(Bloomberg News circulated the following article by Rip Watson on April 25.)
NEW YORK — Canadian Pacific Railway Ltd., the country’s No. 2 railroad, said first-quarter net income rose 38 percent to C$111 million ($97.5 million.), or 69 cents a share.
A year earlier, net income was C$80.7 million, or 50 cents, the Calgary-based company said in a statement on PR Newswire.
James Valentine of Morgan Stanley, ranked by Institutional Investor magazine as the second-best analyst for freight transportation companies, had estimated that Canadian Pacific would earn 66 cents a share.