Calgary Alberta - Canadian Pacific Railway Limited (CP) today announced record third-quarter revenues of $1.98 billion, and reported diluted earnings per share (EPS) of $4.46, or $4.61 on an adjusted diluted EPS basis.
 
The Company also achieved a record-low quarterly operating ratio of 56.1 percent.
 
"After a record second-quarter that included strong operating metrics including train speed and terminal dwell, we continue to see those performance measures be improved upon," said Keith Creel, CP President and CEO.
 
"Our disciplined approach to precision scheduled railroading and the commitment of our 13,000 strong CP family puts us in a position to control what we can as we navigate softer volumes, macro-economic challenges, and geopolitical tensions into the fourth quarter."
 
THIRD-QUARTER HIGHLIGHTS

• Strong operational performance in train speed, terminal dwell, fuel efficiency, and record car miles per car day;
   
  
• Revenues increased by 4 percent to $1.98 billion, a record, from $1.90 billion last year;
   
  
• Reported diluted EPS of $4.46, a 3 percent increase from $4.35 last year, and adjusted diluted EPS of $4.61, a 12 percent increase from $4.12 last year;
   
  
• Operating ratio was a record-low 56.1 percent, a 220 basis point improvement over last year's third-quarter operating ratio of 58.3 percent and a 40 basis point improvement over the Q4 2018 record of 56.5 percent.

"Our operating model allows us to quickly adapt in a changing environment," said Creel.
 
"By controlling our costs real-time, we continue to drive margin improvements. While we now expect low-single digit volume growth for the year, we remain confident in our guidance to deliver full-year double-digit adjusted diluted EPS growth."
 
CP will discuss its results with the financial community in a conference call beginning at 16:30 eastern time today.
 
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