If you've read more than one article on Class 1 railroads this quarter, a lot of what CanadianPacific (NYSE:CP) did will seem kinda old hat. Good revenue growth? Check. Improved operating ratio? Check. Strong earnings growth? Check.

Revenue was up nearly 10% this quarter, as the company managed to overcome significant weakness in its coal and potash businesses. While carloads were up just 0.6% and revenue ton miles were actually down more than 2%, good pricing, fuel surcharge receipts, and a positive mix shift all helped make up the difference and then some. And profitability was also quite good -- the operating ratio dropped below 80, and operating income was up nearly 30%.

What really stood out to me, though, was the operational improvements this quarter. Average train speed (measured in miles per hour) was up 17%, dwell times were down 32%, and car velocity (measured in car miles per car day) was up 15%. Although Canadian Pacific does take a backseat to its brother Canadian National (NYSE:CNI) on those metrics, CP is well ahead of U.S. operators like Union Pacific (NYSE:UNP) and CSX (NYSE:CSX) (although straight comparisons don't always tell the whole tale).

As we heard from the likes of Potash (NYSE:POT) and Fording (NYSE:FDG), potash and metallurgical coal volumes weren't going to excel this quarter. The jury may still be out on coal, but the general expectation in the market seems to be that fertilizer shipments will eventually pick up. Given that carload volume does matter to CP, investors here might want to keep an eye on these other moving parts to gauge whether or not volumes might pick up later in the year.

To some extent, railroad stocks are now where coal, steel, energy, and industrial equipment stocks have been in the past year or so -- enjoying a roaring time in the markets, as performance stays hotter than people had forecast and everybody runs to catch up. Maybe this is the beginning of a new age for railroad profitability, or maybe it's just the top of the cyclical mountain. Either way, just remember that mountaintops are often swathed in pretty clouds, which make you forget just how far down the drop can be.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).