CP's 2013 first-quarter revenue of around $C1.5 billion was up 9%, setting what CP describes says is a quarterly record. CP's operating ratio was 75.8%, a 430 basis point improvement and another quarterly record.

"CP delivered the best first quarter results in its history despite challenging winter conditions," says CP's CEO Mr E Hunter Harrison. "There remains a lot of work to do as we continue to make significant changes to our operating model. With a very strong start to the year and momentum quickly building, I am now even more confident that we are on pace toward the best year-end financial and operating performance in CP's history."

Harrison was brought into CP last year with the reputation of running a disciplined railway and the promise of addressing CP's high operating ratio following the ousting of the previous CEO Mr Fred Green.