(The Canadian Press circulated the following story on October 30.)
CALGARY — The rise in the Canadian dollar cost Canadian Pacific Railway $53 million in lost revenue, but the company said Q3 earnings still jumped 45 per cent.
CP said it make $95 million (60 cents a share), up from $65.3 million (42 cents a share) a year earlier.
Revenues for the quarter slipped to $904 million from $917 million.
The quarter played out as we expected it would, with steady growth in freight traffic as the period progressed and continued gains in our pricing initiatives,” CEO Rob Ritchie said.
“We made a decision to accelerate our track work program in Western Canada in anticipation of a strong fourth quarter. We also brought on 35 additional high-capacity locomotives in September, four months ahead of schedule, and trained more crews for our western service areas,” he said.