(Reuters circulated the following article on January 31.)
TORONTO — Canadian Pacific Railway Ltd.’s fourth-quarter profit rose 4.6 percent, helped partly by a favorable after-tax reduction in special charges for labor restructuring, the country’s No. 2 railroad said on Tuesday.
In the quarter, it earned C$135 million ($118 million), or 85 Canadian cents a share, up from a year-earlier profit of C$129 million, or 81 Canadian cents a share.
CP Rail said its results included an after-tax reduction of C$35 million in special charges for labor restructuring and environmental remediation compared with 2004.
Revenues during the same period were C$1.16 billion, up from C$1.02 billion.
For the full year, CP Rail said it earned C$542.9 million, or C$3.39 a share, up from a profit of C$413.0 million, or C$2.60 a share, in 2004.
Looking ahead, CP Rail said its diluted earnings per share expectations in 2006 are unchanged at a range of C$3.60 to C$3.85.
The company expects to increase revenue in 2006 by 5 percent to 8 percent while its expenses are expected to rise by 3 percent to 6 percent.
The stock closed at C$55, up 30 Canadian cents, on the Toronto Stock Exchange on Monday.