OREANDA-NEWS. Canadian Pacific Railway Limited announced record quarterly earnings and its lowest operating ratio in company history.

Adjusted EPS of USD 1.88 grew 45 per cent over third-quarter 2012, while third-quarter operating ratio was 65.9 per cent, an 820 basis point improvement over third-quarter 2012.

"By all standards, this was an outstanding quarter," said E. Hunter Harrison, Chief Executive Officer. "The company's focus on service execution while controlling costs is a testament to our team of dedicated, hardworking railroaders."

"What we have proven this quarter is the ability to drive earnings growth and lower our operating ratio, even in a softer volume environment. That's the power of the CP plan," added Harrison.

THIRD-QUARTER 2013 HIGHLIGHTS:
* Total revenues were CAD 1.5 billion; an increase of 6 per cent and an all-time quarterly record
* Operating expenses were CAD 1 billion; a decrease of 6 per cent
* Reported net income in the third quarter was CAD 324 million; an increase of 45 per cent
* Adjusted net income, excluding a significant tax item of CAD 7 million, was CAD 331 million; an increase of 48 per cent
* Free cash totaled CAD 318 million for the first nine months of 2013, compared with free cash of CAD 21 million in the comparable period of 2012

"We enter the fourth quarter with momentum and are well positioned for what I believe will be a record 2013," said Harrison. "CP’s transformational journey is clearly ahead of plan, yet far from complete; we will continue to make this franchise stronger, creating even more value for customers and shareholders.”