THE Canadian Pacific Railway (CP) posted a 13
THE Canadian Pacific Railway (CP) posted a 13.9 per cent year-on-year decline in first half net profit to C$784 million (US$595 million) drawn on revenues of C$3.41 billion, up 5.2 per cent year on year. Second quarter net profit came in at C$436 million, a decline of 9.1 per cent year on year, drawn on revenues of C$1.75 billion, an increase of 6.5 per cent.
'Overall, it was a good quarter that sets the franchise up well for the remainder of 2018 and beyond,' said CP president and CEO Keith Creel.
'Our quarterly performance was impacted by service interruptions related to labour negotiations and strike notices. However, we were able to reach tentative long-term agreement with the Teamsters and the Electrical Workers, which will serve the CP family, customers, shareholders and the North American economy well for years to come.'
In the second quarter, revenue ton-miles increased four per cent and carloads increased two per cent. Revenue increased by seven per cent to C$1.75 billion.Said Mr Creel: 'With labour stability in place, strong underlying network performance and a robust demand environment, the path is clear and the opportunities are many. We will continue to take a disciplined and strategic approach to growing the franchise, but with our 12,800 strong CP family and our precision railroading model, there has never been a better time to be a CP railroader.'
