UPDATE 1-CP Rail profit more than doubles despite hit from floods
July 24 (Reuters) - Canadian Pacific Railway's second-quarter profit more than doubled as an efficiency drive helped bring record quarterly revenue.
Canada's second-biggest railroad operator reported on Wednesday that second-quarter net income rose to C$252 million ($244.86 million), or C$1.43 per share, from C$103 million, or 60 Canadian cents per share, a year earlier.
Revenue increased 10 percent to C$1.50 billion. Operating expenses fell 4 percent to C$1.1 billion, while operating income soared 76 per cent to C$420 million.
The company said its operating ratio, which measures productivity by tallying how much revenue is needed to maintain operations, was 71.9 percent, a record quarterly high.
Revenue growth was reduced by C$25 million, or 2 percent, by floods in Calgary, Alberta, that caused extensive network outages, including more than 40 track washouts over a four-day period, Chief Executive Hunter Harrison said in a statement.
CP maintained its 2013 guidance of high-single-digit revenue growth and an operating ratio in the low 70s.