Increases were led by U.S. and Canadian grain. Excerpts from Progressive Railroading:
Canadian Pacific this week announced its second-quarter financial results were the strongest-ever quarterly results in the railroad’s history.
Total revenue climbed 12 percent to $1.7 billion, operating income jumped 40 percent to $587 million and reported net income soared 48 percent to $371 million, or $2.11 per diluted share, compared with second-quarter 2013 results (all figures are in Canadian dollars). In addition, the operating ratio dropped 6.8 points to 65.1, volume rose 3 percent to 689,000 units and operating expenses increased only 2 percent to $1.09 billion.
Revenue gains by commodity group include Canadian grain, 32 percent to $252 million; U.S. grain, 26 percent to $115 million; crude oil, 18 percent to $114 million; metals, minerals and consumer products, 18 percent to $170 million; domestic intermodal, 17 percent to $200 million; coal, 15 percent to $165 million; chemicals and plastics, 12 percent to $155 million; and potash, 6 percent to $101 million.