GO replacing trains with buses along Stouffville line, January 22 evening
GO adjusting schedules for Lakeshore East trains, January 23 and 24
Cape Breton rail issue requires action
Brampton Transit revises services, starting January 4
Malton GO Station: Temporary changes to station access, starting January 7
GO suspending Niagara train service, January 9
Extended light-rail line in Montreal will be one of the longest in the world
Canadian National ‘pleased’ as rail blockade ends
Snapshot of Greenboro Station - January 8, 2021
Vancouver port rail dwell times rise on Asia import surge
Net profit for Canadian Pacific (NYSE: CP) fell 6% for the first quarter of 2020 despite higher total revenues and lower operating expenses.
First-quarter 2020 net income totaled C$409 million, or C$2.98/diluted earnings per share, compared with C$434 million, C$3.09/diluted earnings per share, for the first quarter of 2019. At this time, a Canadian dollar is worth US$0.70.
The dip in first-quarter net profits was due in part to higher income tax expenses year-over-year: C$185 million versus C$139 million.
But total revenues were C$2.04 billion in the first quarter, a 15.6% increase from C$1.77 billion for the same period in 2019, while operating expenses were C$1.21 billion versus C$1.22 billion. CP’s operating ratio also fell to 59.2% from 69.3%. Operating ratio, which is a company’s operating expenses as a percentage of its revenue, can be an indicator of a company’s financial health.
Freight revenues were up 10% to C$418 million in the first quarter amid gains for grain, fertilizer and sulfur, energy, chemicals and plastic, and automotive, among other commodities.
Meanwhile, average terminal dwell time, which is the amount of time a train stays at a terminal, fell 22% to 6.2 hours. Average train speed also rose 2% to 21.6 miles per hour.
“We have had a tremendous start to 2020. Our operating team is tried and tested, and has shown exemplary leadership during a challenging period, including now managing the COVID-19 crisis,” said CP President and Chief Executive Officer Keith Creel.
He continued, “The same operating model that produced record results for CP during good times now serves us well during challenging economic times. The company is in a strong position from both a balance sheet and liquidity perspective, and as we navigate through this extraordinary period, we remain well-positioned not only to weather this storm, but to recover stronger on the other side. I could not be prouder of the team, particularly those on the operating side who continue to deliver for North Americans.”
CP updated its outlook for 2020 amid the ongoing COVID-19 pandemic. The railway said it now expects volume, as measured by revenue ton miles, to be down mid-single digits, while adjusted diluted earnings per share to be roughly flat year-over-year.
CP also expects capital expenditures to total C$1.6 billion in 2020, and it anticipates a U.S.-Canadian dollar exchange rate of 1.40.
This article first appeared on www.freightwaves.com
About this website
Railpage version 3.10.0.0037
All logos and trademarks in this site are property of their respective owner. The comments are property of their posters, all the rest is © 2003-2021 Interactive Omnimedia Pty Ltd.
You can syndicate our news using one of the RSS feeds.