Calgary Alberta - Canadian Pacific Railway Limited (CP) today announced fourth-quarter reported diluted earnings per share of $2.08 and adjusted diluted earnings per share of $2.72, the highest ever for the period.
 
For the full year, reported diluted earnings per share were $8.40 while adjusted diluted earnings per share climbed to a record $10.10, a 19 percent improvement over 2014's adjusted EPS of $8.50.
 
CP's commitment to operational efficiency produced a fourth-quarter adjusted and reported operating ratio of 59.8 percent, matching the record-setting performance of a year ago.
 
For 2015, CP posted a best-ever full-year adjusted and reported operating ratio of 61 and 60 percent, beating the previous record, set in 2014, by 370 and 470 basis points, respectively.
 
"Thanks to our committed, hard-working, employees across the network we have produced a record low operating ratio along with record earnings per share," said E. Hunter Harrison, CP's Chief Executive Officer.
 
"Despite challenging economic conditions and lower commodity prices, we continue to focus on what we can control, lowering costs, creating efficiencies, and improving service."
 
FULL-YEAR 2015 HIGHLIGHTS

• Record revenues of $6.71 billion;
   
  
• Adjusted operating ratio improved to a record 61 percent; reported operating ratio of 60 percent;
   
  
• Adjusted diluted EPS rose 19 percent to a record $10.10 from $8.50 in 2014, reported diluted earnings per share were $8.40;
   
  
• Record free cash of $1.16 billion, an increase of 59 percent.

"While the North American economy braces itself for more headwinds, we remain optimistic about the future and CP's continued growth," said Harrison.
 
"Despite the challenges, we expect 2016 to bring an operating ratio below 59 while generating double-digit EPS growth, a testament to the strength of our operating model, and plan for the future."
 
2016 FULL-YEAR GUIDANCE

• Operating ratio below 59 percent;
   
  
• Double-digit EPS growth from full-year 2015 adjusted diluted EPS of $10.10;
   
  
• Capital expenditures of approximately $1.1 billion.

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