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Hardly dollar for dollar
Canadian Pacific Railway’s revenue was flat at $1.2 billion. Excluding the impact of a stronger Canadian dollar — which appreciated 15 percent in the quarter — revenue would have increased 5 percent, said EVP and CFO Mike Lambert.
In addition, CPR’s operating ratio increased 1.2 points to 74.3 primarily because fuel costs jumped 25 percent and added more than 100 basis points to the ratio, said President and CEO Fred Green.
“Fuel is masking our improvements in productivity,” he said.
CPR also reported that net income more than doubled to $342 million primarily because of lower income tax rates. In addition, the Class I noted a slight increase in equity because of the Dakota, Minnesota & Eastern Railroad Corp. acquisition, which still is undergoing Surface Transportation Board (STB) scrutiny.
CPR will submit a safety integration plan to the STB on Feb. 5, said EVP and COO Kathryn McQuade, adding that the board still expects to issue a decision on the transaction Sept. 30.