Canadian Pacific Railway Ltd. said on Tuesday its third-quarter profit dropped 20.6 percent, due largely to the impact of foreign exchange on long-term debt.
The company earned C$161.7 million ($143.4 million), or C$1.02 per share, in the quarter through September 30. That compares with a profit of C$203.6 million, or C$1.27 per share, in the same quarter a year earlier.
Excluding items, income was C$1.06 per share during the quarter.
Analysts surveyed by Reuters Estimates expected earnings of between 90 Canadian cents and C$1.05 per share, with a mean estimate of 97.9 Canadian cents per share.
Canadian Pacific, which operations 13,500 miles of track in Canada and the United States, said revenue in the quarter was C$1.15 billion, up from C$1.10 billion a year earlier.
Operating ratio – a shipping industry measure of efficiency – was 74.2 percent, down 3.2 percentage points from last year.
The company´s shares closed at C$61.02 on the Toronto Stock Exchange on Monday. The stock is up 25.3 percent this year. ($1=$1.13 Canadian)
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