Canadian Pacific reported its profit in the second quarter of 2013 was C$252 million (about US$245 million), spiking 145 percent from C$103 million in the second quarter of 2012.
Total quarterly revenue was C$1.50 billion, compared with C$1.37 billion in the second quarter of the previous year.
In the first six months of 2013, profit was C$469 million, up from C$245 million in the first half of 2012, and revenue was C$2.99 billion, improving from C$2.74 billion.
“The second quarter was a significant test for our employees who worked tirelessly during extensive network outages, including more than 40 washouts over a four-day period of historic flooding in Calgary and Southern Alberta,” said E. Hunter Harrison, CEO of the Class I railroad, in a written statement. Harrison also noted that network interruptions during the quarter impacted revenue growth by approximately C$25 million or 2 percent.
“The disciplined execution of our model allowed us to quickly recover from these challenges and restore service for our customers in a timely manner,” Harrison continued. “Moving forward, CP is well positioned to continue to build upon its strong first half and deliver record financial and operating results for 2013.”
CP said it still expects to generate high single-digit revenue growth for the year.