Canada Pacific earned a record CAN$1.5 billion ($1.44 billion) in revenues during the third quarter, a year-over-year increase of 6 percent, on 6-percent lower operating expenses.
Net income during the quarter rose 45 percent to $324 million.
The company also announced that Chief Financial Officer Brian Grassby is retiring at the end of the year. Grassby has been with the company for 12 years and played a major role in CP’s turnaround agenda.
E. Hunter Harrison, CP’s chief executive officer, said the record quarter positions the carrier for a record year. He added, though, that the turnaround isn’t yet complete and that there is still more value to be created for shareholders and customers.
"By all standards, this was an outstanding quarter," he said in a statement. "What we have proven this quarter is the ability to drive earnings growth and lower our operating ratio, even in a softer volume environment. That's the power of the CP plan.”