CP Rail unveils record profits in quarterly earnings

Canadian Pacific Railway stock (TSE:CP, NYSE:CP) was up after the bell but dropped as the day went on, after the company reported its latest quarterly earnings results late Thursday.

The company said this quarter marked the highest adjusted profits per share and revenues of the company’s 137-year history.

Earnings came in at $622 million or $4.35 per diluted share for the quarter ended Sept. 30, compared with $510-million or 3.50 per share for the same period a year earlier.

Adjusted earnings rose to $589 million or a record $4.12 per diluted share, two cents better than it forecast earlier this month. The earnings marked a 42% jump of $2.90 per share or $422 million a year earlier, beating the expectations of Thomson Reuters analysts.

The company said that its operating income amounted to $780 million, marking a 27% gain compared to the year-ago quarter.

Canadian Pacific Railway’s revenue was at $1.9 billion, a 19% gain from the $1.6 billion from the year-ago quarter.

Story by ProactiveInvestors