Canadian Pacific has announced its financial results for the full year 2014. It reported revenue of $6.62bn, a year-on-year increase of 8%. The company also recorded an operating ratio of 64.7%
“Canadian Pacific’s remarkable transformation has allowed it to exceed its operational and financial goals for 2014, positioning the company to be nimble in the near-term and successful in the long run,” said E. Hunter Harrison, Canadian Pacific’s Chief Executive Officer. “CP fully recognizes the impact of short-term volatility in commodity prices, but given the diversity of its business and proven ability to control costs, we’re confident in our ability to execute on our plan going forward.”
The company also announced that revenues in the fourth quarter climbed by 10% to $1.76bn. During Q4 net income rose to $451m.
“I am proud of the team at CP, which continues to build momentum as we exited the year with double-digit revenue growth and a sub-60 operating ratio, proving again our ability to control costs while growing the top line,” said Harrison. “In just two short years, CP has transformed from an industry laggard into a railway leader, and achieved its ambitious 2016 targets two full years ahead of schedule.”
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