Canadian Pacific Reaches Record Full-Year Revenue and Operating Ratio in 2018
Canadian Pacific capped off 2018 with 17% fourth-quarter revenue growth and 370 basis points of operating ratio improvement to CP’s best-ever 56.5%, driving EBIT up 28%. The rail improved full-year 2018 revenue by 12% and improved its annual OR to 61.3%. We maintain our wide moat rating and expect any fair value estimate change following our incorporating full-year results to be modest and upward.In terms of volume, CP improved fourth-quarter carloads 5% overall and grew revenue ton miles, or R...
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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