CP’s Strong Potash and Intermodal Drive Revenue Growth, but Harsh Weather Constrains Margins
CP grew revenue well and executed effectively in the first quarter, in our view, but harsh weather combined with strong demand took its toll on margins: The 67.5% operating ratio marks a 190 basis point worsening from the adjusted OR in the year-ago period. CP hauled 6% greater revenue ton-miles, grew revenue 4%, and increased normalized EPS by 8% even as average revenue per revenue ton-mile declined 2% as growth in some lower priced business created a 2% mix headwind. Currency also posed a 2% h...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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