The Board of Directors of Canadian Pacific Railway Limited declared a quarterly dividend of thirty-five cents ($0.35) Canadian per share on the outstanding Common Shares. The dividend is payable on July 29, 2013 to holders of record at the close of business on June 28, 2013, and is an "eligible" dividend for purposes of the Income Tax Act (Canada) and any similar provincial/territorial legislation.

Canadian Pacific Railway Limited reported unaudited condensed consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company ha posted total revenue of $1,495 million against $1,376 million a year ago. Operating income was $362 million against $274 million a year ago. Income before income tax expense was $289 million against $192 million a year ago. Net income was $217 million or $1.24 diluted per share against $142 million or $0.82 diluted per share a year ago. This represents a 51% year-over-year improvement in earnings per share. Cash provided by operating activities was $267 million against $201 million a year ago. Additions to properties were $203 million against $233 million a year ago. For the remainder of the year, the company expects to be closer to the higher end of tax rate range, a great start to the year and the improvements, this quarter give the company greater confidence that 2013 will be a record-setting year for both operational and financial performance.

On February 22, 2013, the Board of Directors of Canadian Pacific Railway Limited declared a quarterly dividend of $0.3500 per share on the outstanding common shares compared to 2012 of $0.30 per share. The dividend is payable on April 29, 2013 to holders of record at the close of business on March 28, 2013.