CP Rail posts record revenues and per-share profits in third quarter

CP Rail posts record revenues and per-share profits in third quarter
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CALGARY — Canadian Pacific Railway Ltd. says it earned the highest adjusted per-share profits and revenues of its 137-year history last quarter, helping the country’s second largest railroad to overcome the impact earlier this year from service interruptions tied to labour action.

The Calgary-based railway earned $4.35 per diluted share for the quarter ended Sept. 30, compared with $3.50 per share for the same period a year earlier. Its operating income hit $790 million, a 27 per cent year-over-year increase.

Adjusted earnings rose to a record $4.12 per diluted share, two cents better than it forecast earlier this month. The earnings marked a 42 per cent leap from $2.90 per share a year earlier, beating the expectations of analysts polled by Thomson Reuters Eikon.

Third-quarter revenues grew 19 per cent to $1.9 billion from $1.6 billion.

The company is also reporting a record-low quarterly operating ratio, which measures its efficiency, of 58.3 per cent.

CP Rail says it expects adjusted diluted earnings per share to grow more than 20 per cent this year, up from an earlier guidance of low double-digit growth.

Companies in this story: (TSX:CP)

The Canadian Press

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