CANADA: Canadian Pacific Railway has announced record revenue of C$7·79bn for 2019, a 7% year-on-year increase. Diluted earnings per share increased 29% to a record C$17·52. The operating ratio was 59·9, an improvement from 61·3 the previous year.
‘Global economic uncertainty caused by geopolitical and macroeconomic challenges slowed rail volumes across North America’, said President & CEO Keith Creel on January 29. ‘By leveraging our unique growth opportunities and applying our precision scheduled railroading operating model, CP led the industry in volume growth for the second year in a row and, once again, delivered on its guidance.’
In the final quarter of 2019, ‘strong operational performance and commitment to controlling costs enabled the railway to be successful despite headwinds to our bulk franchise’, said Creel. ‘We continue to take a disciplined approach to sustainable, profitable growth, a plan rooted in the foundations of precision scheduled railroading. This approach in 2019 enabled CP to once again deliver its highest-ever revenues and the lowest-ever yearly operating ratio.’
Looking to 2020, Creel was ‘confident we’ll continue to see wins in the marketplace enabling us to continue to outpace the economy and our peers.’