(The Canadian Press) Canadian Pacific Railway Ltd. (TSX: T.CP, Stock Forum), after delivering a strong earnings report Wednesday, had more good news for investors, saying it expects to double its deliveries of crude oil 12 months earlier than previously forecast.
The Calgary-based railway said Wednesday that it expects to ship 140,000 carloads of crude by the end of 2015. It delivered 53,500 carloads last year and expects to reach a 70,000-carload run rate by the end of 2013.
``We have clear line of sight to the two- to three-times previously mentioned 70,000 carload run rate,'' chief marketing officer Jane O'Hagan said Wednesday during a conference call.
``And we believe the two-times target run rate can be likely reached 12 months earlier than our original 2016 prediction.''
The burgeoning crude business was one of the key drivers behind the company's ability to deliver CP's best first-quarter results in its 132-year history.
The railway said it is on track to deliver strong results this year as it also benefited from strong volumes for grain, fertilizers and coal despite a harsh winter, the company said in a press release.
Canadian Pacific, which traces its history to 1881, earned $217 million or $1.24 per share in the first quarter. That beat analyst estimates and was up from $142 million or 82 cents per share a year earlier.
On Wednesday, Canadian Pacific shares eased 1.2% to $124.73, leaving the company with a market cap of $22 billion, based on 174.7 million shares outstanding. The 52-week range is $132.92 and $71.61.