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Canadian Pacific posts profit despite heavy expenses

  04.02.2013    

Canadian Pacific Railway Limited announced fourth quarter 2012 net income of C$15 million (US$14.95 million), before income tax expense, on total revenues of C$1.5 billion.
Total operating expenses amounted to C$1.44 billion.
The company said its operating ratio, excluding significant items was 74.8 per cent, which it said compares favourably to 2011's operating ratio of 78.5 per cent. Reported operating ratio for fourth quarter 2012, inclusive of significant items, was 96 per cent.
"This quarter, CP saw strong operating performance as we continued to implement significant changes to how we run the railroad," said CP president and CEO Hunter Harrison.
"Management made a number of hard decisions this quarter including booking several significant items. With these decisions now behind us, we anticipate record-setting financial and operational results starting in 2013," he said.
Items that impacted earnings include C$53 million labour restructuring charge (C$39 million after tax); C$185 million impairment of Powder River Basin and other investment (C$111 million after tax); C$80 million asset impairment of certain locomotives (C$59 million after tax); C$6 million advisory fees related to shareholder matters; and C$37 million income tax benefit, according to the Shipping Gazette.


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