The Canadian Pacific Railway (CP) has posted a 47% year-on-year second quarter net profit increase to C$371 million (USD 345.24 million), drawn on revenues of C$1.68 billion, up 12%.
"Another record quarter," said Chief Executive officer (CEO) Hunter Harrison. "The team made great strides and continues to demonstrate resilience by delivering results despite challenges after a devastating winter."
Operating profit increased 40% to C$587 million, while operating expenses were up 2% to C$1.09 billion.
Harrison had promised to squeeze the railway's operating ratio to 65% by mid-2016. CP has been ahead of schedule and is now eyeing 63% for 2014.
The Calgary-based company said its operating ratio improved by 680 basis points to 65.1% during the quarter, despite facing rail congestion around Chicago and other challenges.