Canadian Pacific Railway says net income for its second quarter was a record $371 million, 48 per cent higher than a year ago.
Total rail revenue for the quarter was up 13 per cent to $1.642 billion over last year, with Canadian grain shipments accounting for the largest share of the increase. They rose 32 per cent to $252 million. U.S. grain shipments were up 26 per cent to $115 million.
“CP delivered another record quarter,” CEO E. Hunter Harrison said in a release. “The team has made great strides in my two years at CP and they continue to demonstrate resiliency by delivering these results despite continued operational challenges in the U.S. Midwest after a devastating winter. The future is very promising for the railroad as we transition towards leveraging our lower cost structure and improved service.”