CANADIAN PACIFIC RAILWAY $91.88 (Toronto symbol CP; Shares outstanding: 171.7 million; Market cap: $15.8 billion; TSINetwork Rating: Average; Dividend yield: 1.5%; www.cpr.ca), transports freight between Montreal and Vancouver and connects with hubs in the U.S. midwest and northeast.
In the quarter ended September 30, 2012, CP’s revenue rose 8.2%, to $1.45 billion from $1.34 billion a year earlier. Earnings rose 19.8%, to $224 million, or $1.30 a share, from $187 million, or $1.10.
CP’s operating ratio improved to 74.1% from 75.8%, a year ago. (Operating ratio is calculated by dividing regular operating costs by revenue. The lower the ratio, the better.) The improvement came from higher shipments, lower fuel prices and better operating performance.
CEO Hunter Harrison feels he can cut CP’s operating ratio to as low as 65% by 2015. The company will close more terminals and rail yards to lower its costs and increase its efficiency. It will also get out of less profitable markets and cut its labour force by as much as 5%.
These measures, plus an improved North American economy, should keep spurring CP’s stock price.
Canadian Pacific Railway is still a safety-conscious buy.
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