. mountain time) today.

Wednesday, April 24, 2019

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