Canadian Pacific Railway Ltd. (TSX: T.CP, Stock Forum) (NYSE: CP, Stock Forum) reported quarterly net income of $217 million or $1.24 per share, while revenue was up 9% to a quarterly record of $1.495 billion.
The railway's operating ratio, a key measure of efficiency, improved to 75.8%, which Canadian Pacific said was a record for the company, CP said in a press release.
CP chief executive Hunter Harrison, who was brought in last year, said he's happy with the progress but not finished with transforming the company. Its stock lost early momentum and turned 19 cents lower to $126.04.
CP shares rose 0.11% to $126.37 in early afternoon trading Tuesday, leaving the company with a market cap of $22 billion, based on 174.7 million shares outstanding. The 52-week range is $132.92 and $71.61.