Calgary Alberta - Canadian Pacific Railway Limited (CP) today announced first-quarter revenues of $1.6 billion, up 1 percent from 2016 and reported diluted earnings per share (EPS) of $2.93, or $2.50 on an adjusted diluted EPS basis.
 
"Thanks to our hard-working employees, industry-leading operating model, and commitment to service, we produced solid results this quarter," said Keith Creel, CP's President and Chief Executive Officer.
 
"We turned a corner in March and are now seeing positive volumes, which makes us cautiously optimistic that the demand environment is improving."
 
FIRST-QUARTER HIGHLIGHTS

• Revenues increased 1 percent to $1,603 million from $1,591 million;
   
  
• Reported diluted EPS fell 17 percent to $2.93 from $3.51 and adjusted diluted EPS were flat year-over-year at $2.50;
   
  
• Reported operating ratio decreased by 80 basis points to 58.1 percent from 58.9 percent. The operating ratio in the first quarter of 2017 includes a $51 million recovery associated with the early departure of the previous CEO;
   
  
• Adjusted operating ratio, which excludes this gain, increased by 240 basis points in the first quarter of 2017 to 61.3 percent.

"CP's strong focus on developing its bench strength resulted in a seamless leadership transition and a seasoned executive team that is focused on leveraging CP's proven operating model," Creel said.
 
"Our talented and engaged workforce together with disciplined cost control gives us a great deal of confidence that we'll be able to deliver high single-digit adjusted diluted EPS growth in 2017 and create long-term value for shareholders."
 
"Given the strength of our foundation, rooted in precision scheduled railroading, we are well positioned to write the next chapter of this story, one that focusses on sustainable, profitable, growth," Creel said.
 
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