Canadian Pacific Drops 2016 EPS Growth Guidance, Logs Record 57.7% Third-Quarter Operating Ratio
Canadian Pacific delivered an excellent 57.7% operating ratio despite declines of 9% in revenue and 3% in carloads. Management expects to produce a mid-50% OR in the fourth quarter, excluding land sales. Big movers were 10% lower Canadian grain cars, 14% lower metals, minerals, and consumer products cars, and an astonishing 80% drop in crude volume, down to just 5,000 cars in the period. Concerning grain, while Canada was weak, CEO Harrison believes a robust harvest is in the fields that even if...Canadian Pacific Railway operates a transcontinental railway in Canada and the U.S. Co.'s business mix includes bulk commodities, merchandise freight and intermodal traffic, serving the principal business centers of Canada from Montreal, Quebec, to Vancouver, British Columbia, and the U.S. Northeast and Midwest regions. As of Dec 31 2016, Co. operated on a network of approximately 12,400 miles of track, of which CP owns 10,800 miles and has access to 1,600 miles under trackage rights and lease agreements. Of the total mileage operated, about 5,600 miles were located in western Canada, 2,000 miles in eastern Canada, 4,400 miles in the U.S. Midwest and 400 miles in the U.S. Northeast.
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