(Reuters circulated the following on July 28, 2010.)
NEW YORK — Canadian Pacific Railway Ltd (CP.TO) posted a 30 percent jump in quarterly profit on Wednesday on the back of volume growth and cost controls.
CP, Canada’s second-biggest railroad, earned C$166.6 million ($162 million), or 98 Canadian cents a diluted share, in its second quarter ended June 30. That compared with C$135.5 million, or 80 Canadian cents a diluted share, in the year-earlier period.
Adjusted to exclude foreign exchange gains and losses on long-term debt and other specified items, CP said it earned 92 Canadian cents a share.
Revenue at the railway, which has operations in Canada and the northern United States, rose 20 percent to C$1.23 billion.
Industry analysts, on average, had expected earnings of 83 Canadian cents an adjusted share, according to Thomson Reuters I/B/E/S. The average revenue forecast was C$1.23 billion.
($1=$1.03 Canadian)