Canadian Pacific RailwayChuck Stoody
Canadian Pacific Railway Ltd. brought in $1.2-billion in revenue in the second quarter, a 20 per cent increase, as almost all of its major business segments showed improvements over the same time last year.
Grain transport was the only one of seven business segments at Canadian Pacific to show any drop in revenue, and the decline was a relatively small $10-million.
Meanwhile, the Calgary-based railway's revenue from coal, automotive and intermodal freight all showed marked improvements.
Canadian Pacific says a combination of growth and cost-containment helped improve its second-quarter profit.
The profit was $166.6-million, or 98 cents per share - up 23 per cent from the same time last year, when the North American economy was in recession.
Canadian Pacific CEO Fred Green said markets will likely remain volatile but the company is well-positioned to adjust its resources to meet changing demand.
Adjusted diluted earnings per share nearly doubled, rising to $156.2 million or 92 cents per share - beating analyst estimates by nine cents per share.