(Reuters circulated the following article on October 25.)
TORONTO — Canadian Pacific Railway Ltd. said on Tuesday third-quarter profit grew 15 percent because of higher demand for its services.
The Calgary, Alberta-headquartered railroad that operates in Canada and United States, said its net profit rose to C$203.6 million, or C$1.27 per share, in the quarter ended September 30.
That’s up from C$176.5 million, or C$1.11 per share, in the same period a year earlier, and compares with the average estimate of analysts polled by Reuters of 82.7 Canadian cents per share.
Revenue during the quarter was C$1.1 billion, up from C$990 million in the third quarter of 2004.
The company said operating expenses were C$855 million, up from C$771 million, while its operating ratio improved to 77.4 percent from 77.9 percent.
CP Rail said it expects its revenue to grow by 12 percent to 14 percent in 2005.
It said diluted earnings per share, excluding foreign exchange gains and losses on long-term debt and other items, should be between C$3.15 and C$3.25, if oil prices and currency fluctuations meet its estimates.