CP revenues climbed 10% to a first-quarter record of C$1.67 billion, compared to C$1.47 billion in the prior-year period. Net income rose to an all-time quarterly high of C$320 million, or C$1.92 per diluted share, compared to 2014’s C$254 million—a 33% improvement. Adjusted earnings per share improved 59% to C$2.26. The operating fell to a first-quarter record 63.2%, based upon operating expenses of C$1.05 billion, an 880-basis-point improvement. First-quarter 2014 operating expenses were C$1.09 billion.
“CP's success in the first quarter of the year is the result of hard work by its people and a business model that responds nimbly to any shift in economic conditions,” said Harrison. “Our relentless focus on rail safety and cost control has created a solid foundation for growth, innovation and creative collaboration with customers. The diversity of the business and efficiency of our network and team has the company well positioned for the rest of the year. Amid persistent uncertainty in the pace of the North American economic recovery, CP continues to demonstrate the ability to recognize and capitalize on new business opportunities and operational efficiencies. We are confident in our plan and our people, and are committed to achieving our goals for 2015.”