CALGARY, Alberta — Canadian Pacific Railway Ltd., the country’s No. 2 railroad, said on Tuesday second-quarter profit rose 35 percent due to improved intermodal and automotive shipping operations as well as a foreign exchange gain, reports a wire service.
CP Rail, spun off last year as an independent company in the breakup of former conglomerate Canadian Pacific Ltd., said it earned C$169 million ($107 million), or C$1.06 a share, up from year-earlier C$125 million, or 79 Canadian cents a share.
Excluding a C$58 million foreign exchange gain on long-term debt, earnings were C$111 million, or 70 Canadian cents a share.
That easily beat an average estimate among analysts polled by Thomson First Call of 61 Canadian cents a share.
Revenues were C$922 million, down slightly from C$931 million.
Shares in CP Rail closed down C$1.05 at C$32.35 in Toronto on Tuesday. But they have outperformed the general market by a wide margin since the start of the second quarter, slipping about 3 percent, while the broad Toronto Stock Exchange S&P/TSX composite index has tumbled about 21 percent.