CP’s second-quarter profit jumps 97%
Written by William C. Vantuono, Editor-in-ChiefCanadian Pacific second-quarter net increased 97% to C$166.6 million (US$161 million) compared with the second quarter of 2009. Diluted earnings per share were 98 Canadian cents, up 23% from C$0.80 in the 2009 period. Analysts had expected a per-share profit of 83 Canadian cents.
“We leveraged volume growth in the quarter to deliver a solid financial performance through a keen focus on cost management,” said President and CEO Fred Green.
Total revenue was up 20% to C$1.23 billion; operating income increased 48% to C$274.1 million; and the operating ratio improved 430 basis points to 77.8%.
“Markets are likely to remain volatile [but] our proven track record of quickly adjusting our resources to meet changing volume demands position us well for the second half,” said Green.
