(Canadian Press) CALGARY _ The man who was brought in last year to shake up Canadian Pacific Railway Ltd. (TSX: T.CP, Stock Forum) says a strong first quarter _ which broke several company records _ has put CP on track to have the best year in its 132-year history.
CP Chief Executive Hunter Harrison, who was brought in last year after a highly public and hotly contested shareholder revolt against the former leadership, said he's happy with the progress but not finished with transforming the company.
``CP delivered the best first quarter results in its history despite challenging winter conditions,'' said Harrison in a statement Wednesday.
``There remains a lot of work to do as we continue to make significant changes to our operating model. With a very strong start to the year and momentum quickly building, I am now even more confident that we are on pace toward the best year-end financial and operating performance in CP's history.''
The Calgary-based railway, which traces its history to 1881 during the early years of Canada's independence, reported $217 million or $1.24 per share of net income in the first quarter, beating analyst estimates and up from $142 million or 82 cents per share in the first quarter of 2012, under the leadership of Harrison's predecessor.
On Wednesday, CP was trading at $126.23 a share. The company had a market cap of $22 billion, based on 174.7 million shares outstanding. The 52-week high and low was $132.92 and $71.61 respectively.