OREANDA-NEWS. Canadian Pacific Railway Limited today announced record Q4 and 2013 full-year results that clearly demonstrate the significant progress made to date in its corporate and operational turnaround.

FOURTH-QUARTER 2013 HIGHLIGHTS
* Total revenues were USD 1.6 billion, an increase of 7 per cent and a quarterly record
* Reported operating expenses were USD 1.5 billion, an increase of 4 per cent
* Adjusted operating expenses were USD 1.1 billion, a decrease of 6 per cent
* Reported operating income was USD 114 million, an increase of 90 per cent
* Adjusted operating income was USD 547 million, an increase of 45 per cent
* Adjusted operating ratio was 65.9 per cent, a 890 basis-point improvement and an all-time record
* Free cash totaled USD 212 million, an increase of 194 per cent
Reported net income in the fourth-quarter was USD 82 million, or USD 0.47 per diluted share, versus USD 15 million, or USD 0.08 per share, in the fourth-quarter 2012.

Adjusted net income in the fourth-quarter was USD 338 million, or USD 1.91 per diluted share, representing a 49 per cent improvement versus fourth-quarter 2012.

Adjusted operating expenses, Adjusted operating income, Adjusted operating ratio, Adjusted net income and Free cash are Non-GAAP measures which exclude significant items.

FULL-YEAR 2013 HIGHLIGHTS
* Total revenues were USD 6.1 billion, an increase of 8 per cent and a Company record
* Reported operating expenses were USD 4.7 billion, a decrease of 1 per cent
* Adjusted operating expenses were USD 4.3 billion, a decrease of 2 per cent
* Reported operating income was USD 1.4 billion, an increase of 50 per cent
* Adjusted operating income was USD 1.8 billion, an increase of 41 per cent
* Adjusted operating ratio was 69.9 per cent, a 710 basis-point improvement and an all-time record
* Free cash totaled USD 530 million for the year, an increase of 470 per cent

Reported net income for 2013 was USD 875 million, or USD 4.96 per diluted share, versus USD 484 million, or USD 2.79 per share, in 2012.

Adjusted net income for the year was USD 1.1 billion, or USD 6.42 per diluted share, representing a 48 per cent improvement versus year-end 2012.