CP Rail reports record second quarter revenues of $2.05 billion
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CALGARY – Canadian Pacific Railway Ltd. reported record second quarter revenues of $2.05 billion Wednesday.
The Calgary-based railway reported earnings of $1.25 billion for the three months ended June 30, up from $635 million in the same period last year. CP Rail’s adjusted earnings per share were $1.03, a 27 per cent increase from $0.81 last year and a second quarter record.
The company also declared a quarterly dividend of $0.19 per share, payable in October.
The company’s operating ratio, a key measure of railroad efficiency where a smaller number is better, increased by 301 basis points to 60.1 per cent from 57.0 per cent. Included in that metric are $308 million in expenses related to CP’s efforts to acquire Kansas City Southern.
CP Rail reports record second quarter revenues of $2 05 billion weyburnreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from weyburnreview.com Daily Mail and Mail on Sunday newspapers.
CP Rail says ruling on CN-KCS merger expected soon; CP not giving up on its own bid
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An eastbound Canadian Pacific train waits in Field, B.C., for the line to be cleared, on Monday, Feb. 4, 2019. THE CANADIAN PRESS/Jeff McIntosh
CALGARY – With a U.S. regulator set to rule soon on Canadian National Railway Co.’s proposed merger with Kansas City Southern, rival Canadian Pacific Railway Ltd. says it stands “ready to re-engage” with KCS if CN’s $33.6-billion takeover bid is rejected.
Canadian Pacific chief executive Keith Creel said Wednesday he expects a decision “within weeks” from the U.S. Surface Transportation Board on whether or not to approve a voting trust CN wants to use in its proposed acquisition of KCS.
CP which received a US$700-million termination fee when KCS backed away in May from an agreement to be purchased by the Calgary-based railway is continuing its application process to acquire KCS in case the CN deal is terminated or the regulator refuses to approve it. My conviction about the . strengths of the proposal that we successfully negotiated with KCS initially has not changed, has not wavered at all, Creel said in a conference call with analysts. In fact, it s grown stronger.
CP has argued a Canadian Pacific-KCS merger would enhance competition and passenger access on the rails south of the border, while a CN-KCS merger would reduce competition. The Calgary-based railway has said a rejection by the STB will allow it to present an alternative bid that offers the same benefits to KCS shareholders as CN without the competitive and other costs.
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