Canadian Pacific Railway today reported its net income in the first quarter of 2013 was C$217 million (about US$211.5 million), a 51 percent jump from $138.4 million in the first quarter of 2012.
Quarterly revenue was a record $1.5 billion, increasing 9 percent year-over-year.
Operating income in the first quarter of this year was $352.8 million, an increase of 32 percent compared with the same period in the previous year, and the operating ratio was an all-time high of 75.8 percent, a 430 basis point improvement.
The Class I railroad had an average of 14,920 employees in the first quarter of 2013, compared with an average of 16,671 employees in the first quarter of 2012, following CP’s plans, announced in December 2012, to cut about 4,500 employee positions, as well as run faster and longer trains and possibly sell rail lines in the U.S., in order to improve its operating ratio.
“CP delivered the best first quarter results in its history despite challenging winter conditions,” said E. Hunter Harrison, CEO, in a written statement.
“There remains a lot of work to do as we continue to make significant changes to our operating model,” he continued. “With a very strong start to the year and momentum quickly building, I am now even more confident that we are on pace toward the best year-end financial and operating performance in CP’s history.”