Canadian Pacific’s 4Q Net Income Rises
Canadian freight railroad Canadian Pacific’s fourth-quarter net income rose to C$82 million, or 47 Canadian cents per share, from C$15 million, or 8 cents, a year earlier.
Revenue rose to C$1.6 billion for the quarter that ended Dec. 31, from $1.5 billion, the rail line announced in a statement.
Intermodal revenue declined 1% to C$335 million, CP said.
“We entered 2013 with an aggressive agenda of change and financial targets that would put us squarely in the path of achieving our goal of once again becoming an industry leader. I am proud to report that we exceeded those targets and have re-established a sense of pride and accomplishment to this historic organization,” CEO E. Hunter Harrison said in a statement.
The company reported a full-year net income of $875 million, or C$4.96 per share, from C$484 million, or $2.79 per share, in 2012. Revenue increased 8% to C$6.1 billion. Intermodal revenue for 2013 dipped 3% to C$1.3 billion.
The railroad said it expects revenue growth in 2014 of 6% to 7% and earnings per share of C$6.42.
