Canadian Pacific Reaches Record 4Q and Full-Year Operating Ratios
CP produced record normalized operating ratios of 56.1% for the fourth quarter and 58.2% for the full year. This reflects an astonishing profit margin for the firm, which produced a 76.8% OR in 2013 and an 83.3% OR in 2012. In the quarter, the rail increased revenue 5% (7% currency-neutral) on a 4% increase in revenue ton-miles; negative mix and currency offset a 2% fuel surcharge benefit. We'll tune our model for actual results and adjust the U.S. shares for current exchange rates, but expect o...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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