Canadian Pacific Railway reports $472M Q3 profit

CP Rail profits sink

Canadian Pacific Railway Ltd. says it earned $472 million in its latest quarter, down from $598 million a year ago, as its revenue rose four per cent.

The Calgary-based railway says the profit amounted to 70 cents per diluted share for the quarter ended Sept. 30, down from 88 cents per share a year earlier.

Revenue totalled $1.94 billion, up from $1.86 billion in the same quarter last year.

On an adjusted basis, CP says it earned 88 cents per diluted share in the quarter, up from an adjusted profit of 82 cents per diluted share a year ago.

In an update to its outlook, the railway says it now expects low single-digit volume growth this year, as measured in revenue ton-miles, compared with 2020. CP had said in July that it expected high single-digit growth.

However, the railway says it remains confident that it will deliver full-year double-digit adjusted diluted earnings per share growth this year.

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