Anyone with doubts of the U.S. Class I railroad industry’s pricing power and improved efficiency, should look at the major carriers’ first quarter financials.
Canadian Pacific Railway
Canadian Pacific Railway is one of the two Canadian rail giants, with 2012 net income of C$484 million on revenue of C$5.695 billion. The transcontinental railroad’s network encompasses 14,700 miles of track in six Canadian provinces and 13 U.S. states; it has approximately 16,100 employees.
In 2012, activist investor William Ackman’s victory in a proxy fight for control of CP triggered a major restructuring of North America’s most underperforming major railroad. Under the helm of railroading legend Hunter E. Harrison, CP is on track to become a leaner and fiercer competitor to larger archrival Canadian National Railway.
For 2013, the company expects revenue growth in the high single digits and an operating ratio in the low 70s. Already in the first quarter of 2013, revenue rose 51 percent year-over-year to C$217 million.
Press Releases
08 May 2013
Following a higher than expected 2013 cash flow projection, Canadian Pacific will move some capital spending projects originally planned for 2014 into this year.
30 Apr 2013
Canadian Pacific and Canadian National have been monitoring Saskatchewan, preparing to defend its infrastructure against flood waters as snow melts, Saskatchewan News reports.
24 Apr 2013
Canadian Pacific Railway today reported 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.
03 Apr 2013
There’s been no shortage of market-defining action in the first three months of 2013. Who's up and who's down?
06 Feb 2013
Behind the headlines trumpeting the major North American railroads' robust profits, there are plenty of moving parts.
05 Feb 2013
Canadian National Railway has settled litigation with Canadian Pacific Railway and its former CEO Hunter Harrison regarding CP’s hiring of CN's Keith Creel as president and chief operating officer.
04 Feb 2013
Class I railroad Canadian Pacific has appointed Keith Creel as president and chief operating officer, effective Feb. 5.
29 Jan 2013
Class I rail carrier Canadian Pacific Railway reported profit in the fourth quarter of 2012 was C$15 million (about US$14.9 million), plummeting 93 percent from $219.9 million in the fourth quarter of 2011.
14 Jan 2013
Canadian Pacific today opened its new Regina Intermodal Facility, replacing the now-closed Regina Intermodal Yard.
08 Jan 2013
Global Partners, a Waltham petroleum products company, has signed a five-year contract with Phillips 66, a Houston-based energy company, whereby Global will use its rail network’s loading facilities and offloading terminals...
04 Jan 2013
From labor battles to natural disasters, 2012 was filled with risk for shippers and the companies moving and managing their cargo. Here are the stories that defined the year.
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Jun 5, 2013 2:00PM EDT