CALGARY – Canadian Pacific Railway Ltd. (TSX:CP) more than doubled its second-quarter profit, as revenue increased 10 per cent and operating efficiency improved dramatically to a company record.

CP reported it had $252 million in net income, while on a per-share basis its profit grew by 138 per cent to $1.43.

Still, CP missed analyst estimates by six cents per share. The consensus had been for Canada’s second-largest railway to produce $1.49 per share of earnings.

The quarter marks about one year of a new management regime, brought in after shareholders moved to oust the former CEO and shake up the board of directors.

Hunter Harrison — a former chief executive of rival Canadian National Railways — was brought in last year because of his reputation as a hands-on executive with a record of turning CN into North America’s most efficient major rail carrier.

CP’s operating ratio — a key measure of how efficiently railways operate —improved to 71.9 per cent in the second quarter, an all-time record for CP.

Its revenue increased to nearly $1.5 billion, up from $1.37 billion a year before when net income was $103 million or 60 cents per share.