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In addition, CP posted record earnings per share (EPS) with reported diluted EPS of C$5.17, a 70% increase from C$3.04 last year, and an adjusted diluted EPS of C$4.30, a 36% increase from last year’s C$3.16. Net operating income grew 66.1%, from C$436 million in 2Q18 to C$724 million in 2Q19. Operating expenses of C$1.16 billion were 2.86% higher than 2Q18’s C$1.12 billion.
For the six months ended June 30, CP operating revenues were C$3.74 billion, a 9.7% increase from the same period in 2018. Net operating income grew 47.7%, from C$784 million in first-half 2018 to C$1.16 billion in first-half 2019. Operating expenses rose 5.97%, to C$2.38 billion, over first-half 2018’s $C2.25 billion. First-half diluted EPS of C$8.25 was a 51.7% improvement over the prior-year period’s C$5.44. The operating ratio for the first six months of 2019 was 63.5%, a 230 basis point improvement over 2018’s 65.8%.
“This quarter, we saw revenue growth across every line of business, strong operating metrics, and our best-ever second-quarter performance from a workload perspective, as measured by gross ton-miles,” said CP President and CEO Keith Creel. “As has been proven time and again, our operating model can perform well in all economic conditions, and we will remain disciplined in controlling our costs and doing what we said we would do. Our strategy for sustainable, profitable growth is working, and we look forward to a strong finish to 2019. I commend the team for this record second-quarter performance. These results demonstrate the strength of precision scheduled railroading and are a testament to our collective commitment to deliver for our customers and the broader economy.”
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